LLP is a Limited Liability Partnership which has features of both, a partnership and a corporation and partners have limited liabilities and are governed by Limited Liability Partnership Act 2008.
Minimum two people are required to form LLP and there is no limit on maximum number of partners.Partners are decided during incorporation of the company and later can increase in number after fulfilling specific conditions to become a partner.
1. Self attested Copy of PAN Card of all the proposed partners.
2. Self attested Copy of ADDRESS PROOF (Voter ID/DL/Passport/Aadhar Card) of all the proposed partners.
3. Self attested Copy of Bank Account Statement/Electricity Bill/Mobile Bill of all the proposed partners.
4. Passport Size 3 Photographs of all the proposed partners.
5. Duly signed DSC Form of all partners of the LLP.
6. Copy of current Electricity Bill/Water Bill/House Tax Etc for the premises proposed to be used as registered office of the LLP.
7. If the Property is Rented, then Rent Agreement and NOC from owner of property.
LLPs are treated as separate legal entities so the partners and LLP are distinct from each other in the eyes of the law.
FThere is no requirement of minimum capital to start a limited liability partnership.
Only two members are required to form Limited Liability Company while there is no limit on maximum number of partners in LLP.
Auditing of LLP in India is required only if contribution exceeds 25 lakhs or annual turnover exceeds 40 lakhs.
It is easier and flexible to manage organisational structure of LLP as compared to other company structures.
Dividend distribution tax and Minimum alternative tax is not applicable on LLPs and thus it is an added advantage.
An llp in India can own a property as it has separate legal recognition in the eyes of law.