Limited Liability Partnership (LLP)

Features

Principal Legislation	The Limited Liability Partnership Act, 2008	An LLP is governed by the provisions of the Limited Liability Partnership Act, 2008.
Sepaate Legal Entity	Yes	Once registered, is a separate Legal entity and can carry out its operations in its own name.
Registration	Mandatory	Must be mandatorily registered to commence its operations.
Number of Members	Minimum of 2 Designated Partners	Requires a minimum of 2 Designated Partners with no bar on the maximum number of Partners.
Liability	Limited	Liability of Partners is Limited
Transfer of Shares	Subject to Agreement	Composition of the Partners can be modified based on the terms of the Agreement.
Compliance	Moderate	The Degree of compliance is moderate as compared to that of Companies.
Director	None	A Limited Liability Partnership has no concept of Directors. This form of entity has Designated Partners and other Partners.

Documents Required

1. PAN Card of all the Partners.
2. Digital Signature Certificate (DSC) of all the Partners.
3. Proof of address (POA) of all the Partners.
4. Address Proof of the Registered Office.
5. No Objection Certificate (NOC) of the owner of the Registered Office.
6. Rent Agreement of the Registered Office if applicable.
7. Any other documents based on the specific requirements if any.