Limited Liability Partnership (LLP)

LLP is suitable for setting small, medium-sized businesses.  Limited Liability Partnership (LLP) is a popular business structure that combines the flexibility of a partnership with the benefits of limited liability.

DOCUMENTS REQUIRED FOR LLP REGISTRATION

  • PAN card and Adhar card of partners
  • Mobile no and email-id
  • Electricity bill/ Sale deed if owned premises
  • If rented premises, rent agreement and NOC
  • LLP agreement deed
  • DSC of all partners
  • Consent of all partners
  • Form-2 application for incorporation of LLP
  • Form-1 for Name reservation to MCA for approval

 

BENEFITS OF LLP

  1. Limited Liability
  2. Separate Legal Entity
  3. Flexibility in Management
  4. Ease of Formation
  5. No Minimum Capital Requirement
  6. Continuity of Existence
  7. Ease of Ownership Transfer
  8. Reduced Compliance Requirements
  9. Improved Credibility
  10. Tax efficiency

POST REGISTRATION COMPLIANCES

After LLP incorporation, ensure compliance with ongoing requirements:

  • PAN and TAN Application:
  • File annual Income tax return
  • Changes in LLP: Notify ROC for any changes in partners, address, etc.
  • Labor law compliances
  • Professional Tax (PT) Registration

REGISTRATION REQUIRED FOR LLP

Following registrations may be required by LLP after its formation:

  1. GST registration
  2. FSSAI License (if food business):
  3. Import/Export License:
  4. Shops and Establishments Registration
  5. Trade license