LLP has now come up as one of the most preferred legal entities for Professionals as well as service organisations owing to the flexibility attached under the Limited Liability Partnership Act. There is flexibility with respect to the structuring of management and ownership as well as a lesser number of compliances as compared to a private limited company.
There should be a minimum number of 2 Designated Partners for any LLP and they should procure Director Identification Number and Digital Signature for registration of the LLP. LLP registration normally is more time consuming as compared to a private limited Company.
The biggest advantage of the LLP form of business over a Pvt Ltd Company is in the fact that there is less compliance requirement in comparison to a Company.
Minimum 2 Partners
No minimum Capital requirement to form an LLP
Two Colour Photographs of Promoters/Individuals/ Company/ Director
PAN Card of each Shareholder and directors
Identity Proof (Voter ID / Driving License/ Passport)
Address Proof (Bank Statement / Electricity, Mobile, Telephone Bill)
Proof of Registered Office
Utility Bill as proof must be Latest
Stage 1: DSC (Digital Signature) of two partners
Stage 2: DIN (Directors Identification Number) of two partners
Stage 3: LLP Name Approval from ROC
Stage 4: Certificate of Incorporation is generated by Submitting Final Documentation (like Subscription Page, Business Address Proofs, etc.)
Stage 5: LLP Agreement will be prepared and submitted to ROC
Stage 6: Application for PAN & TAN