A limited liability partnership (LLP) is a partnership in which some or all partners have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence.Minimum Requirement for Limited Liability Partnership:
A minimum number of two Designated partners who are adults.
One of the partners of a Limited Liability Partnership has to be an Indian Citizen and Indian Resident.
The other partner(s) can be a Foreign National.
The partners can be natural persons or an artificial legal entity.
A Limited Liability Partnership is a body corporate having separate legal entity and it may own property on its own name and can sue and be sued through its own name.
The liability of partners is limited to the contribution made by them.
A LLP has to comply with less legal compliances than a Private limited company and a public company.
The opreation of partnership and Distribution of Profits are determined by a written Agreement between partners. This may allow a greater flexibility in the management of the business.
Permanent Account Number (PAN) Card
Aadhaar Card / Passport / Driving License / Voter Identity CardAddress Proof
Telephone Bill / Mobile Bill
Electricity Bill / Water Bill
Bank Statement /Bank Passbook with latest transaction
*(Any one of the Document not older than 2 months)Passport size Photographs
All the Copies of documents must be Self-Attested by the applicant.
Telephone Bill / Mobile Bill/Electricity Bill / Bank Account Statement must be in the name of applicant and should not be older than 2 months.
In case of NRI or Foreign National, documents of partner(s) must be apostilled.
No-Objection letter from the Owner of Address to use the address of the registered office of the Company.
Address Proof – In the name of the Owner:
Electricity Bill, Telephone Bill (Fixed Line Only), Gas Bill or Water Bill (Not older than 2 months);- To be signed by the of the Owner of Premises.
Rent Agreement (if rented)
Select a suitable package.
Provide basic details & documents required for Incorporation.
Make Payment through Secured Payment GatewayRegistration
Application for DSC.
Application for Name approval
Drafting of LLP deedRegistered on MCA*
Application for PAN
Certificate of LLP
LLP will be registered with 12-15 working days subject to the MCA processing and approval.
Provide basic details & documents required for registration.
Application for DSCs.
Name approval application through RUN LLPDay 4:
Drafting of DocumentsDay 5-8:
Filing LLP registration application through FiLLiPDay 9-12:
MCA processing time
Issuance of Certificate of LLPDay 13-15:
Application of PAN
|Particulars||Sole Proprietorship||Partnership Firm||Private Company||Public Company||Limited Liability Partnership||One Person Company|
|Act||No specified Act||Indian Partnership Act, 1932||Companies Act, 2013||Companies Act, 2013||Limited Liability Partnership Act, 2008||Companies Act, 2013|
|No. of Members||Only one||Minimum 2 to Maximum 50||Minimum 2 to Maximum 50||Minimum 7 to Unlimited||Minimum 2 to Unlimited||Only One|
|Perpetual Succession||NO||No, if less than 2 partner||Yes||Yes||Yes||Yes|
|Management Control||Sole owner||Active Partners||Board of Directors||Board of Directors||Designated Partners||Sole member|
|Distribution of Profits||Profit of owner||Distributable as per deed||As per subscribed capital proportion||Distributable as dividend to Members||Distributable as deed||Profit of Sole owner|
|Minimum Capital Requirement||Not specified||Not specified||No minimum capital is required||5 Lakhs||Rs. 1/-||No minimum capital is required|
|Formation Process||Easy to Form||Easy to Form||Moderate||Complex||Moderate||Moderate|
|Foreign Direct Investment||Not allowed||Not allowed||Allowed||Allowed||Allowed||Allowed|