Limited Liability Partnership (LLP) in Bangalore
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Limited Liability Partnership (LLP), introduced only in 2008. The basic principle behind the introduction of Limited Liability Partnership (LLP) is to provide a form of business organization that is easy to maintain while at the same time providing limited liability to the owners. Minimum two people can form an LLP with no maximum limit on the number of its partners.
A Limited Liability Partnership (LLP) combines the advantages of both the Company and Partnership into a single form of organization and one partner is not responsible or accountable for another partner’s wrongdoing or negligence. Therefore, all partners have a form of limited liability for each individual’s protection within the partnership, similar to that of the shareholders of a corporation.
However, unlike corporate shareholders, the partners have the right to manage the business directly. It has quickly become a popular legal structure for businesses.
Its main improvement over the General Partnership is that, as the name indicates, it limits the liabilities of its partners to their contributions to the business and also offers each partner protection from the negligence, misdeeds or incompetence of the other partners.
LLP Company Registration Process
TaxAdvisorIndia can incorporate a Limited Liability Partnership in 14 to 20 days, subject to ROC processing time.
- Obtaining Digital Signature Certificate (DSC) and Designated Partner Identification Number (DPIN)
- Name Approval
- LLP Incorporation
Minimum Requirements for LLP Company Formation
- Minimum two person as partner
- Minimum Capital shall be Rs. 10,000
- DIN for the all the Partners
- Digital Signature for all the partners
- Consent From the partners
- Proof of Registered Address
- NOC from the owner of premises
Document Requirements for LLP Company Registration
- Latest Color Photo of all the partners
- Pan Card of the all the partners
- Address Proof of all the partners. In case Premises is taken on Rent / Lease, Rent agreement will also be required.
- Signature on the DSC Form
- Signature on Affidavit for DIN
- Signature on Consent form
- Signature on Subscriber Sheet