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Limited Liability Partnership (LLP) is a body corporate formed and registered under the Limited Liability Partnership Act, 2008 and is a legal entity separate from that of its partners. LLP has perpetual succession. Any change in the partners of LLP shall not affect the existence, rights or liabilities of the LLP. Every LLP shall have at least two designated partners who are individuals and at least one of them shall be resident in India. In case of a LLP in which all the partners are bodies corporate or in which one or more partners are individuals and bodies corporate, at least two individuals who are partners of such LLP or nominees of such bodies corporate shall act as designated partners.
Explanation. For the purposes of this section, the term resident in India means a person who has stayed in India for a period of not less than one hundred and twenty days during the financial year.
Separate Legal Identity
As a juristic legal person, both the LLP and its partners have separate legal identity that is distinct from each other.
LLP existence is uninterrupted, even the death or insolvency of partners cannot affect the continuity of business of the LLP.
Limited liability of partners
In LLP, all partners have limited liability similar to that of the shareholders of a limited company.
The statutory compliances as applicable on LLP are less as compared to a company
Audit is not mandatory
Unlike companies, audit requirement in case of LLP arises only when contributions exceed Rs. 25 lakh or turnover exceed Rs. 40 Lakh in any financial year
The proposed name selected by you should be unique and should not resemble to the name of an existing company or Limited Liability Partnership.
Contribution Contribution of a partner may consist of tangible or intangible, movable or immovable property or other benefit to the LLP, including money, promissory notes, other agreements to contribute cash or property, and contracts for services performed or to be performed. Designated Partners Every LLP shall have at least two designated partners who are individuals and at least one of them shall be resident in India. Registered Office It is mandatory for every LLP to have a registered office to which all communications and notices as may be addressed and where they shall be received. Registered office of the LLP must be situated in India.
Obtaining requisite Documents and information
Filing of Requisite forms with ROC
Certificate of Incorporation
Note 1: *Draft will be provided by our team
At Companies Next, we have a dedicated team of professionals for providing quality services with accuracy and within given timelines. We provide a complete transparent and online platform for registration of your private limited company. Our Limited Liability Partnership registration include:
Minimum two people / partner are required to incorporate a LLP and there is no limit on maximum number of Partners. At least one of the person should be resident in India.
Explanation. For the purposes of this section, the term resident in India means a person who has stayed in India for a period of not less than one hundred and twenty days during the financial year].
To incorporate a LLP quickly, make sure the proposed name of the LLP is very unique. Names that are similar to an existing company / limited liability partnership / trademark can be rejected and additional time will be required for re-submission of names.