Limited Liability Partnership, Limited Liability Partnership

Limited Liability Partnership Registration
Starting at INR 3999 onwards



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What is Limited Liability Partnership?

A Limited Liability Partnership (LLP) is an alternative form of Corporate Business which offers the benefits of limited liability with lower compliances and a separate legal entity. It can be also termed as a hybrid combination of a company and a partnership. A LLP is a newer form of business governed under the Limited Liability Partnership Act, 2008 by the Ministry of Corporate Affairs. Limited Liability Partnership has a minimum requirement of two partners and does restrict the maximum number of partners that can be a part of the business. LLP have a perpetual succession, a common seal, can sue and be sued in its own name and can continue in existence, irrespective of the changes in the constitution of partners. It can enter into contracts and hold properties and assets in its own name. Furthermore, in a LLP, no partner is liable on account of the independent or unauthorized actions of other partners. It is organized and operates on the basis of an agreement.

Why Register a Limited Liability Partnership?

Separate Legal Entity

A LLP is a separate legal entity as distinct from its partners, and is separate at law from its subscribers,promoters etc. A Limited Liability Partnership has the capacity to own properties, incur debts and exercise a number of legal rights.

Lesser Compliance

LLP has lesser compliance as compared to a Company. It does not need to conduct Boards meetings, Annual General Meetings etc. Enabling the partners to focus more on the business and operations and also making it cost efficient.

Perpetual Succession

A LLP exercise “Perpetual Succession”; which means that the company’s life is not determined by the longevity of it’s Partners. If a Partner dies, or hypothetically, all the partners of Limited Liability Partnership dies or resigns , only their shares in the company will be transferred to new people.

Borrowing Capacity

A Limited Liability Partnership can avail better scope for borrowing funds. Banking institutions and Venture Capital Firms prefer to render financial assistance to a LLP rather than partnership firms, proprietary concerns or any other form of unregistered business.

Limited Liability

Limited Liability protects the personal assets of the partners and subscribers of the LLP in case of debt or insolvency. The liability of the members in respect of the Firms’s debts is limited only till their investment of capital in the organisation and not their personal assets.

Limited Liability

Limited Liability protects the personal assets of the partners and subscribers of the LLP in case of debt or insolvency. The liability of the members in respect of the Firms’s debts is limited only till their investment of capital in the organisation and not their personal assets.

Better Scalability

There is no upper limit of the number of partners in a LLP. Hence there is always scope for major expansion and growth in the business. Also, it enables streamlined system to introduce new capital in the business.

Tax Planning Advantage

Partners Salary, Professional Fees and other such amounts can be taken as expenses for the Limited Liability Partnership resulting in lower taxable income. This is one of the prime feature behind LLPs popularity.

What are the Requirements for a Limited Liability Partnership?

PARTNERS

For a Limited Liability Partnership a company must have at least two Partners and a minimum of one director should be an Indian. There is no upper limit for the maximum number of Partners in LLP.

REGISTERED OFFICE

The registered office of the Limited Liability Partnership must be in India. It need not to be an owned space as even a rented space can be used as long as a NoC is obtained from the owner of the property.

CAPITAL REQUIREMENTS

There is no minimum Capital Requirement for a LLP Registration. However, it is suggested to register with a minimum capital of INR 1 Lakh in order to avoid multiple capital increase at initial stages.

What are the documents required for a Limited Liability Partnership?

Limited Liability Partnership, Limited Liability Partnership

Passport Sized Photo
Passport sized Photos of All Partners

Limited Liability Partnership, Limited Liability Partnership

Identity proof
Driving License/Voter ID Card/Passport

Limited Liability Partnership, Limited Liability Partnership

Address Proof
Latest Bank Statement/Utility Bill

Limited Liability Partnership, Limited Liability Partnership

Director Information
KYC Details Of Partners

Limited Liability Partnership, Limited Liability Partnership

Business Address Proof
Latest Bank Statement/Utility Bill

Limited Liability Partnership, Limited Liability Partnership

No Objection Certificate
NOC From the Property Owner

Limited Liability Partnership, Limited Liability Partnership

Rental Agreement
Rental Deed of the Business Premises

Limited Liability Partnership, Limited Liability Partnership

Property Documents
For self owned Property

How much Time does a Private Limited Registration takes?

Limited Liability Partnership, Limited Liability Partnership

Name Reservation Application

One Day

Limited Liability Partnership, Limited Liability Partnership

Acquire Digital Signature Certificate

One Day

Limited Liability Partnership, Limited Liability Partnership

Drafting of Incorporation Documents

Two – Three Days

Limited Liability Partnership, Limited Liability Partnership

Filing for Incorporation INC32 (SPICe From)

One Day

What are the Deliverables?

