LLP Registration is a form of business that provides benefits of both limited liability and flexibility of partnership business into a single form of organization i.e. LLP (Limited Liability Partnership) Firm.
It is a separate legal entity just like other companies and also it has the benefit of a partnership firm of having limited liability to the much contribution made by each partner. And the best advantage of an LLP registration is that there is no minimum capital contribution.
What are the Documents Required for Registration?
Documents of partners:
- Identity Proof of Parties- Pan Card
- Address Proof of Partner: Either of the document
- Aadhar Card
- Driver’s License
- Voter’s ID
- Passport
- Passport size photograph of all the partners
- Passport (for Foreign Nationals/NRI)
Documents for LLP Registration:
- Proof of address of Registered office
- Copy of mobile bill, Telephone bill, electricity bill, or bank statement of all the partners with present address
- Digital Signature Certificate
What is the Procedure for LLP Registration?
- Obtaining Digital Signature Certificate (DSC)
- The applicant needs to get Name approval from Reserve Unique Name Service (RUN)
- Incorporation of LLP
- LLP Agreement is to be filed online in Form 3 which governs the mutual rights and duties among partners.
What are the Advantages of Registration of LLP?
- There is no requirement for minimum capital.
- It is convenient for the partners as it is customized to meet the needs of the partners concerned.
- There is no limit to the number of owners of the business. There should be a minimum of 2 partners and there is no limit to the maximum limit.
- The cost involved in the registration of LLP is very low.
- There is no requirement for a compulsory audit.
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