Limited Liability Partnership (LLP)
Limited Liability Partnership (LLP) could be a partnership during which some or all partners have limited liabilities and inn Pakistan, the Limited Liability Partnership Act, 2017 was promulgate and soon rules/regulations were formulated for LLP registration in Pakistan. Financial obligation Partnership Regulations, 2018 defines procedure about different matters referring to LLP as an example registration procedure, name of LLP, partners, conversion in private company etc.
Formation of Limited Liability Partnership
LLP can get registered if a statement by every person who is to be a partner of the limited liability partnership is filed with the registrar along with the partnership agreement, containing name of the proposed LLP, general nature of the proposed business of the LLP, registered office of LLP, identification of all partners and designated/managing Partners part
Following documents are required for LLP:
- 3 proposed options of LLP for name availability
- Partnership deed, duly executed by the partners, witnessed and matched;
- Copies of CNIC of the partners and of designated partners and in case of physical application, of witness to the documents and in case of foreigner, a copy of passport;
- Original bank challan indicating the payment of fee.
- Any other information and document as required by the registrar.
- Filling of form consists of personal details of partners (name, father name, profession, address etc.), registered office of proposed, telephone number, email for communication, cell number, address of the firm etc.
- Written consent of each partners is required to be submitted with SECP on the designated form at the time of registration.
Advantages of Limited Liability Partnership
- Limited Liabilty Partnership will be formed as a separate body
- Any legal or procedural condition will not be required for LLP of big corporations
- There is no degree of minimum capital contribution in Limited Liability Partnership
- Public and private sector firms can also join into an LLP company
- Limited Liability Company will have to pay a partnership tax rate