Limited Liability Partnership, Limited Liability Partnership

Certificate Of Incorporation

A Certificate of Incorporation is a legal document issued by the Ministry of Corporate Affairs and Government of India after the LLP Registration. It serves as the proof of legal existence of a Limited Liability Partnership.

Limited Liability Partnership, Limited Liability Partnership

Directors Identification Number

DIN is a unique Director Identification Number allotted by the Central Government to any individual intending to become a Director a company.It is an 8-digit unique identification number which has validity for lifetime.

Limited Liability Partnership, Limited Liability Partnership

Digital Signature

A Digital Signature (DSC) is an equivalent of a handwritten signature or stamped seal, but is way more secured and safe to use. You would receive a class 2 Digital Signature for all the Directors of the Company with a validity of 2 Years.

Limited Liability Partnership, Limited Liability Partnership

LLP Agreement

LLP Agreement consists of the objectives of the organization and contains the purpose, obligations and responsibilities of its owners, partners, promoters or subscribers.

Limited Liability Partnership, Limited Liability Partnership

LLP PAN

Registered businesses like LLP needs to obtain a PAN Card in the name of the registered business. The PAN number needs to be quoted in every financial transaction of the business.

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Limited Liability Partnership, Limited Liability Partnership

LLP TAN

Tax Deduction Account Number is a 10 -digit alpha-numeric number issued by the Income-tax Department. TAN is to be obtained by all persons who are responsible for deducting TDS and collecting TCS.

How to select the Perfect Name for your Limited Liability Partnership?

The name of your company represents the ideologies, vision and working of the LLP and its founders. Hence choosing the right name for your LLP is highly essential as you don’t want to be stuck with a wrong or bad name that doesn’t go with the product/service and vision of your company. The name must be relevant, attractive and meaningful. However there are few other factors that should be kept in consideration while choosing the name for your business. Here are some crucial points to remember.

SHORT & SIMPLE

Your Company name should be short simple and quick to remember. It should also be easy to pronounce. You don’t want to have a name which is misspelt every time someone looks for it.

UNIQUE

The chosen name mustn’t be the same or identical to an already existing company or a trademark in any manner. Names identical to already existing companies are usually rejected by the MCA during Company Registration process.

MEANINGFUL

Your Company name should be short simple and quick to remember. It should also be easy to pronounce. You don’t want to have a name which is misspelt every time someone looks for it.

NO ILLEGAL/OFFENSIVE NAMES

The name of the company should be as per the law. It can’t be abusive, unethical, restricted (click here to see) or against any customs, beliefs, religion, ethnicity or country.

ADD BUSINESS TYPE

Adding the type of business at the end of the desired company name helps people to figure out the products/services of your company and establishes a brand image in the relevant domain.

WITH SUFFIX

The name of the company must end with the suffix “Private Ltd” in a case of a Private limited company, “OPC Private Limited” in case of a One Person Company and “LLP” in case of a Limited Liability Partnership.

Private Limited Company vs. One Person Company vs. Limited Liability Partnership

Features

Price Starting At
  • Registration Law
  • Entity Status
  • Members/Owners Liability Clause
  • Directors
  • Foreign Ownership
  • Transfer-ability
  • Perpetual Succession
  • Annual Statutory Meetings

Private Limited Company

INR4999+GST
  • Companies Act, 2013
  • Separate legal entity
  • Limited Liability
  • Minimum 2 Directors
  • Allowed
  • Ownership can be transferred.
  • Yes
  • Periodic Board and General Meetings are mandatory.

One Person Company

INR4499+GST
  • Companies Act, 2013
  • Separate legal entity
  • Limited Liability
  • Minimum 1 Director
  • Not Allowed
  • Ownership can be transferred.
  • Yes
  • Not Required

Limited Liability Partnership

INR3999+GST
  • Limited Liability Partnership Act, 2008.
  • Separate legal entity
  • Limited Liability
  • Minimum 2 Partners
  • Allowed with prior approval of RBI
  • Ownership can be transferred.
  • Yes
  • Not Required

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Frequently asked Questions

No, you need to be physically present for your LLP Registration. You can register LLP online and can send your documents to us via Email.

For a Limited Liability Partnership registration, it takes around 12- 15 working days.

The FiLLiP form is a new consolidated form introduced by MCA simplifying the incorporation and taking the process to fast track mode incorporating an LLP in less then 20 days if approved on time.

Yes, a Limited Liability Partnership has eternal existence until its liquidation or closure.

