Limited Liability Partnership Registration
The Limited Liability Partnership Act 2008 defined limited liability partnership as a corporate or incorporates body formed under this act. LLP has its separate legal entity from its partners and has perpetual succession. The changes in the partners will not affect the existence, rights, and liabilities of the LLP. Limited Liability Partnership is an alternative corporate business form that gives the benefits of the flexibility of a partnership and limited liability of a company. LLP has the capability to enter into any contracts and holding of property in its own name.
The Limited Liability Partnership has a separate legal entity, who is liable to the full extent of its assets, but the liability of the partners is limited according to the agreed contribution in the LLP. However, no partner will be liable for any unauthorized and independent actions of the partners. Therefore, individual partners are jointly liable for the wrongful business decisions or misconduct of other partners. An agreement between the partners decides the mutual rights and duties of the partners within a LLP. The LLP, however, is not relieved of the liability for its other obligations as a separate entity.
Things to consider before LLP Name Selection
- Things to consider before LLP Name Selection
- It must be easy to remember, simple and short
- The name has to be unique and different from others
- The meaning of the LLP name helps people to recognize LLP and establish the branding and trademark
- The LLP name must not be offensive to any caste, religion, race, community and society
- The LLP name must not be against the public policy and not against the Local/State/Central government
- The name must not be similar to any other existing LLP
- The LLP name must not have any prohibited word against any law prevailing in India
- Requisite of approval for the word such as ‘Finance’, ‘Bank’, ‘Insurance’, ‘Mutual Fund’ in the LLP name from the concerned authority like SEBI, RBI, IRDA etc
Documents for LLP Registration
- PAN card details of all the partners
- Identity Proof such as Aadhaar card, PAN card, Driving License, Voter Id of all the designated and nominated partners;
- Address Proof of all the proposed partners of the LLP.
- Obtain No Objection Certificate from the landlord of the business place.
- DSC or Digital Signature Certificate of the designated partners
- DPIN or Designated Partner Identification Number of all the designated directors
- Passport in the case when a partner is NRI or foreign national
- Utility bill such as telephone, gas, water or electricity bill of the registered office as a residential proof of the business place. It should not be older than 2 months.
