Limited Liability Partnership

What is LLP?

LLP  denote to Limited Liability Partnership, is a form of incorporation in India, governed by Limited Liability Act, 2008.

This is just right constitution  for Professionals like Lawyers, Architects, etc. The act was introduced in 2008.

This LLP registration gives the partners the advantage of Limited Liability and also relaxation from complexity as compared with Private Limited.

Minimum requirements for LLP

Min two members required for forming LLP similar like partnership

There is no requirement for any minimum share capital as per the LLP Act

The LLP Should be formed for any of the type of Lawful Trade or business

How LLP Different from Partnership

Advantages of LLP

  1. Minimum contribution not required: There is no minimum share capital prescribed as per the LLP Act.
  2. No compulsory audit: The Maintenance and audit of books of accounts is not mandatory if the turnover is below 40 lakhs.
  3. Acquire Property: As like a Private Limited Company, even LLP can acquire property in its own name.

Disadvantage of LLP

  1. Investors: As compared with Private limited, the Joint venture and investors the, attraction is low.
  2. Dissolution: As compared with Partnership, the dissolution process is comparatively difficult.

Documents that are required

Address Proof

ID Proof

PAN Card

Passport size Photo

Rental / Sale Deed (if own)

EB Card

Procedure for LLP

Trademark Registration

Easy Steps to Register

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Copyright Registration

Easy Steps to Register

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Company Registration

Easy Steps to Register

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Design Registration

Easy Steps to Register

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Patent Registration

Easy Steps to Register

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MSME Registration

Easy Steps to Register

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