Limited Liability Partnership Registration, Register Limited Liability Partnership

Limited Liability Partnership Registration
Starting at INR 5699 onwards

What is Limited Liability Partnership Registration?

A Limited Liability Partnership Registration (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 Registration 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 Limited Liability Partnership Registration?

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 LLPs 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 LLP 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.

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.

Limited Liability Partnership Registration Requirements

PARTNERS

For a Limited Liability Partnership the LLP must have at least two Partners and a minimum of one Partner 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 to Register Limited Liability Partnership. However, it is suggested to register with a minimum capital of INR 1 Lakh in order to avoid multiple capital increase at initial stages.

Documents Required For Limited Liability Partnership Registration

Passport Sized Photo
Passport sized Photos of All Partners

Identity proof
Driving License/Voter ID Card/Passport

Address Proof
Latest Bank Statement/Utility Bill

Partner Information
KYC Details Of Partners

Business Address Proof
Latest Bank Statement/Utility Bill

No Objection Certificate
NOC From the Property Owner

Rental Agreement
Rental Deed of the Business Premises

Property Documents
For self owned Property

How much Time does Limited Liability Partnership Registration takes?

Name Reservation Application

One Day

Acquire Digital Signature Certificate

One Day

Drafting of LLP Agreement

Two – Three Days

Filing for Incorporation

One Day

What are the Deliverables?

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.

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.

LLP PAN

Know More

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.

Directors Identification Number

What is DIN ?

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

Digital Signature

What is a DSC?

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.

LLP TAN

Know More

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 LLP 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 LLP. 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 LLP 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 LLP/company or a trademark in any manner. Names identical to already existing LLPs/companies are usually rejected by the MCA during LLP Registration process.

MEANINGFUL

Your LLP 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 LLP 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 LLP name helps people to figure out the products/services of your LLP and establishes a brand image in the relevant domain.

WITH SUFFIX

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

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

Do I need to be present for the registration of my LLP?

No, you need to be physically present for the incorporation of your LLP. You can send your documents to us via Email.

How much time is needed for setting up a LLP in India?

For a LLP registration, it takes a around 6- 15 working days.

What is a FiLLiP Form ?

FiLLiP form is a new consolidated form introduced by MCA simplifying the incorporation and taking the process to fast track mode incorporating a LLP in less then 5 days if approved on time.

Does a LLP have continuous existence?

Yes, a LLP has existence until its liquidation or closure.

Who is Registrar of Companies (ROC)?

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.

Who can be Partners in a LLP?

Any individual qualifies as per the Company’s Act 2013, can be Partners in a LLP.

Does my business need to have some level of turnover to start a LLP?

No, there is no requirement of minimum turnover to start a LLP.

Do I have to have an office (commercial) space to start a LLP?

No, there is no specific requirement to have an office (commercial ) space for registering an LLP / Limited Liability Partnership.

Can one register a LLP on their home address?

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

Can NRI's / Foreign Nationals become Partner in a LLP?

Yes, NRIs and Foreign nationals can become a Designated Partner in a LLP. But as per the regulations, at least one Designated Partner of the company should be an Indian resident.

If there are no partners available, then can one register their family members as Partners in the LLP?

Yes, any person above the age of 18 can be made a Partner of the LLP.

How is a LLP separate from its Partners?

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

Does PF, GST, Excise duty, Service Tax or VAT are applicable to LLP?

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

Do we have to deposit Capital in the Bank at the time of Incorporation?

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

What is a capital of the LLP?

Capital is the owner’s investment in the LLP.

Can we change office address of the LLP after Incorporation?

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

Is it mandatory to get a LLP books Audited?

No, unlike companies LLP need not required to get their books of accounts audited. Audit becomes mandatory only when the turnover exceeds fourty lakhs or contribution exceeds twenty lakhs in any financial year.

What documents do I need ?

Following documents relating to Partner:

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

What is a DIN?

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

Do I need to deposit my capital amount while registration of my LLP?

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

What is a DSC?

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.