Limited Liability Partnership (LLP) has been introduced in India in 2009 and it is governed by The Limited Liability Partnership Act, 2008.
A Limited Liability Partnership combines the advantages of both the Company and Partnership into a single form of organization. It operates like a limited partnership, but in a LLP each member is protected from personal liability, except to the extent of their capital contribution in the LLP. In an LLP, one partner is not responsible or liable for another partners misconduct or negligence.
No Objection Certificate (NOC) from the owner
Pan Card of Partners
Address proof of Partners
Photographs of Partners
First and foremost benefit of trading/doing business via LLP is the limited liability conferred upon the partners. As a sole trader or partnership business, personal assets of the proprietor or partners can be at risk in the event of a failure of the business, but this is not the case for an LLP.
Unlike proprietorship and partnership, if an LLP becomes insolvent and is wound up, only the assets of the LLP are used to clear its debts. The partners of LLP have no personal liabilities and are not made bankrupt and are free to operate as credible businessmen.
No Audit Requirements
Audit is not required unless capital exceeding Rs. 25 lakh or turnover exceeding Rs. 60 lakh.
LLP is a separate legal entity separate from its partners