Limited Liability Partnership (LLP) combines the benefits of a partnership with that of a limited liability company. In India, it took shape after January 2009 and was an instant success with startups and professional services. The idea behind LLP was to provide a form of business that is easy to maintain and benefit owners with limited liability.Benefits of an Limited Liability Partnership

Limited Liability : An LLP is a separate legal entity from the partners in it. It has an uninterrupted existence that follows perpetual succession, i.e., the partners might leave, but the business remains. The terms of dissolution have to be mutually agreed upon for the firm to dissolve.

Flexible Agreement : Transferring the ownership of an LLP is also simple. A person can easily be inducted as designated partner in LLP and the ownership is transferred to them.

Suitable For Small Business : LLPs having a capital amount less than ₹25 lakhs and turnover below ₹40 lakhs per year do not require any formal audits. This makes registering as an LLP beneficial for small businesses and startups. 

Limited Liability Partnership (LLP) combines the benefits of a partnership with that of a limited liability company. In India, it took shape after January 2009 and was an instant success with startups and professional services. The idea behind LLP was to provide a form of business that is easy to maintain and benefit owners with limited liability.

Benefits of an Limited Liability Partnership

Limited Liability : An LLP is a separate legal entity from the partners in it. It has an uninterrupted existence that follows perpetual succession, i.e., the partners might leave, but the business remains. The terms of dissolution have to be mutually agreed upon for the firm to dissolve.

Flexible Agreement : Transferring the ownership of an LLP is also simple. A person can easily be inducted as designated partner in LLP and the ownership is transferred to them.

Suitable For Small Business : LLPs having a capital amount less than ₹25 lakhs and turnover below ₹40 lakhs per year do not require any formal audits. This makes registering as an LLP beneficial for small businesses and startups. 

Documents Required for LLP Registration :

The following LLP registration requirements has to submitted while registering the firm

The partners has to provide the following documents:

• PAN card or passport (foreign nationals or NRIs)

• Aadhar card/ voter’s ID/ passport/ driving license

• Latest bank statement/ telephone bill/ mobile bill/ electricity bill/ gas bill

• Passport-size photograph

• Blank document with specimen signature.

For the registered office:

• Utility bills

• Notarized rental agreement in English

• No-objection certificate from the property owner

• Sale deed/property deed in English (in case of owned property).