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Limited Liability Partnerships Registrations

limited liability partnership

Limited Liability Partnerships Registrations

Professional Fees: Rs. 1000

Approx Total Cost Rs. 5500 (All Inclusive)

Limited Liability Partnerships (LLP) was introduced in India by way of the Limited Liability Partnership Act, 2008. The basic premise behind the introduction of Limited Liability Partnership (LLP) is to provide a form of business entity that is simple to maintain while providing limited liability to the owners. Since, its introduction in 2010, LLPs have been well received with over 1 lakhs registrations so far until September, 2014.

The main advantage of a Limited Liability Partnership over a traditional partnership firm is that in a LLP, one partner is not responsible or liable for another partner’s misconduct or negligence. A LLP also provides limited liability protection for the owners from the debts of the LLP. Therefore, all partners in a LLP enjoy a form of limited liability protection for each individual’s protection within the partnership, similar to that of the shareholders of a private limited company. However, unlike private limited company shareholder, the partners of a LLP have the right to manage the business directly.

LLP is one of the easiest form of business to incorporate and manage in India. With an easy incorporation process and simple compliance formalities, LLP is preferred by Professionals, Micro and Small businesses that are family owned or closely-held. Since, LLPs are not capable of issuing equity shares, LLP should be used for any business that has plans for raising equity funds during its lifecycle.

Documents required to register as LLP (Limited Liability Partnerships)

Documents of Partners:

  • PAN Card/ ID Proof of the Partners
  • Address Proof of the partners
  • Residence Proof of Partners
  • Photograph
  • Passport (in case of Foreign Nationals/ NRIs)

Documents of LLP:

  • Proof of Registered Office Address
  • Digital Signature Certificate

Time Involved In Registration Process

LLP formation starting from obtaining DSC to Filing Form 3 takes approximately 15 days subject to availability of all the documents.

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