It was in the year 2008 that India saw the emergence of LLP or Limited Liability Partnership. Recently, many companies are found shifting to LLPs because of the less hassle and less effort involved with the LLPs. Besides, people have found that LLP company registration is much easier than it may sound. Before you get an LLP registration for your company, here is a clear definition of LLP.

What is LLP or Limited Liability Partnership?

Limited Liability Partnership is a form of business organization where a company forms a partnership with another organization. The rules and regulations are denoted in the agreement formed between the companies according to the Limited Liability Partnership Act of 2008. 

The main features that define a Limited Liability Partnership are as follows: 

1. LLP is a legal entity and a corporate body that is different from its partners. You will find a perpetual succession in an LLP. 
2. An agreement is signed between the LLP and the partners that denote the rights and duties that both sides shall follow. 
3. The liability of the partners is restricted to that they have contributed to the LLP. This contribution can be tangible or intangible, or both. 
4. None of the LLPs are guided by the Indian Partnership Act of 1932. 
5. The investigation of the powers of LLP is bestowed in the hands of the central government. So, if required, the central government can send competent officers for investigation. 
6. Annual accounts have to be maintained by LLP, which reflects the authenticity of the state of its affairs. Every LLP, under the guidance of a registrar, has to present solvency and statement of accounts every year. 
7. In every LLP, there have to be at least two partners who have to be separate individuals to be designated as partners. Between these two, one has to be a resident of India. 

Therefore, if you plan to get LLP registration for your company, you can consult with one of the best providers of LLP registration in Mumbai. 

Documents for LLP registration 

Given below are the series of documents that will help you get LLP registration at ease: 

1. All the partners of the LLP have to provide their authentic Pan card during the registration process. 
2. Partners have to submit any valid document that stands as their address proof. It can be a voter card, passport, driving license, Aadhar card, or anything equivalent. However, make sure that whatever document you submit as address proof should have all the spellings written correctly in it. 
3. Further, partners must submit proof of residence, including telephone bills, electricity bills, latest bank statements, or gas bills. 
4. A passport size photograph of the partners is required, preferably on white background. 
5. In the case of NRIs, submitting a passport is compulsory. 

Conclusion 

Therefore, now that you are aware of the requirements for an LLP registration, you can go ahead with it. 

Summary – In this article, you will find the features of LLP and the documents required to get an LLP registration. 

Resource box – Shah and Doshi is a renowned chartered accountant firm that has served customers with various services for almost a year.