Limited liability partnership is an alternative corporate business form that offers the benefits of limited liability to the partners at low compliance costs. It also allows the partners to organize their internal structure like a traditional partnership. A limited liability partnership is a legal body, liable for the full extent of its assets. The liability of the partners, however, is limited. That enables the partners of an LLP to separate business liabilities or debts being recovered from their personal assets. Further, one partner is not held responsible for the actions of negligence or misconduct of any other partner.

LLPs however are similar to Private Limited Companies with respect to compliance and operational requirements. Hence, LLP is a hybrid between a company and a partnership. However, Compared to a private limited company structure, it is easier to incorporate and maintain.

Benefits of Limited Liability Partnership

Limited Liability of Partners

Separate Legal existense of the business from the partners

Easy Compliance Norms to be followed

Easy fund raising owing to greater transparency and regulations compared to Partnership registartion

Documents Required

Photographs (of all partners)

Pan Card (of all partners)

Partners address proof (Aadhar Card or any other address proof)

Business address proof (Electricity Bill/ Telephone bill)

NOC from Owner (NOC required from owner of registered office)

Rent aggreement ( of registered office in case of rented property)