A Limited Liability Partnership (LLP) is a hybrid business structure that combines the benefits of a partnership firm with the advantages of a private limited company. It provides the flexibility of a partnership while offering limited liability protection to its partners, making it an increasingly popular choice for entrepreneurs in India.
Key Features of Limited Liability Partnership
- Minimum of 2 partners (no maximum limit)
- Partners’ liability limited to their agreed contribution
- Separate legal entity distinct from its partners
- Perpetual succession regardless of partner changes
- Flexible internal organization structure
- Lower compliance requirements compared to companies
Benefits of Limited Liability Partnership Registration
- Limited Liability Protection
- Flexible Management Structure
- Cost-Effective Formation and Operation
- Tax Advantages
- Easy Transferability and Scalability
Documents Required for LLP Registration
- PAN Card
- Aadhaar Card
- Passport-sized Photographs
- Proof of Address (Utility Bill, Bank Statement)
- Proof of Registered Office Address
- Rent Agreement or
- Ownership Deed
- Utility Bill
- No Objection Certificate (NOC) from Property Owner
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