Limited Liability Partnership Registration in India is an alternative corporate business form that gives the benefits of limited liability and the flexibility of a partnership business. LLP is a partnership in which the partners have limited liability which is limited to the amount of contribution they have agreed to. Further, In an LLP one partner is not responsible or liable for another partner‟s misconduct or negligence.

FEATURES OF LIMITED LIABILITY PARTNERSHIP

• Limited Liability of Partners: First and foremost benefit of TRADING /doing business via LLP is the limited liability conferred upon the partners. If an LLP becomes insolvent and is wound up, only the assets of the LLP are used to clear its debts and the partners of LLP have no personal liabilities and are not made bankrupt and are free to operate as credible businessmen.
• No. Of partners: There shall not be any upper limit on number of partners in an LLP unlike an ordinary partnership firm where the maximum number of partners cannot exceed 20.
• Separate Legal Entity: LLP shall be a body corporate and a legal entity separate from its partners. It will have perpetual succession
• No Mandatory Audit Requirement: There is no requirement of audit, unless capital of an LLP and turnover exceeds Rs. 25 lakh or Rs. 40 lakh, respectively.
• Tax burden reduces: LLPs are taxed like general partnership firms. They are exempted from 10% surcharge and there is no requirement for payment of Dividend distribution/Corporation Tax on distribution of income/profits among partners.
• Transfer of LLP is easy: It is easy to join or leave an LLP and also, the transfer of ownership in accordance with the
  terms of an LLP Agreement is simple. These changes of ownership, saves the time and MONEY and also stamp duty.

PRE – REQUISITES FOR REGISTRATION

1. Min. two partners (individual/ body corporate).
2. Minimum of two individuals as designated partners, out of total no. of partners.
3. DPIN (designated partner identification number) for all partners
4. DSC (digital signature certificate) for all the proposed designated partner/partner of the LLP.
5. Registered office address (owned/ rented)

DOCUMENTS REQUIRED

1. PAN Card & address proof of partners.
2. 04 Passport size photographs of each partner
3. Signed affidavit (in DIR-4) from the partners for DPIN.
4. Proof of registered address of LLP– copy of latest electricity bill/water bill along with N.O.C. given by the landlord.

INFORMATION REQUIRED FOR REGISTRATION OF LLP

• Qualifications of partners
• Authorized capital for LLP.
• Proposed LLP names (1+2).
• Significance of proposed LLP name.
• Main objective of LLP (nature of business).
• Registered address of the LLP.
• Ratio of contribution of partners.