Limited Liability Partnership (LLP) was introduced in India by way of the Limited Liability Partnership Act, 2008. The basic premise behind the introduction of Limited Liability Partnership (LLP) is to provide a form of business entity that is simple to maintain while providing limited liability to the owners.
For the Partners
- PAN Card or Passport for Foreigners.
- Drivers license or Aadhar card, residence card or election identity card or any other identity proof issued by the Government.
- Less than 3 months old bank statement or telephone bill.
Registered Office Proof
- The authorization from the Landlord (Name mentioned in the Electricity Bill or Gas Bill or Water Bill or Property Tax Receipt or Sale Deed) to use the premises by the company as its registered office. This is usually referred to as NOC from Landlord; AND
- Proof of evidence of any utility service like telephone, gas, electricity, etc. depicting the address of the premises in the name of the owner or document, which is not older than two months.
BENEFITS OF LIMITED LIABILITY PARTNERSHIP
- No minimum capital requirement
- No limit on owners of business
- Lower Registration Cost
- No requirement of compulsory Audit
- Savings from lower compliance burden
- Taxation Aspect on LLP
- (DDT) not applicable