Information
a) Limited liability partnership is a more structured business vehicle as compared to a sole proprietorship or a conventional partnership.
b) It provides the flexibility of controlling the business operations in accordance with the partnership agreement while enjoying the limited liability status.
c) It combines the characterstics of a private company and a conventional partnership.
d) Every LLP shall have at least 2 Partners.Every LLP shall have at least 2 individual as designated partners out of which one of them shall be a resident in India.
e) Partner may contribute his capital in cash or in kind. Obligation of partner to contribute shall arise as per the limited liability partnership agreement.
Documents required for Incorporation
For incorporation of a LLP, we need documents/details in respect of Partner or Designated Partner of the proposed LLP. We need to upload the documents/details on MCA portal. After verification(by MCA) of all the documents/details uploaded , MCA will approve the incorporation of LLP.
Following documents(Scanned Copy) are required for the incorporation of the company :-
1. For Partners or Designated Partners
- Proof of Identification (Passport/ DL/ Voter ID Card)
- Bank Statement (Not older Than 3 Months)
- Passport size photo
- PAN & AADHAAR
Note :
LLP can be incorporated with maximum 2 partners not having valid DPIN/DIN. Separate appointment of partner to be done after incorporation of LLP.
2. For LLP
- Copy of Utility Bill of proposed Registered Office (Bill shall not be older than 2 months and the name of the owner of the property should be mentioned in the utility bill)
- Office Address Proof (Rent Agreement mentioned therein the name of any one director if rented property otherwise conveyance deed)
- In the case of rented property NOC required from the owner of the property.
Process
Frequently Asked Questions
How many partners are required to incorporate a LLP?
At least 2 Partners are mandatory to incorporate a LLP.
How many designated partners are required to incorporate a LLP?
Every LLP shall have at least 2 individual as designated partners out of which one of them shall be a resident in India.
What is difference between Partner and designated partner ?
Designated partner is like a director of LLP and partner is like shareholder in the LLP.
What is the status of a partner towards its LLP?
Every partner of LLP is the agent of LLP for the purpose of the business of the LLP, but not of other partners.
Can change in partners affect the existence of the LLP?
Any change in the partners of a LLP shall not affect the existence, rights or liabilities of the LLP.
What are the consequences in case of reduction of partners below the minimum statutory limit?
Every limited liability partnership shall have at least two partners. And if at any time the number of partners of a limited liability. partnership is reduced below two and the limited liability partnership carries on business for more than six months while the number is so reduced, the person, who is the only partner of the limited liability partnership during the time that it so carries on business after those six months and has the knowledge of the fact that it is carrying on business with him alone, shall be liable personally for the obligations of the limited liability partnership incurred during that period.
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