A Limited Liability Partnership (LLP) is the business type where the liability of the partner is limited. LLP has a different legal status. Each partner is protected from their liability; also protected by the joint liability created by the other partner’s wrong business decision or misconduct. LLP registration is governed under the Limited Liability Partnership Act, 2008 and a separate LLP agreement has to be filed. An LLP shall be registered with the Registrar of Companies.
Designated partner is similar to the Director of a Private Ltd. Company. He is the individual in charge of the LLP and obligated to meet the requirements of the LLP Act. He is the person who runs and manages the business; also, takes care of day to day operations of LLP.
If the applicant is of a foreign country, an attached copy of the passport will be required.
Yes, a non-resident Indian can act as a DP in LLP. However, along with other documents required for Indian Designated partners, he will have to submit copy of his Passport.
The addition of a new designated partner is done by executing a supplementary deed which is an addendum to the original LLP agreement.
LLP does not have shareholders or directors.
No. When LLP is incorporated, a minimum of two designated partners is mandatory.
The role of designated partners in case of LLP is on the same footage as of directors in the case of a Company. The designated partners are directly responsible for the compliances of all provisions provided under LLP Act and the provisions specified in the LLP Agreement. Rights of designated partners are the same as of other partners and are also derived from the LLP agreement.
Secretarial & Compliance
Income / Corporate Tax
GST / CESS