• Liability : It has separate legal entity so all liability created under LLP is of partners.

• Partners : Minimum 2 partners require to incorporate LLP & no upper limit for number of partners.

• Capital Contribution : No Minimum capital contribution.Stamp duty fees depend upon contribution.

• Compliance & Regulations : There is less compliance and regulations as compare to private limited. Eg. No compulsory Audit Requirements. 

• Low cost to maintain: As compare to private limited it is cost less to incorporate and maintain LLP.

• Partnership Agreement :  This agreement provides the term and conditions of partnership b/w partners.

1. Name Approval

2. Create a digital signature certificate

3. Obtain Designated Partne Identification Number (DPIN)

4. Incorporation Procedure

5. File LLP Agreement.

6. Get Certificate of Incorporation, PAN, TAN

1. PAN and AADHAR of all Partners

2. Copy of utility bills (not more than two months);

3. Proof of office address (conveyance/lease deed/rent agreement with receipts);

4. Proof of address of all partners;

5. Business Activity of Company in Detail.

6. Capital Introduction

7. Profit sharing ratio/capital introduction ratio

8. Passport size photo of Partners

As per our past experience it took 15 working days ( availability of proper documents on time by client)

Advantage

• Transparency 

• Low Compliance formalities

• Unique identity

Disadvantage

• High Tax Rate i.e 30%

• Winding up may be time-consuming and complicated.