Documents Checklist For LLP Registration in India

Limited Liability Partnership

Documents Checklist For LLP Registration in India

Registrationwala

An LLP or a Limited Liability Partnership provides the best of both worlds. As a partnership, it holds all the upper management on an equal level. All the partners have their own well-defined write-ups.

 

As a limited liability business entity, an LLP has the perks of a company. It’s an entity that’s separate from the partners. The partners are not wholly responsible for the LLP’s losses and it allows you to have as many members as possible.

 

So, what LLP registration documents are required to establish that business entity? Although, less documents are required to register an LLP as compared to partnership.

Features of LLP Incorporation

The following are the salient features of an LLP incorporation:

 

  1. Partners Criteria: In an LLP minimum 2 partners are required as per the section 6(1) of LLP Act, 2008. There is no limit on the maximum number of partners.
  2. The liability of partners is based on the contribution of the share capital. Every partner is responsible for their own wrongful act. No partners are responsible for each other's misconduct or negligence.
  3. There is no restriction on minimum capital requirement.
  4. LLP has perpetual succession, meaning it's a legal entity which can own, hold, dispose of property, shares, securities, etc.
  5. The annual account audits are required only if the contribution exceeds Rs. 25 lakhs and if turnover exceeds Rs. 40 lakhs.
  6. LLP can change its existence irrespective of changes in partners.
  7. The formation of an LLP required less cost. And rules and regulations are also less.
  8. An LLP must have two individual partners and one of them should be an Indian citizen.

Who Can be a Partner in LLP?

In an LLP, a partner can be a person who is not disqualified under the law or any of the following corporate bodies can become a partner.

 

The following can’t be the partners because they are not included in the definition of an individual/ body corporate.

LLP Registration Documents Required

For the success of an LLP application, you need to file the right documents. As you see, I have emboldened the phrase “LLP agreement”....twice. Why is that? It’s because it is the core document for LLP incorporation. Other documents are as follows:

 

The Process of LLP Registration

Lastly, check the process of LLP registration below. The process is so simple but needs the help of an expert, the following are the points which are required to follow for the process of LLP registration.

 

Now, the LLP agreement is one of the most important LLP company registration documents. Which is important to be submitted along with the other documents which are mentioned above. 

How Registrationwala Can Help?

LLP registration, the way that we have told you, might feel quite easy to do. However, the legal nuances alone will give you migraines. At Registrationwala, we help businesses to form LLP firms with complete assistance.

Therefore, contact our experts for LLP registration. With a small LLP registration fee, you can get your LLP registered from your home. So why wait, contact us today to get your LLP registered.

 

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