LLP Incorporation

Limited Liability Partnership (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 one lakhs registrations in India.

LLP is one of the easiest types of business to incorporate and manage in India. With an easy incorporation process and simple compliance formalities, LLPs are 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 NOT be chosen for any business that has plans for raising equity funds from Angel Investors, Venture Capitalist or Private Equity Funds.

Limited Liability Partnership (LLP) has become a preferable form of organization among entrepreneurs as it incorporates the benefits of both partnership firm and company into a single form of organization.

Documents required for Registration of LLP

There are two sets of documents that will need to be submitted for the LLP registration i.e. documents required of partners and the LLP documents.

Partners’ Documents

All partners in the LLP will be required to submit the following:

Identity proofs and PAN cards of all partners.

Address Proofs of partners that includes Voter ID, passport or driving license.

A passport size photograph against a white background.

Passports of NRIs and foreign nationals who wish to become partners in an LLP.

LLP Documents

Documents related to the LLP entity that need to be compulsorily submitted are:

A proof of the registered office of address needs to be submitted at the time of registration or within a time span of 30 days of the incorporation of the LLP. In case, the registered office is a rented facility, an NOC from the landlord is necessary. Additionally, at least one proof of residence will need to submit such as utility bills that are no older than 2 months.