Limited Liability Partnership (LLP) is a single form of organization that consolidates the characteristics of both partnership firm and company.
In 2008, Limited Liability Partnership (LLP) Act was passed in India to regulate LLP.
Benefits of Limited Liability Partnership (LLP)-
LLP has numerous benefits of Partnership and Company:
- The cost of registration for LLP is low as compared to public companies and private companies.
- It can be started with minimum capital as compared to companies and private companies.
- There is only the cost of machines, land, or other assets needed. But it's not compulsory.
- It has minimal compliance costs.
Eligibility of Limited Liability Partnership (LLP) Registration-
- Minimum two partners are required to have an LLP. There is no threshold for maximum partners.
- The person should be above 18 years of age.
Document required for Partners-
They should have the followed documents to become a partner-
- Id proof - Pan card is the primary id proof.
- Resident proof partner- Resident proof includes electricity bill, mobile bill, telephone bill, or gas bill.
- Photograph - Passport size photo with a white background
- Passport (For the foreign nation and NRI)- If the partner is a foreign nation or NRI, they are required to have a passport.
Document Required for Limited Liability Partnership (LLP)-
- DSC- All the documents for LLP are filed online. The designated partner must require to be digitally signed. They should have a digital signature certificate by the authorized signatory.
- Proof of registered address- Address proof has to be submitted at the time of registration or within 30 days.
LLP takes 10 days in the process of registration for approval by the department.
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