A Limited Liability Partnership (LLP) is a unique type of business setup that blends a partnership's and a company's features. In an LLP, partners enjoy limited liability, similar to shareholders in a company, while also benefiting from the flexibility and simplicity of a partnership. This arrangement grants the LLP its legal identity, allowing it to take legal actions and be subject to legal actions separately from its partners.

LLPs have become popular among entrepreneurs in various industries because they shield partners' assets and have more straightforward regulatory requirements than traditional corporations. The concept of LLP was introduced in India in 2008 and is governed by the Limited Liability Partnership Act, offering a dependable and adaptable option for businesses of all sizes.

To qualify for the registration of an LLP company in India, you must adhere to the subsequent criteria:

• ✓ Minimum of Two Partners: Establishing a Limited Liability Partnership in India necessitates a minimum of two partners, with no upper threshold on the maximum number of partners.


• ✓ Designated Partners: Within the partnership framework, at least two selected partners are obligatory, and they must be natural individuals. At least one of these designated partners must also maintain residency in India.


• ✓ Nomination for Body Corporate Partner: If a body corporate assumes the role of a partner, the designation of a natural person must act as its representative.


• ✓ Agreed Contribution: Each partner is required to contribute the shared capital of the LLP, as stipulated and agreed upon.


• ✓ Minimum Authorized Capital: The LLP is mandated to possess an authorized capital of at least Rs.1 lakh.


• ✓ Indian Resident Designated Partner: At least one designated partner of the LLP must hold a resident status in India.

The advantages of a Limited Liability Partnership (LLP) are elaborated in detail below:

• ✓ Own Legal Identity: An LLP is like its own person, just like big companies. This helps people trust and work with it, as it can do legal things independently.


• ✓ Less Risk for Partners: LLP partners are only responsible for what they put in. They don't have to pay for all the debts or losses, which is good for their reputation.


• ✓ Saves Money and Time: Starting an LLP costs less and has fewer rules than big companies. There's less paperwork to do every year.


• ✓ No Fixed Money Needed: You don't need much money to start an LLP. Partners can put in whatever amount they want.

Choose a unique name that is not used by other businesses. This makes approval easier and establishes your identity. Include words that clearly describe what your business does. This helps people understand your services or products.

End your LLP name with "LLP" or "Limited Liability Partnership." This is necessary to show your business structure

To initiate the registration process for an LLP, partners are required to furnish the following documents:

• ✓ Address Proof of Partners: Partners can submit the following documents: Voter's ID, Passport, Driver's License, or Aadhar Card.


• ✓ Residence Proof of Partners: Partners need to provide recent documents such as a bank statement, telephone bill, mobile bill, electricity bill, or gas bill from the last 2-3 months.


• ✓ Passport-size Photograph: should provide a passport-size photograph with a white background.


• ✓ For Foreign Nationals and NRIs: Foreign nationals and NRIs intending to partner in an Indian LLP should submit their passport. Additionally, proof of address, such as a driving license, bank statement, residence card, or any government-issued identity proof containing the address, is required.


• ✓ Proof of Registered Office Address: This includes the landlord's rent agreement and a no-objection certificate if the office space is rented. A recent utility bill (gas, electricity, or telephone) with the complete address and owner's name (dated two months or older) should also be submitted.


• ✓ Digital Signature Certificate (DSC): At least one designated partner must have a DSC for digitally signing documents.