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Notes 2

The document outlines the definitions and requirements for Limited Liability Partnerships (LLP) and Limited Liability Companies (LLC), emphasizing their separate legal status and limited personal liability for owners. It details the necessary documents for KYC verification for both entities, including formation certificates, agreements, EINs, and proof of identity and business address. Additionally, it briefly describes trusts and charities, highlighting their purposes and required documentation.

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shubham
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4 views1 page

Notes 2

The document outlines the definitions and requirements for Limited Liability Partnerships (LLP) and Limited Liability Companies (LLC), emphasizing their separate legal status and limited personal liability for owners. It details the necessary documents for KYC verification for both entities, including formation certificates, agreements, EINs, and proof of identity and business address. Additionally, it briefly describes trusts and charities, highlighting their purposes and required documentation.

Uploaded by

shubham
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

LLP (Limited Liability Partnership) A partnership

where partners are not personally liable for the


business’s debts beyond their investment and it
is a separate legal en ty, registered with the
government.
Documents required for KYC / verifica on:
Cer ficate of Forma on / Registra on – issued
by the state where LLP is registered.
LLP Agreement – defines partners’ roles and
liability.
EIN (Employer Iden fica on Number) – tax ID for
the LLP.
ID of Partners – e.g., driver’s license or passport.
Proof of Business Address – u lity bill, lease, or
official correspondence.
LLC (Limited Liability Company) A company
where owners are protected from personal
liability for business debts and exists as a
separate legal en ty from its owners.
Documents required for KYC / verifica on:
Ar cles of Organiza on / Cer ficate of Forma on
– issued by the Secretary of State.
Opera ng Agreement – defines ownership,
management, and profit-sharing.
EIN (Employer Iden fica on Number) – issued by
the IRS (Internal Revenue Service).
ID of Members / Owners – passport, driver’s
license, or state ID.
Proof of Business Address – u lity bill, lease, or
official correspondence.
Bank Account Details – for account opening or
financial verifica on.
LLC / LLP Customer Verifica on:
Check Legal Existence – Verify with Secretary of
State (Cer ficate of Forma on/Registra on).
Verify Tax ID – Check EIN with the IRS or request
EIN confirma on le er.
Verify Owners / Signatories – Collect
Opera ng/LLP Agreement and IDs of
members/partners.
Verify Business Address – Use u lity bills, lease,
or registered office proof.
Trust: A trust is a legal arrangement where the
trustee holds and manages assets for behalf of
the beneficiary. Purpose: To protect, manage,
and distribute assets according to the wishes of
the person who created the trust (the se lor or
trustor). Document required: Trust deed, Iden ty
proof of se lor and trustees, address proof of
trustees.
Charity: A charity is an organiza on set up to
help people in need or to promote a public
cause, usually non-profit and focused on social
welfare, educa on, health, or other public
benefits. Purpose: To provide assistance or
support to society without seeking profit.
Document required: Memorandum of
Associa on (MOA), Rules and Regula ons/Bye-
laws, Iden ty and address proof of
members/founders, Registra on applica on
(under Socie es Act or Trust Act).

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