Limited Liability Partnership (LLP) combines elements of both a company and a partnership, requiring a minimum of 2 designated partners. Its simplicity in setup and operation, coupled with low compliance requirements, make it appealing to entrepreneurs.
Governed by the LLP Act, 2008, LLPs offer the advantages of a corporate entity while maintaining flexibility and transparency.
Registration is straightforward, attracting professionals such as Chartered Accountants, Company Secretaries, medical practitioners, and tax professionals.
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DSC Of The Designated Partner
LLP Agreement
Identity Proof Of Designated Partner (PAN Card, Aadhaar Card, Passport, Driving License)
Registered Office Address Proof – A Utility Bill (Gas, Electricity Bearing Address & Name Of The Owner Not Old Than Two Months)
DIN Of The Designated Partner
Consent Of The Designated Partner And Subscriber List
Address Proof Of Designated Partner (PAN Card, Aadhaar Card, Passport, Driving License)
No Objection Certificate From The Landlord To Use The Premises As A Registered Office
The most basic advantage of an LLP is that no limited capital is required; Therefore, the liability of the partners is limited to their capital contribution. A limited liability partnership can be set up with a minimum amount of cash.
LLP formation costs are lower than those of companies. Compliance is minimal, with only two annual forms required. Statutory audits apply based on specific partner contributions and turnover.
An Limited Liability Partnership, akin to a company, is distinct from its partners, enabling independent legal actions, contract engagements, asset ownership, and borrowing capabilities.
LLPs are tax-exempt entities, not liable for taxes on income or partner shares, eliminating dividend distribution tax. Deductions include bonuses, commissions, compensation, interest, and partner salaries.
Under the LLP Act of 2008, partners have autonomy in managing and administering the LLP according to their preferences, enabling them to establish customized operational regulations.