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Description of proposed business activity
4 proposed names for LLP in order of preference
Self attested PAN Card copy of all partners
Self attested ID Proofs of all partners (Driving License/Voter ID/ Passport/Aadhar)
Self attested address proof of all partners (Utility Bill/ Bank Statement/ Bank passbook copy)
Passport size color photo of all partners in JPEG Format
NOC from the owner of the premises
Proof of registered office address (Rent deed/ lease deed)
Utility bill in name of the owner not older than 2 months
Mobile No. and email id of designated partners
Subscriber’s Sheet
Copy of resolution (if a body corporate becomes partner of LLP)
Details of LLPs and companies in which partner/ designated partner is a director/partner
Consent to act as designated partner in Form-9
NOC of Trademark Owner, if trademark issue involved
Occupation, Educational Qualification and Place of Birth of partners
DIN for 2 designated partners
DSC of 2 designated partners
Name approval of company- RUN WEB FORM
Certificate of Registration of LLP
LLP Agreement Drafting and Execution
Limited Liability Partnership is a unique form of business entity that is a partnership firm by nature but inherits various features of a Company. This was introduced in India in 2008 with the approval of the Limited Liability Partnership Act, 2008. A normal partnership is often avoided due to the unlimited liability feature i.e. personal assets of the partners can be used to pay off the liability of the firm. To counter this shortcoming, the concept of LLP was introduced which provides a cushion of limited liability to partners.
It inherits the advantage of a separate legal entity & limited liability from a company but still, it is easier to manage it as compared to a company as post-registration compliances are quite lesser. It can be said as a corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in a flexible, innovative, and efficient manner, providing benefits of limited liability while allowing its members the flexibility for organizing their internal structure as a partnership.
However, there are certain drawbacks associated with any LLP. Ownership transfer in LLP is not as easy as of a company. Neither an LLP can issue ESOP. Further, certain benefits under the “Startup India Programme” of the Government of India are not available to LLP.
Minimum 2 designated partners who are individual
Maximum number of partners- no limit
One designated partner must be a Resident Indian
Minimum capital: at choice of partners
DIN of the designated partners (if available)
Digital Signature of designated partners
Description of proposed business activity
4 proposed names for LLP in order of preference
Self attested PAN Card copy of all partners
Self attested ID Proofs of all partners (Driving License/Voter ID/ Passport/Aadhar)
Self attested address proof of all partners (Utility Bill/ Bank Statement/ Bank passbook copy)
Passport size color photo of all partners in JPEG Format
NOC from the owner of the premises
Proof of registered office address (Rent deed/ lease deed)
Utility bill in name of the owner not older than 2 months
Mobile No. and email id of designated partners
Subscriber’s Sheet
Copy of resolution (if a body corporate becomes partner of LLP)
Details of LLPs and companies in which partner/ designated partner is a director/partner
Consent to act as designated partner in Form-9
NOC of Trademark Owner, if trademark issue involved
Occupation, Educational Qualification and Place of Birth of partners
DIN for 2 designated partners
DSC of 2 designated partners
Name approval of company- RUN WEB FORM
Certificate of Registration of LLP
LLP Agreement Drafting and Execution
Atleast 2 individuals are required to be appointed as “Designated Partners”, out of which one must be an Indian Resident. There is no maximum limit of number of partners. LLP shall have its registered place of business in India.
Yes, there must be a place of business in India for incorporating an LLP. It can be a residential or a commercial place where the place of business may be situated. Address of such place of business is required as such any statutory notices/ letters may be communicated thereto.
Any individual or body corporate can become a partner in LLP. There is no maximum limit of number of partners. However, the designated partners can only be individuals. Among the partners of a LLP, 2 or more partners can be designated as a “Designated Partner”, out of which one must be an Indian Resident.
Provided that an individual shall not be capable of becoming the partner in LLP, if:-
There is no minimum capital requirement for registering an LLP. The amount of capital contribution is disclosed in the LLP Agreement and amount of stamp duty is decided by the total contribution amount. Partners can become their capital contribution in the form of cash or any tangible/ intangible assets.
A body corporate can be a Partner in an LLP. However, to fulfill the requirement of minimum Designated Partner, any of the two individuals Partners or the nominee of the Body Corporate shall act as an authorized individual on behalf of the body corporate in the LLP.
The term “Body Corporate” includes a private company, public company, one-person company, Limited Liability Partnerships, a foreign company, etc. However, HUF or Trust cannot become a partner in LLP. Similarly, a partnership firm or AOP cannot become a partner in LLP.
Yes, an existing partnership firm can be converted into LLP by complying with the provisions of clause 58 and Schedule II of the LLP Act. Form 17 needs to be filed along with Form 2 for such conversion and incorporation of LLP.
Yes, it is mandatory to execute and file the LLP Agreement in view of Section 2(0) & (q) , 22 and 23 of the Act.
As per provisions of the LLP Act, in the absence of agreement as to any matter, the mutual rights and liabilities shall be as provided for under Schedule I to the Act. Therefore, in case any LLP proposes to exclude provisions/requirements of Schedule I to the Act, it would have to enter into an LLP Agreement, specifically excluding applicability of any or all paragraphs of Schedule I.
Both the LLP and partnership firm are taxable at a flat rate of 30% + Surcharge + Cess. However, the partnership firm can take benefit of presumptive taxation scheme as prescribed u/s 44AD or 44ADA of the Income Tax Act. LLP is not covered under this scheme.
Yes, Foreign Direct Investment in equity form is allowed to the extent of 100% in LLP under automatic route in the various sectors as permitted by DIPP. However, FIIs are not allowed to invest in LLPs. LLPs will also not be permitted to avail External Commercial Borrowings (ECB)
Post incorporation, following annual compliances is to be made by an LLP:-
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