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Limited Liability Partnership (LLP)

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Limited liability partnership is a combination of both partnership and corporation. It has the feature of both these forms. It therefore can exhibit elements of partnerships and corporations. In a LLP, each partner is not responsible or liable for another partner’s misconduct or negligence. There are a number of partners in the firm and hence they are not liable or responsible for others misconduct. Every one is liable for their own acts. In contrast, corporate shareholders must elect a board of directors under the laws of various state charters. The board organizes itself (also under the laws of the various state charters) and hires corporate officers who then have as “corporate” individuals the legal responsibility to manage the corporation in the corporation’s best interest. An LLP also contains a different level of tax liability from that of a corporation.Owing to flexibility in its structure and operation, it would be useful for small and medium enterprises, in general, and for the enterprises in services sector, in particular. Internationally, LLPs are the preferred vehicle of business, particularly for service industry or for activities involving professionals.

Documents of Partners:

  • PAN Card/ ID Proof of the Partners
  • Address Proof of the partners
  • Residence Proof of Partners
  • Photograph
  • Passport (in case of Foreign Nationals/ NRIs)

Documents of LLP:

  • Proof of Registered Office Address
  • Digital Signature Certificate

Process of Registration as LLP

Step 1: Obtain DSC

Step 2: Apply for DIN

Step 3: Name Approval

Step 4: Incorporation of LLP

Step 5: File LLP Agreement

Partnership Vs LLP

Particulars
Partnership
LLP
MeaningPartnership refers to an arrangement wherein two or more person agree to carry on a business and share profits & losses mutually.Limited Liability Partnership is a form of business operation which combines the features of a partnership and a body corporate.
Governed ByIndian Partnership Act, 1932Limited Liability Partnership Act, 2008
RegistrationOptionalMandatory
LiabilityUnlimitedLimited to capital contribution, except in case of fraud.
Contractual capacityIt cannot enter into contract in its name.It can sue and be sued in its name.
Legal StatusPartners are collectively known as firm, so there is no separate legal entity.It has a separate legal status.
Maximum partners100 partnersNo limit
PropertyCannot be held in the name of firm.Can be held in the name of the LLP.
Audit of accountsNot mandatoryMandatory, only if turnover and capital contribution overreaches 40 lakhs and 25 lakhs respectively.