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Key Features of an LLP (Limited Liability Partnership)

1. Separate Legal Entity: An LLP is a distinct legal entity, separate from its partners, capable of owning property, entering contracts, and continuing operations independently.

2. Limited Liability: The liability of each partner is limited to their agreed contribution, protecting personal assets from business liabilities.

3. No Minimum Capital Requirement: LLPs can be formed with any amount of capital, including contributions in cash, assets, or expertise.

4. Flexible Management: Partners can directly manage the LLP without requiring a formal board of directors.

Limited Liability Partnership

Advantages of a LLP

1. Limited Liability: Protects personal assets; partners are liable only to the extent of their contribution.

2. Separate Legal Entity: LLP can own property, enter contracts, and continue operations despite partner changes.

3. Low Compliance: Minimal audit requirements and reduced regulatory filings compared to companies.

4. Tax Benefits: Avoids double taxation; no Dividend Distribution Tax (DDT).

5. Flexible Structure: Easy management and no restrictions on the number of partners.

Documents Required for LLP Registration

1. For Partners:

   • Identity Proof: PAN Card, Passport, Aadhaar, or Voter ID.

   • Address Proof: Utility bill or bank statement.

   • Photographs: Passport-size photo.

2. For Registered Office:

   • Proof of Address: Utility bill or bank statement.

   • Rental Agreement (if rented) & No Objection Certificate (NOC) from the owner.

3. LLP Agreement: Draft agreement outlining partner roles and profit-sharing.

Key Considerations for LLP Registration

1. Unique Name: Choose a unique name ending with "LLP."

2. Minimum Partners: Requires at least two partners.

3. Designated Partners: At least two designated partners, with one being an Indian resident.

4. Registered Office: A valid Indian address for the office.

5. LLP Agreement: Clear agreement outlining roles and profit-sharing.