Registrar of Companies (ROC) is an office vested with the primary duty of registering companies and LLPs floated in the respective states and the Union Territories and ensuring that such companies and LLPs comply with statutory requirements and regulations. These offices function as registry of records, relating to the companies registered with them, which are available for inspection by members of public on payment of the prescribed fee.

Any individual or body corporate may be a partner in an LLP. However, an individual shall not be capable of becoming a partner of an LLP, if—

(a) he has been found to be of unsound mind by a Court of competent jurisdiction and the finding is in force;

(b) he is an undischarged insolvent; or

(c) he has applied to be adjudicated as an insolvent and his application is pending.

No, there is no requirement of minimum turnover to start a Private Limited Company

No, there is no specific requirement to have an office (commercial ) space for registering a Private Limited Company.

Yes, there is no restriction on registering a Private Limited Company with their home address. However, a NoC is required from the owner of the property to register the address.

Yes, NRIs and Foreign nationals can become directors in a Private Limited Company. But as per the regulations, at least one director of the company should be an Indian resident.

Yes, any person above the age of 18 can be made a director of the company provide s/he is qualifies as per the Companies Act,2013.

After Incorporation, a company is treated as a separate legal entity in front of Law. It is separate at law from its shareholders, directors, members, promoters etc. and as such is conferred with rights and is subject to certain duties and obligations. By virtue of this, a company is able to hold the assets in its own name. In addition, the owners are not liable for any actions taken by the company unless caused with fraudulent intention with involvement of owners. Due to this the company is distinguished from its owners and management.

No taxes or duties (direct or indirect) are not automatically applicable to a Private Limited Company. These taxes will be applicable as soon as the respective limits under the various tax acts are exceeded.

The amount of share capital has to be deposited in the bank account of the company at any time only after Incorporation within a period of 30 days.

Capital is the owner’s investment in the company.

Yes, registered address of the company can be changed at any time after the incorporation of the company by following few simple steps.

Yes, every company has to maintain its books of accounts and get it audited by a Chartered Accounted (CA) as per the regulations under The Companies Act, 2013, failing both the company and its directors shall be subjected to penalty and disqualification.

Following documents relating to Director:

  • Passport sized photo
  • PAN Card
  • ID proof- Anyone (Voter ID/Aadhar Card/Driving License/Passport)
  • Address Proof- Anyone(Electricity Bill/Telephone Bill/Mobile Bill/Bank Statement)

For are the documents regarding Registered Office Address

  • In case of Rented Building: Rent agreement along with latest rent receipt with NOC from owner
  • In case Leased Building: Lease deed with NOC from owner
  • In case Owned: House tax receipts
  • Electricity bill

DIN (Directors Identification Number) is a unique Identification Number allotted to an individual who is appointed as a director of a Company by the Ministry of Corporate Affairs (MCA)

No you don’t need to deposit the capital amount while registration of the company.

DSC stands for Digital Signature Certificate. This is a secure and authentic way to submit a document electronically. As such, all filings done by the companies/LLPs with MCA/ROC are required to be filed using Digital Signatures by the person authorised to sign the documents.

MOA contains the objectives and powers of the company and AOA provide the regulations by which those objectives and powers are to be conveyed into impact.

Yes, for incorporating a Private Limited Company a minimum of two directors are mandatory. Alternatively, a One Person Company (OPC) can be incorporated with only one director.

Any individual who has attained age of 18 years can be a director of a Private Limited Company subject to not being disqualified under The Companies Act, 2013.

There is as such no minimum capital requirement for forming a Private Limited Company; however it is recommend to start with a minimum capital of Rs. 1,00,000 to avoid frequent increase in capital.

Yes, there is no restriction for a salaried person to be the director of a Private Limited Company.

Yes, a LLP can be converted to a Private Limited Company but not the vice versa.

Please click on this link to get a detailed information about the selection of the name for your company.

No, you need not visit ROC office for the incorporation of your company. You have to file the specified forms along with the required documents digitally.

A company name can be obtained in an easy manner by the newly introduced RUN (Reserve Unique Name) Web-Form In India. RUN Is a web service for reserving a name for a new company or for a change of name for an existing company

No. Shares in Private Limited Companies are held privately by its shareholders and cannot issues shares to general public.

Private Limited Companies need a minimum of 2 directors to incorporate and the maximum limit of the number of shareholders is 200.

Yes, Private Limited Companies can get venture capital and FDI.

Reserve Unique Name (RUN Form),  SPICe INC- 32 Forms for faster company incorporation, e-MoA(INC-33) and e-AoA (INC-34) are also to be filed for a Private Limited Registration.