5 Important Documents For Setting Up LLP In India
People interested in creating a business set-up in India must consider Limited Liability Partnership (LLP) as a legal type for their new venture. Setting up LLP in India will give them access to the benefits of a limited company and a partnership firm at the same time. Partners of such entities enjoy flexible management roles and their personal assets are protected from settling business liabilities.
Such entities are also subject to lesser compliance requirements as compared to other business formats. Furthermore, there is no minimum requirement of capital for setting up an LLC in India. Partners can initiate the business with tangible, movable or intangible assets.
In this article, we are presenting a list of the important documents needed for registering such a firm in India.
1. Identity Proof Of Partners
All the partners of an LLP are required to furnish their identity proofs with the registration application. They can produce a copy of their Permanent Account Number (PAN) card for the purpose. This document is issued by the Income Tax department to all taxpaying entities in the country.
It contains a 10-letter unique alphanumeric code with each letter/ digit signifying different kinds of information about the assessee. A photograph, date of birth and father’s name of the cardholder along with his/her signature are also displayed on the card.
2. Address Proof Of Partners
The partners of the new venture must provide a proof of address to the incorporation authority. A copy of the voter’s ID card, AADHAR card, driving license or passport will be sufficient for the purpose.
However, it must be noted that the name and other details on the applicant’s address proof must match the one printed on the PAN card. It will be sensible to confirm that there are no inconsistencies in both the documents.
3. Residence Proof Of Partners
All the partners involved in setting up LLP in India have to submit a proof of residence during the registration process. They can provide a copy of any utility bill as their residence proof.
A paid bill of a landline telephone connection, mobile, electricity, water or piped gas connection can be submitted for this purpose. Remember that the bill must not be more than 3 months old and the name of the applicant must be the same as that mentioned in his/ her PAN card.
4. Registered Office Address Proof
A proof of the registered office of the new commercial venture must be provided either during the incorporation ow within 30 days of successful registration. In case the property is taken on a lease, then a copy of the rental agreement will be required.
A letter of consent signed by the owner and stating that he/she allows the premises to be used for the business office purpose must also be provided.
This no objection certificate must be signed by a partner if the property is owned by him/her. A copy of a utility bill, not more than 2 months old will also be required.
5. Passport Of Foreign Nationals And NRIs
Foreigners and Non-resident Indians can also use the LLP route as their India entry strategy. They are allowed to become partners in such entities and are mandatorily required to furnish a copy of their passport. The copy must be notarized or apostilled by an appropriate authority of the country which has issued the passport.
This formality can also be completed by the Indian embassy or High Commission situated in that country. Such individuals must also provide an address proof which can be a government-issued card, driving license, bank statement etc. All the documents must be in English else a translation which has been notarized or apostilled must be submitted.
These are the essential documents required by people setting up LLP in India. Individuals looking for detailed information on the subject must contact top lawyers in India who specialize in providing assistance to new businesses.