Brief Details About Limited Liability Partnership

A limited liability partnership (LLP) is an association wherein a few or all accomplices (contingent upon the purview) have limited liabilities. It subsequently displays components of organizations and companies. In a LLP, each accomplice isn't mindful or subject for another accomplice's offense or carelessness.

1. Designated Partner (DP) :

  • Minimum no. of DP required are 2 out of which 1 shall be Indian Resident.
  • Any person can be a DP of the LLP including family members.
  • Director Identification No. (DIN) and Digital Signature Certificate (DSC) are required to be a DP of the LLP.
  • DP are the managers and they are responsible for day to day functioning of the LLP.
  • DP can also contribute to capital of the LLP.

2. Partner :

  • There is no such minimum requirement for a Partner.
  • DP and Partners can be the same.
  • Partners only contribute to capital of the LLP and does not take active participation in the day to day functioning of LLP, hence they are not responsible or liable for any activities of the LLP.

3. Capital Contribution :

  • There is no such requirement for minimum capital contribution, hence the LLP can be formed with the capital contribution starting from INR 1.

4. Registered Office:

  • Any place can be made as the registered office of the LLP even the residential place can be used as the registered office of the LLP.

5. Registering Authority:

  • Ministry of Corporate Affairs.

6. Required Documents:

  • Proof of Registered office address (Conveyance/ Lease deed/Rent Agreement/Maintenance Bill).
  • Copy of the utility bills of the registered office (Electricity Bill/Telephone Bill not older than two months).

Directors / Shareholders

  • PAN Mandatory- Indian National / Passport – Foreign National – Self Attested
  • Proof of Identity – Voter Id/Passport/Driving License – Self Attested
  • Proof of Address (Electricity Bill/Bank Statement/Telephone Bill/Mobile Bill not older than 2 months) - Self Attested

Steps For Formation Of Limited Liability Partnership

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