Documents Required for LLP
Scanned copy of PAN card or passport (foreign nationals & NRIs)
Scanned copy of voter ID/passport/driving
Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
Scanned passport-sized photograph specimen signature (blank document with signature [directors only)
Registered Office Proof
Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
Scanned copy of notarised rental agreement in English
Scanned copy of no-objection certificate from the property owner
Scanned copy of sale deed/property deed in English (in case of owned property)
The LLP Agreement will contain essential details such as the LLP’s name, the names and addresses of partners and designated partners, the business objectives, and the registered office address. Additionally, it will include other crucial clauses, such as the form of contribution and interest on contribution, profit sharing ratio, and the rights and duties of partners in various scenarios like admission, resignation, retirement, cessation, and expulsion. The agreement will also outline the proposed business activities and the rules governing the LLP
| Basis | Partnership | LLP |
|---|---|---|
| Governing Law | Partnership Act, 1932 | limited Liability Partnership Act, 2008 |
| Registration | The Registration of Partnership is not compulsory. However, the unregistered Partnership firm cannot be sued. | The Registration of LLP is compulsory with the Registrar of Companies (ROC). |
| Liability | Every Partner is liable, jointly for the acts of other partners alone or for all the acts of the firm in the course of partnership. | Under LLP, the liability of partners is limited as per their share of contribution |
| Legal entity | Partnership firms have no separate legal entity. | The LLP has a separate legal entity. |
| ITR | No returns are to be filed with the Registrar of Firms. | Under LLP, the liability of partners is limited as per their share of contribution |
| Enforcement | Partnership Act provisions are different in various states as the enforcement of the act is at the State level. | The annual statement of accounts and annual return has to be filed with ROC. |
| Can Minor become Partner | Minor can become a partner in Partnership. | In LLP, minors cannot become partners. |
