Public limited companies have all of the rights of a corporation but have fewer responsibilities, making them an excellent alternative for small and medium-sized businesses looking to raise equity financing from the general public.
- Structure-A Limited Liability Partnership is a legal entity in its own right, with the added benefit of sufficient certainty.
- Provision-The LLP Act of 2008 governs the formation of LLPs.
- Minimum Partner-A minimum of two partners is necessary to form an LLP.
- a distinct entity-A Limited Liability Partnership's assets and liabilities are distinct from those of its partners. The rights and responsibilities of the partners in an LLP are defined in the LLP agreement. An LLP Agreement must be filed with the ROC by the candidate.
- Business Engagements -Limited Liability Following its formation, a partnership can engage in any trade or business.
- Liability-Partners in an LLP are treated as agents, although they are not accountable for any damage caused by a partner, and their liability is restricted to their share of the capital, save in cases of fraud or carelessness.
- Administration-The Ministry of Corporate Affairs oversees LLP operations as well as LLP compliance.
DOCUMENTS REQUIRED FOR DSC-
- Passport size photo of the partner.
- Copy of Id and Address Proof.
- Email Id and Phone number
- Specimen Signature
DOCUMENTS FOR IDENTITY PROOF AND ADDRESS PROOF
- Voter ID Card
- PAN Card
- Aadhaar Card
- Electricity Bill
- Ration Card
- Telephone Bill
- Driving License
DOCUMENTS FOR RESIDENTIAL PROOF
- Copy of Current Bank Account Statement/Phone Bill/Gas or Electricity Bill)
- Copy of Rent agreement
- No-objection Certificate from the property landowner
- Copy of the property (if the property is owned)