Limited Liability Partnership (LLP) was first introduced in the #LimitedLiabilityPartnership Act of 2008. The reason it was introduced was to provide a form of #businesses that was easy to maintain and it helped owners by providing them with limited liability.
#Registering an #LLP is one of the most easiest process in India. The #compliance and procedures are simple and take a short time to complete.
Minimum Requirements For LLP Registration
Here is what is required of all new LLPs, at the very least:
1. TwoPartners: All LLPs must have at least two partners, There is no limit to the maximum number of partners
2. IndianResident: Of the partners in the business, at least one must be a resident of India.
3. Minimum Capital Contribution: There is no minimum capital requirement for an LLP (or a company, for that matter). The LLP should have an authorised capital of at least Rs. 1 lakh.
4. Registered Office: The registered office of an LLP does not have to be a commercial space. Even a rented home can be the registered office, so long as an NoC is obtained from the landlord.
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What are the documents that are required to start your LLP?
First, let's begin the list of documents required to into two parts:
1. Document required for the designated partners of the LLP and
2. Documents required for the registered office of the LLP.
So you might be already aware that you need to have a minimum of two designated partners for your LLP and each designated partner should have a TIN. If they don't have a TIN already then you need to apply a TIN for them.
Documents required for a TIN:
In order to apply for TIN numbers what you would need from each designated partner are
1. a PAN card copy,
2. an address proof and three a passport size photograph.
So what are they: one a PAN card copy, two: an address proof like a Voters ID, Aadhar card, driving license, passport or any bill, and three a passport size photograph would be required from each of the designated partners of the LLP.
Address proof of the registered office:
Apart from the documents required from the designated partners, you would also require the documents to be submitted for these registered office addresses. You might have already identified an address for your LLP. Now, this address could be a home address or could be an office space that you are taking on rent. Again this could be your property or you could have rented this property.
So if the registered office address is a rental property then you need to submit a rental agreement and a no objection letter from the landlord. If it's a property that you own then you need to submit an electricity bill in the name of the owner and also a no objection letter from the owner would be required. So these are the documents that are required to start your limited liability partnership.