A Limited Liability Partnership (LLP) is a partnership in which some or all partners have limited liability, and it provides the advantages of a limited liability company and the flexibility like that of a partnership firm. In an LLP, one partner is not responsible or liable for another partner’s misconduct or negligence. The mutual rights and the duties of the partners with an LLP are governed by an agreement that is signed between the partners.

This unique hybrid combination of a limited and partnership company is thus suitable for small, medium-sized businesses or professionals.

Being one of the easiest types of businesses to incorporate and manage there are over one lakh registrations received in India since the introduction. Minimum two partners can incorporate an LLP, there is no upper limit as such.

In an LLP one partner is not responsible for the other partner’s misconduct or negligence. The mutual rights and the duties of the partners with an LLP are governed by an agreement that is signed between the partners.

As LLPs, are not capable of issuing equity shares LLPs should not be chosen for any business that plans for raising equity funds Angels investors, Venture Capitalists or Private Equity.

Documents required

For the registration of an LLP in India following documents are required.

For the Partners:
• PAN card or Passport if the applicant is a foreigner.
• Driver’s license or Aadhar card, resident card or election card, or any other identity proof issued by the government.
• Less than 3-month-old bank statement or telephone bill.

Registered office proof:
• The authorization from the landlord (Name mentioned in the Electricity bill or Gas bills or Property Tax receipt or sale deed) to use the premises as a registered office. This acts as a NOC from the landlord and;
• Proof of evidence of any utility services like gas, electricity, telephone depicting the address of the premises bearing the name of the owner or document, which is not old than two months