What is the Limited Liability Partnership?
Limited liability partnership (LLPs) is a flexible legal and tax entity that allows partners to benefits from economical scale by working together for the company also reducing third liability for the action of other partners. Limited liability partnership is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. It is a separate legal entity, is liable to the full extent of its assets, but liability of the partners is limited to their agreed contribution in the Limited liability partnership. No partner is liable on account of the independent or un-authorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s wrongful business decisions or misconduct. Mutual rights and duties of the partners within a Limited liability partnership are governed by an agreement between the partners or between the partners and the Limited liability partnership, but the Limited liability partnership is not relieved of the liability for its other obligations as a separate entity.
LLP formation in MIZORAM
· Limited liability partnership (LLPs) is a flexible legal and tax entity that allows partners to benefits from economical scale by working together for the company also reducing third liability for the action of other partners in visakhapatnam.
· Limited liability partnership is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership.
· It is a separate legal entity, is liable to the full extent of its assets, but liability of the partners is limited to their agreed contribution in the Limited liability partnership.
· No partner is liable on account of the independent or un-authorized actions of other partners, thus individual partners are shielded from joint liability created by another partner's wrongful business decisions or misconduct.
· Mutual rights and duties of the partners within a Limited liability partnership are governed by an agreement between the partners or between the partners and the Limited liability partnership, but the Limited liability partnership is not relieved of the liability for its other obligations as a separate entity.
What is the document required for the LLP (Limited Liability Partnership)
Limited Liability Partnership (LLP) is a relatively new type of business entity introduced in India through the LLP Act, 2008. LLPs are most popular amongst small businesses and with recent relaxation of FDI rules relating to LLP, the interest to register an LLP amongst NRIs and Foreign Nationals has also increased. In this article, we provide details and descriptions of the documents required for LLP registration.
INDIAN AS PARTNER IN LLP
The following document is required for mandatorily to incorporate an LLP:
PAN CARD: Pan Card of the proposed partners for the LLP is required for the formation of LLP Company. Every partner who propose to be partner in LLP must have Pan Card are a proof
Address Proof: Along with Pan Card proposed partner must also submit there address proof or residential Proof. The name of proposed partner has to verify name of proposed partner is same on address proof as on Pan Card. There are some following document which can be submit as address proof.
· Passport
· Election Card or Voter Identity Card
· Ration Card
· Driving License
· Electricity Bill
· Telephone Bill
· Aadhaar Card
Residential Proof: In addition to the address proof, submit a residential proof to register an LLP. The residential proof is used to validate the current address of the Partner. The following documents are acceptable residential proof:
FOREIGN PARTNER IN LLP
The following document is required for mandatorily to incorporate an LLP:
Passport: Foreign partner must submit a Passport as proof of identity, which must be Notarized or Apostilled in the country it was issued. If the document is in a foreign language, it must be translated and notarized or apostilled. If the Passport does not contain the date of birth of the holder, an additional document must be provided, certified or attested or notarized or apostilled.
Address Proof: Foreign nationals must submit an address proof which is notarized or apostilled, with the name of the Partner as mentioned in the Passport and the most current address. The document must not be older than 1 year and the following documents are acceptable.
· Driving License
· Residence Card
· Bank Statement
· Any type of Government-issued form