Copy of PAN Card of partners
Passport size photograph of partners
Copy of Aadhaar Card/ Voter identity card
Copy of Rent agreement (If rented property)
Electricity/ Water bill (Business Place)
Copy of Property papers (If owned property)
Landlord NOC (Format will be provided)
MINIMUM REQUIREMENTS FOR LLP REGISTRATION
Minimum 2 Partners
No Capital Requirement
At least one Designated Partner as Indian Resident
DPIN for all Partners
ADVANTAGES OF LLP
Separate Legal Entity
A LLP is a legal entity and a juristic person established
under the Act. The partners are distinct from the entity and both can sue each
other and get sued in the process.
Uninterrupted Existence
A LLP has ‘perpetual succession’, that is continued
existence until it is brought on the terms of the dissolution by mutual
agreement within the partners. Partners may come and go, but an LLP goes on.
Audit not Required
Entrepreneurs earning a turnover of less than 40 Lakhs and
capital contribution of less than 25 Lakh need not get their accounts audited
.Therefore, LLPs are ideal for startups and small businesses that are just
starting their operations and want to have minimal regulatory compliance
related formalities.
Easy Transferability
The ownership of a LLP can be easily transferred to another
person. All you need is to induct them as a Designated Partner of the LLP. LLP
is a separate legal entity separate from its Managing Partners, so by changing
the Managing Partners, the ownership of the LLP can be changed.
Owning Property
An LLP being a juristic person, can acquire, own and enjoy
property in its own name. And this is entirely distinct from its partners. No
Partner can make any claim upon the property of the LLP so long as the LLP is a
going concern.
Limited Liability
The biggest advantage is Limited Liability, which means the
status of being legally responsible only to a limited amount for debts of a
LLP. Unlike proprietorship's and partnerships, in a LLP the liability of the
members in respect of the LLP’s debts is limited. The personal assets of the
directors are safe if the company goes bankrupt.
So it’s entirely a win –win situation for you if you plan to
step to head forward with a suffix LLP.
Company Secretary GAURAV SHARMA+919990694230 Connect on Watts App with Gaurav Email us [email protected] Submit your guest articles for our website click here we will publish it Subscribe our Email updates like other 100,000 Members, Free/Easy/Comfortableway
