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LLP is a formation which binds up both the company and a partnership firm. It enables the professional knowledge and the entrepreneurial skills collectively in order to enhance the business. It comes from the traditional partnership firm, but it has been implemented with so many benefits and features. The company will be so organised and innovative when pools up the skills, resources and knowledge at the same place. When incorporating an LLP, the members can avail with the important benefits as limited liability and very flexible in organising the firms on the basis of mutual agreement.

• The partners have the right to manage the company directly unlike the shareholders in the corporate.
• Perpetual succession is the biggest benefits in LLP.
• The partner’s liability is very limited as per the agreement. One partner is not responsible for another one’s negligence or misconduct of activities.
• There must be minimum two partners.
• An LLP can maintain the annual accounts. But, the audit could be done if the contribution exceeds 25 lakhs or the annual turnover exceeds Rs. 40 lakhs.
• The statement of accounts and the solvency need to be filed to the registrar of companies by every LLP on every year.
• Company can be incorporated inside and outside India. Partners can be resident in and outside India.
• In LLP, capital contribution is very significant. Each and every partners need to be contributed to the company in the form which is specified in the LLP agreement. Contribution can be in any form like cash or property or any other resources.
• For every LLP, there must be at least two designated partners but, the one partner should be resident in India.
• Taxation is very low for LLP when compared with company.
• The ownership is easily transferable accordance with the LLP agreement.

For Director/Shareholder and Nominee:

• First and foremost things are to obtain DSC (Digital Signature Certificate) and DPIN (Designated Partners Identification Number).
• Identity proof needs to be produced for the designated partners.
• Address proof of the partners, which could be (Passport/Driving License/Aadhar card/ Bank statement).
• NOC (No Objection Certificate) which needs to be obtained from the owner of the registered office.
• Passport sized photographs of the partners.
• Latest utility bills of the registered office.
• A copy of the rental agreement needs to be produced.

Once all the required documents got obtained, you can go for name approval. After the name approval, your LLP can be registered successfully.