Limited Liability Partnership

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Ideal For Professionals And Small Entities

Overview

Easy to Form: Formation of Limited Liability Partnership is a very easy process and fewer formalities as compared to the incorporation of a company.
Less Compliance: The main benefit in formation of Limited Liability Partnership LLP is less compliance as compared to Private limited Company.
Benefit in Taxation: One of the main advantages of LLP is a benefit in taxation, the tax rate is lower as compared to the company. In company, tax is charged on total profit whereas in LLP tax is charged on profit after distribution of profit to partners.
Separate Legal Entity: A LLP is a legal entity and a juristic person established under the Act. The partners are distinct from the entity and both can sue each other and get sued in the process.
Easy Transferability: The ownership of a LLP can be easily transferred to another person. All you need is to induct them as a Designated Partner of the LLP. LLP is a separate legal entity separate from its Managing P
Audit Requirement: No mandatory requirement of statutory audit up to a certain limit i.e. Turnover or Contribution.

Packages

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Why Choose LLP?

Limited Liability Partnership (LLP) carry’s benefit of a conventional partnership and still limiting the personal liabilities of partners. In Limited Liability Partnership, the liabilities of the partners are limited up to their contribution to LLP; personal properties are not attached to settle creditors. It is regulated as a contractual agreement between the partners under the Limited Liability Partnership Act, 2008. It is a popular choice for services and professional firms like Chartered Accountants, Lawyers, recruiting firms, consulting businesses, etc. Read More On Our Blog.

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Steps Involved

Step 1: Application for DSC (Digital Signature Certificate).

Step 2: Apply for the DIN (Director Identification Number)

Step 3: Name Reservation

Step 4: Incorporation

Step 5: LLP Agreement

Required Documents for LLP

In regard to the LLP registration, following documents are needed:

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

COMPARISON
Type	Ideal For	Minimum No. Of Members	Tax	Statutory Compliance	Time Taken
Private Limited Company	Startup and Small Entities	2 Directors	25	High	2 Weeks
Limited Liability Partnership	Professionals	2 partners	30	Moderate	2 Weeks
Partnership Firm	2 Partners	2 Partners	30	Low	2 Weeks
One Person Company	Sole Promoter	1 Director	30	High	2 Weeks
Sole Proprietorship	Individual	Individual	10-30	Low	1 Week