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Limited Liability Partnership

Limited Liability Partnership is solely for the professional services firms having limited liability protection for the partners providing instant success to the businesses. For larger businesses, Partnership firm has lost its significance with the introduction of the Limited Liability Partnership (LLP). As LLP holds the cost-effective partnership with the benefit of unlimited liability in which partners are not personally liable for business debts. The removal of partner or if partners leave, the business will sustain with other partners. The business can only dissolve if all the partners mutually agree upon the decision. Unlike Partnership, LLP is transferable as any person can instantly welcomed as a designated partner and the ownership can be easily transferred.

In order to understand and choose the best business model, it is very important to understand the benefits and differences from proprietorship and partnership. The normal partnership structure and LLP share the same features, when it comes to core management, distribution of profit and excise liabilities. However, it provides the partners less limited liability. The registration require LLP agreement mainly consists of management policies, addition of new partners, new policy creation strategies and details of partners and their shares and profits within the company.

Benefits

  • Registration cost is low
  • Partners are not liable for the loss caused in business
  • Partners can not be forced to pay the business debts from their own pocket
  • Complete protection of company name and can prevent others from using it.

Documents Required for Limited Liability Partnership Registration;

Partner's Documents

  • 1. Photo
  • 2. PAN
  • 3. Aadhar Card
  • 4. Mobile No & Email Id
  • 5. Highest Qualification
  • 6. Place of Birth

Registered Office Documents

  • 1. Latest Electricity Bill of Business Address.
  • 2. Rent Agreement of Business Address, If Rented
  • 3. No Objection Certificate (NOC).

Registered Office Documents

  • 1. Latest Electricity Bill of Business Address.
  • 2. Rent Agreement of Business Address, If Rented
  • 3. No Objection Certificate (NOC).

Other Information

  • 1. Proposed Business Name.
  • 2. Capital Contribution Amount.
  • 3. Profit & Loss Sharing Ratio.
  • 4. List of top 5 Business Products/Services

FAQ

1What is LPP?

The LPP stands for Limited Liability Partnership it is a better version of a general partnership firm. It is governed by limited liability partnership act 2008.

2 What are the minimum required partners to start LPP?

Minimun 2 Partners are required to start a LPP. There are no limit on the mximum number of in a LPP.

3How much investment is required to start a LPP?

Unilike a private ltd company no minimum capital required to start a LPP.

4 What is the legal proof of LPP Firm?

A legal proof of LPP is certificate incorporation as well as LPP agreement.

5 What is LPP agreement.?

LPP agreement is similar to a partnership deed where all the rights, liabilities and share of profit and loss are mentioned/drafted.

6Can I name my LLP whatever I want?

Name allotment as desired by you is wholly a discretionary power of ROC. Normally ROC is allot your desired business name if it is unique and not resemblinding with any existing company/LPP.

7 Is DSC required for LPP firm?

Yes, DSC of an authorised director is required while in corporating an LPP.

8 Do you provide this service in my town?

Yes, Charted Help is an online platform serving all over india no matter wherever you are doing your business all you need is internet connection on your mobile or desktop and we are ready to get your done.

9 Do i need to physically present to for the process?

No, You don't need to be a physically present for the process.E-startupindia is an online catering platform all you need is internet connection in your phone/desktop and required document with and we can get the job done no matters even you are present at remotest location of the india.