Limited Liability Partnership

A Limited Liability Partnership (LLP) is a legal entity that offers limited liability with minimal maintenance. In an LLP all or some partners have limited liabilities depending on the partnership agreement. Limited Liability means that a single partner is not responsible for the other partner’s misconduct or negligence. It was launched under the Limited Liability Partnership Act,2008.

 

 

●     No requirement for minimum capital.

●     Dual advantage of company and partnership.

●     Reduced registration fees.

●     No obligation for a mandatory audit.

●     Taxation Concerns with LLP.

●     Dividend Distribution Tax (DDT) not applicable.

 

 

 

●     Service sector companies

●     Joint venture entities

●     Real estate companies

●     Any partnership business with long-term objective

●     Any existing SME company.

 

The following papers are necessary for an LLP.

●     For Indian and foreign partners, respectively, identification consists of PAN cards and passports.

●     IdentityAddress verification documents (a Drivingdriver's license, voter ID card, or Passport or Aadhar Card).

●     Address verification documents (Bank statements or the property's utility bill or Phone Bill for location credentials).

●     a replica of the lease contract signed by the landlord and the LLP.

●     A rental agreement that is registered or notarized.

●     The property owner's NOC irrespective of the property owner.
●     A duplicate of the property deed or sale deed (for an owned property).

 
Steps to start:-

Obtain Digital Signature Certificate (DSC) .

●       For two directors, DSCs

●       2 directors' DINs

●       Creating the MoA and AoA

●       Creating a partnership contract

●       Fees for registration and stamp duty

●       PAN and TAN registration and a certificate of organization.