Limited Liability Partnership
A Limited Liability Partnership combines operational flexibility with a ring-fenced business structure. We assist with incorporation, partner documentation, LLP agreement support, and initial compliance guidance.
Documents & Details Required for LLP Registration
- KYC (Identity and Address Proof) of all Partner
- Email ID and Contact Details
- Business Address Proof (Electric Bill, Telephone Bill, Water Bill) [If premises on rented then need Rent Agreement also]
- Nature of Business
Process for LLP Registration
- Apply for name reservation with the proposed names, subject to MCA approval and applicable filing fees.
- Once the name is approved and the documents are ready, the incorporation filing is prepared and submitted through the MCA system.
- After incorporation, the LLP Agreement is prepared for execution and filing within the prescribed time.
- Overall timelines depend on document readiness, digital signatures, and MCA processing.
Frequently Asked Questions
How is an LLP different from a traditional partnership firm?
- In a traditional partnership firm, partners may have broader personal liability for the acts and obligations of the firm.
- In an LLP, the liability of a partner is generally limited to the agreed contribution, subject to the LLP Act and cases involving fraud or wrongful conduct.
Can an LLP be formed for charitable activities?
No. An LLP is generally formed for carrying on a lawful business with a view to profit. Charitable or not-for-profit objectives are usually pursued through structures such as trusts, societies, or Section 8 companies.
How many people are required to start an LLP?
An LLP requires a minimum of two partners for formation. There is generally no statutory maximum limit on the number of partners.
Can a company become a partner in an LLP?
Yes. A body corporate, including a company, can become a partner in an LLP through its authorised representative, subject to the LLP agreement and applicable law.
Who is a Designated Partner?
An LLP must have at least two designated partners, and they must be individuals. At least one designated partner should satisfy the resident-in-India condition under the current LLP rules. Where a body corporate is a partner, its nominee may act as a designated partner subject to the law.
Where is an LLP registered?
An LLP is registered with the Registrar of Companies through the MCA system, based on the jurisdiction of its registered office.
Can foreign nationals incorporate an LLP in India?
Yes. Foreign nationals and foreign entities can participate in an LLP in India, subject to the applicable sectoral conditions, FEMA rules, and the requirement that at least one designated partner satisfies the resident-designated-partner condition in India.