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About LLP
The Limited Liability Partnership (LLP) is a special kind of business entity that can be used to start your own business. However, before you can form an LLP in India, there are certain requirements and documents that need to be filed with the authorities in order for them to register your new entity. This article will discuss how to create an LLP agreement with your partner so that both parties know what each other owns and how their assets will be handled during business activities.
Documents Required
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PAN Card & Adhar Card of Director
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Bank Statement of Min. 1 Month of Director
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Electricity Bill of Regd. Office. (Latest)
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4 Proposed Company Names
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Passport-sized photograph and Sign of Director
Benefits
Eligibility
Anyone who wants to do business in partnership can form this type of entity.
LLP provides complete protection from personal liability of partners
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Each partner in LLP has limited liability and can only be held liable for their own contribution to the partnership
The partners also have limited recourse on the assets of the firm, which means that they cannot go after one another for their debts or breach of obligations under the partnership agreement