What is LLP Incorporation Overview
Limited Liability Partnership (LLP) in India took shape after January 2009, making it an instant success with startups and professional services. Limited Liability Partnership (LLP) Registration as the name suggests defines limited liability to its partners. Thus it has features of both, a corporation and a partnership. One partner is responsible for only his own actions and not the actions of his partner. LLPs are governed by Limited Liability Partnership Act(LLP Act), 2008.
Process for LLP Incorporation
- Arrange basic documents of Partners
- Fill in an online form with accurate information
- Copy of Aadhaar Card/ Voter identity card of directors
- Prepare all legal documents
- Apply to name availability of the proposed LLP
- Verification of all documents and forms by the respective Government dept and authorities
- File Incorporation Docs with ROC
- Get LLP Incorporation Certificate
- Drafting of LLP Agreement
- Filing of LLP Agreement
Documents Required For LLP Incorporation
- Copy of PAN Card of partners
- Passport size photograph of partners
- Copy of Aadhaar Card/ Voter identity card/ Driver’s license as address proof
- Electricity/ Water bill/ Telphone bill/ Latest bank statement as proof of Registered Office (Business Place)
- Copy of Sale Deed/Property Deed (If owned property)
- Landlord NOC (Format will be provided)
- Passport (in case of Foreign Nationals/ NRIs)
- Digital Signature Certificate
- Copy of Notarized Rental Agreement
- Copy of NOC from the property owner
Benefits Of LLP Incorporation
- Limited Liability Protection to Directors personal assets
- Better image and credibility in Market
- Easy to raise funds and loans
- It is flexible and has limited liability
- Greater capital contribution and greater stability
- Possibility to grow big and expand
- Favorite Business structure for Investors
- Easy to attract Employees
- Easy to Sell
Checklist /Minimum requirement for LLP Incorporation
- Minimum 2 Shareholders
- Minimum 2 Directors
- The directors and shareholders can be same person
- One of the Directors must be Indian Resident
- Minimum Authorised Share Capital 100,000 (INR One Lac)
- DIN (Director Identification Number) for all Directors
- DSC (Digital Signature Certificate) for 2 Promoters & 1 witness