Limited Liability Partnership Registration in India is an alternative corporate business form that gives the benefits
Two front-facing colour photographs of all partners or designated partner
Pan Card of each partner, The name must match with IT database
Identity Proof of each partner, (Aadhar Card, Passport, Driving License or Voter ID Card)
Address Proof (Bank Statement or Passbook, electricity bill, telephone bill, or any utility bill)
Proof of the registered address of the LLP (Sale Deed, electricity bill, tax paid receipt or any other utility bill)
No objection Certificate from the owner of the premises where registered office of the LLP shall be situated
Documents Must be self attested and attested by a Gazetted Officer, Post Master or a Bank Manager
DSC is the equivalent of physical or paper certificates in digital format. As the application For LLP Registration is filed online with Digital Signatures of the designated partners, hence the process starts with the issuance of the digital signature for all the designated partners. Photo, ID and Address proof is to be submitted along with Form for issuance of DSC
Advantages of Limited Liability Partnership Registration
Separate Legal Entity
An LLP is considered as a separate legal entity different from its owners or promoters. It has its distinct name and is creation of law. Being separate from its promoters / owners / partners it can do business in its own name. However, the LLP has to act through its designated partners and in the manner which is provided in the LLP agreement.
Capacity to Sue or be Sued
The disputes can arise in the course of business and for the resolution of the same the LLP can sue any person against which it has grievances or seek judicial intervention. The case by LLP can be filed in the name of LLP only through its authorized representative. Similarly, others can sue the LLP in its name. Thus it has capacity to sue or be sued in its own name.
As the Limited Liability Partnership is a distinct entity, it enjoys the right to own, enjoy and transfer property. The rights can be exercised by the LLP in its own name, the stamp duty shall also be payable / paid by the LLP himself. The partners on its own can't transfer the property or create any third party rights whatsoever on the LLP property.
LLP being creation of law can be closed only by following the due process of law. The life span of LLP is thus independent of the life of its partners. The death of one partner or all partner does not bring end to the LLP, the legal heirs of the dead partners becomes the partner(s) in their place. Thus the LLP goes on until it is formally closed down by following laid down procedures.
Limited Liability Partnership
As said earlier the LLP is separate legal entity hence its liabilities can't be shared by anyone but the LLP himself. The partners are not liable for the debts or other liabilities of a LLP, the partner's liability is limited to the unpaid amount of contribution (capital) which they have promised to bring in while incorporating the LLP of through LLP agreements in future.
Borrowing from banks, financial institutions and others lenders is possible by the LLP in its own name. The credit worthiness of LLP is decided by the financials of the LLP itself and financials of partners are not relevant for deciding the eligibility of LLP for borrowing. The LLP can also raise funding from private parties.
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