LLP Registration in Bangalore

LLP is the common way to form a business, in this form of structure two or more people associate together and operate a single business. There are enormous benefits to be enjoyed in LLP that is what the reason all people are prefers to choose this form of company. LLP provides greater flexibility that it allows the partners to choose how they wish to invest in the company. LLP has a decentralised management where all the owners want the same management rights. Tax benefits and the limited liability are the two biggest features in LLP.

Advantages of LLP:

Protection of personal assets:LLP protects the personal assets of the members if any one of the partners involved in any unauthorised acts, it doesn’t affect the other person. Individual partners are thus shielded from the other partner’s wrongful business decision or misconduct.

Perpetual succession:LLP has a separate legal existence so it is distinct from its partners and has a perpetual succession. Any changes in the partners would not influence the rights, existence or obligation of the LLP.

Limited Liability:There are multiple owners are involved in the business, so that all the risks of the business are spread out based on their investments and responsibilities. Thus a single person would not be responsible for all the business activities and issues.

Greater flexibility:It is the biggest feature of the LLP, since each partner has the ability to decide how much they want to contribute to the business and the how many partners they truly want to present in the business. Business meeting and consultations also can be decided based on the need.

Documents required for Limited Liability Partnership:

Indian National as a partner of LLP:
  • PAN card copy of the designated partners of LLP need to be produced.
  • Address proof must be submitted for the proposed partners, the name must be similar as mentioned in the PAN card. The documents which can be acceptable for address proof for Indian nationals are: Driving license, Ration card, Voter identity card, Aadhar card, Electricity bill, telephone bill.
  • Residential proof also to be submitted along with the address proof. The documents which could be acceptable: Bank statement, Electricity bill, telephone bill.
Foreign National as a partner of LLP:
  • Passport is a mandatory requirement in case if the partner is a foreign national. The document must be in English language if it is in a foreign language that must be translated to English. The required document should be duly certified or attested or notarized.
  • While submitting the address proof, the name present there must be similar with the name mentioned in the passport. The documents which can be acceptable as an address proof are: Residence card, driving license, Government issued form of identity with address mentioned, and bank statement.
  • In addition, residence proof also needs to be submitted along with this. The name mentioned in the residence proof must be similar with the name mentioned in the passport. The documents which could be acceptable as residence proof are: Electricity bill, telephone bill, water bill, bank statement.
Documents of the registered office:
  • If the premise is a rented one, submit the rental agreement or else provide the ownership document.
  • NOC from the landlord for authorisation.
  • Proof of evidence must be produced in the form of any utility bills such as electricity bill/gas bill/water bill/telephone bill.