LLP Bank Account Opening: Documents Required and Partners’ Resolution
Short answer: To open a current account for an LLP, banks usually ask for the certificate of incorporation, the LLP agreement, the LLP's PAN, proof of the registered office, a resolution or authority letter signed by the partners naming who will operate the account, and the KYC documents of the designated partners, the authorised signatories and every partner who is a beneficial owner. The exact list varies a little from bank to bank, so check with your branch before you go.
Checklist of documents
| Document | Why the bank needs it |
|---|---|
| Certificate of incorporation issued by the Registrar (with the LLPIN) | Proof that the LLP exists |
| LLP agreement, and any supplementary agreements | Shows the partners, their contribution and profit share, and who can act for the LLP |
| PAN of the LLP | Mandatory for any business account |
| Proof of registered office address (and principal place of business, if different) | Address verification |
| Resolution or authority letter signed by the partners | Authorises the account opening and names the signatories and how they sign (singly or jointly) |
| KYC of designated partners and authorised signatories: PAN, photograph, and an officially valid document such as Aadhaar or passport for identity and address | Customer due diligence on the people who will operate the account |
| KYC of each beneficial owner (see below) | RBI's KYC rules require the bank to identify them |
| GST registration certificate or another business proof, if the bank asks | Some banks ask for proof of business activity for a current account |
The partners' resolution
Banks want written authority from the partners: that the LLP will open an account with that bank, who the authorised signatories are, and whether they sign singly or jointly. Our resolution format for opening or closing a bank account is ready to adapt. Check that it matches the authority clause in your LLP agreement; if the agreement says two designated partners must sign, the bank mandate should say the same.
What RBI's KYC rules say
Banks follow RBI's Master Direction on Know Your Customer. It sets document lists for companies (paragraph 30) and for partnership firms (paragraph 31). For a partnership firm the list is the registration certificate, the partnership deed, the firm's PAN, the KYC documents of beneficial owners and of anyone holding a power of attorney to transact for it, the names of all partners, and the registered office and principal place of business. For an LLP, banks ask for the equivalent documents: the certificate of incorporation instead of a firm registration certificate, and the LLP agreement instead of a partnership deed.
Beneficial owners. For a partnership, the Direction treats as beneficial owner any individual entitled to more than 10% of the capital or profits, or who exercises control through other means. In practice, the bank will want KYC documents for every partner above 10%.
Before you apply
- The LLP's name and address on the PAN, the certificate of incorporation and the account opening form should match exactly.
- If a partner is an NRI or a foreign national, the bank will want their passport and overseas address proof, and possibly further attestation. See NRI and foreign partners in an LLP.
- For a new LLP, the partners' contribution is usually paid into this account first, so open it soon after incorporation. See our post-incorporation checklist for LLPs.
- When the LLP is closed, the account must be closed before the strike-off application; the strike-off affidavit confirms it.
Frequently asked questions
What documents are required to open a bank account for an LLP?
The certificate of incorporation, the LLP agreement, the LLP's PAN, proof of the registered office, a partners' resolution or authority letter naming the signatories, and the KYC documents of the designated partners, signatories and beneficial owners. Some banks also ask for a GST certificate or other business proof.
Is a resolution needed to open an LLP bank account?
Yes, banks ask for written authority from the partners stating that the account is to be opened and who will operate it. An LLP has no board, so the partners sign it.
Who is a beneficial owner of an LLP for bank KYC?
Under the test RBI's KYC Direction applies to partnerships, any individual entitled to more than 10% of the capital or profits, or who controls the entity through other means. Banks collect KYC documents for each such person.
Can an LLP open a savings account?
An LLP runs a business, and banks offer business entities a current account. Check your bank's product terms if you need something different.
Can the LLP bank account be opened before the LLP agreement is filed?
Banks usually ask for the LLP agreement, and Form 3 is due within 30 days of incorporation. In practice, finalise the agreement first so you can give the bank a signed copy.
Starting a new LLP? We handle LLP registration in Ahmedabad and LLP registration anywhere in Gujarat, fully online on the MCA portal. Start with the documents required for LLP registration.