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LLP Company Registration

What is a limited liability company (LLP)?

Limited Liability Partnership is a hybrid form of entity and is an ideal choice for medium and large sized business that want a large number of capital contributors. LLP Registration is done under the Limited Liability Partnership Act, 2008.

The Partners of an LLP are not personally liable for the liabilities of the Partnership. The liability of a Partner is limited to the amount of his/her capital contribution to the LLP. It exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner’s misconduct or negligence.

LLP Registration in India requires a minimum of two designated partners. There is no maximum limit on the number of partners. The designated partners of an LLP have limited liability to creditors. In a case of default, banks/creditors can only sell LLP’s assets but not personal assets of the designated partners.

Limited Liability Partnership (LLP) was introduced in India by way of the Limited Liability Partnership Act, 2008. The basic premise behind the introduction of Limited Liability Partnership (LLP) is to provide a form of business entity that is simple to maintain while providing limited liability to the owners. Since, its introduction in 2010, LLPs have been well received with over 1 lakhs registrations so far until September, 2014.

The main advantage of a Limited Liability Partnership over a traditional partnership firm is that in a LLP, one partner is not responsible or liable for another partner's misconduct or negligence. A LLP also provides limited liability protection for the owners from the debts of the LLP. Therefore, all partners in a LLP enjoy a form of limited liability protection for each individual's protection within the partnership, similar to that of the shareholders of a private limited company. However, unlike private limited company shareholder, the partners of a LLP have the right to manage the business directly.

LLP is one of the easiest form of business to incorporate and manage in India. With an easy incorporation process and simple compliance formalities, LLP is preferred by Professionals, Micro and Small businesses that are family owned or closely-held. Since, LLPs are not capable of issuing equity shares, LLP should be used for any business that has plans for raising equity funds during its lifecycle.

Who is it suited for?

LLP registration is a highly preferred option for small and medium sized enterprises. A lot of restrictions and compliances which apply to companies do not apply to LLPs.

What are the advantages of a registering an LLP?

Limited liability of partners
Perpetual succession, meaning uninterrupted existence until it is legally dissolved.
Lowest number of compliances compared to other entities
Tax Audit is not required for LLPs with capital less than Rs. 25 lac and turnover not exceeding Rs. 40 lac

Key Features & Benefits

Business Credibility

The information relating to the company, such as name of the company, date of incorporation, registered office address, status of the company are made available in a publicly searchable database. this feature makes increase the credibility between the customer, vendors and investors.

No Restriction on Number of Partners

LLP shall be a body corporate and a legal entity separate from its partners. It will have perpetual succession. Indian Partnership Act, 1932 shall not be applicable to LLPs and there shall not be any upper limit on number of partners in an LLP unlike an ordinary partnership firm where the maximum number of partners can not exceed 20.

Limit the Risk on Personal Assets

Profit and loss are part & parcel of the business. Therefore, it is important to be protect our near and dear ones in case financial difficulties. Limited company has "Limited liabilty" Protection, it means that only the assets of the business are at risk, and not the promotor's personal assets such as personal bank account, car, houses.

An LLP in India has following features:

Liability of Partners in LLP is limited to their capital contribution.
Less compliance is needed as compared to a Public Company.
Flexibility in business operation because partners can decide how they will individual contribute to the business operations.
Now, LLP can access to foreign equity funds under the automatic route. No RBI approval is required.
No tax is levied on a distribution of profits amongst the partners.
No restrictions on a maximum number of partners.

Process for LLP Registration

Step 1

Fill our simple form and upload docs

Step 2.

RMS will apply for DSC and DPIN for partners

Step 3

RMS will help to search and approve business name
Step 4

RMS will draft and file MOA, AOA and other legal documents

Step 5

RMS will file incorporation documents with ROC

Step 6

All your documentation will be mailed to you

Documents required for LLP Regisration

PAN Card copy of partners
Passport size photographs of partners
Aadhar card or Voter ID for 2 directors
Address proof of the registered office
Landlord NOC (if rented)

Compliances after LLP Incorporation

1. Apply for PAN and TAN
2. Apply for Sales Tax / Service Tax Registration based on the nature of Business.
3. Filing Income Tax Return of Company on or Before 30th September every year
4. To maintain proper Books of Accounts
5. Form 8 for statement of Solvency every year within 30 days from the expiry of 6 months from the end of financial year i.e by 30 October.
6. Form 11 for Annual Return every year within 60 days from close of Financial Year i.e by 30th May.

The main difference is that a LLP has the organizational flexibility of a partnership. The key advantage of a LLP compared with a traditional partnership is that the partners of the LLP are able to limit their personal liability if something goes wrong with the business, in as much the same way as shareholders in a limited company are able to.

Frequently Asked Questions

Is it necessary to have 2 partners for LLP Registration?

Yes, you need a minimum of two partners for a Limited Liability Partnership Registration. There is no limit on the maximum number of partners.

How much money do I need to for an LLP Registration?

All you need to have is a bank account with a minimum balance, which could be as little as Rs. 5000. You need not invest any more capital in starting the business. You needn’t deposit this amount to the bank as it can be shown as pre-incorporation expenses or infused in the form of assets such as computers etc.

What do I need to be a partner of a Limited Liability Partnership?

You, as a person or a company, can become the partner of a Limited Liability Partnership. Every individual needs to be above 18 years of age and have a valid PAN card. Foreign nationals/NRIs can also be partners of a Limited Liability Partnership.

What do I need to do for a successful LLP Registration?

All you need to do is submit soft copies of all your documents to us, and our professionals will do the rest for you. You do not need to be present physically to register your Limited Liability Partnership.

How do I know there are no hidden charges?

There are absolutely no hidden or extra charges. The final price will be confirmed with you before we start. Please note that stamp duty is extra for Punjab, Kerela and Madhya Pradesh. Registration of foreign nationals is charged extra.

I am a Foreign national/NRI, can I be a Designated Partner in a Limited Liability Partnership in India?

NRIs can be Designated Partner of Limited Liability Partnership in India as long as he/she has been assigned with DIN/DPIN and at least one other Designated Partner is an Indian resident.

How long does the LLP Registration process take?

The process usually takes about 20-30 days, provided all documents are in place and the business has a unique name that is currently available. Our professionals work very closely with you to ensure all required documentation is collected at the time of application.

I do not have an office, can I still proceed with an LLP Registration?

You can register your Limited Liability Partnership at your residential address, by providing some address proof like rent agreement or electricity bill. MCA team does not typically visit your office.

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