Limited Liability Partnership

Get Started from Rs. 7,500/- (incl. Govt. Fees)

*Prices are higher in Madhya Pradesh, Kerala and Punjab

Limited Liability Partnership is a concept of New Age Business, introduced by Limited Liability Partnership Act, 2008. It is a worldwide recognized form of business organization. It combines the advantages of both the Company and Partnership into a single form of organization. In an LLP, one partner is not responsible or liable for another partner’s misconduct or negligence; this is an important difference from that of a unlimited partnership. In an LLP, all partners have a form of limited liability for each individual’s protection within the partnership, similar to that of the shareholders of a corporation. However, unlike corporate shareholders, the partners have the right to manage the business directly. An LLP also limits the personal liability of a partner for the errors, omissions, incompetence, or negligence of the LLP’s employees or other agents.

Startup Process Time:

AuditNeeds can incorporate a Limited Liability Partnership in any part of India in 25 to 40 working days, subject to ROC processing time and timely submission of relevant documents by the Client.

Inclusions:

• DPIN
• Digital Signature
• Name Approval
• Drafting of LLP Agreement
• Preparation of other documents and declarations required for incorporation.
• ROC and Government registration fees for DIN, DSC and Incorporation.
• Government Stamp duty fees.

Note: Filing of e Form 3 is not part of Incorporation.

Minimum Requirement for LLP Registration:

• Minimum 2 Partners.
• At least one Indian Resident as Designated Partner.
• No capital requirement.

Documents Required for LLP Registration:

For Indian Nationals:

• Copy of PAN card of all partners.
• Copy of Voter’s ID / Passport/Driver’s License / Aadhar Card of all partners.
• Passport sized photograph of all partners.
• Specimen signature (blank document with signature of all partners.
• Copy of latest bank statement / telephone or mobile bill / electricity bill in the name of all partners (Should not be older than 45 days).
• Copy of Rental agreement of office address.
• Copy of latest electricity bill and tax receipt in the name of landlord of office address.

For Foreign Nationals:

• Passport
• Address Proof like Driving license, etc
• Photo ID proof (Any government license or document containing Name in full, Photo and Date of Birth).

Note: The above documents needs to be notarized / certified by the Indian Embassy / Consulate of the particular country

Advantages of Limited Liability Partnership:

• Separate Legal Entity.
• Limited Liability.
• Reduced statutory compliance when compared to Private Limited Company.
• Easy to start up with reduced incorporation cost.
• Continuous Existence.
• Easy Transferability of Shares.
• Capacity to sue and be sued.