Limited Liability Partnership Registration, Register Limited Liability Partnership

Limited Liability Partnership Registration
Starting at INR 3,999 onwards

    Estimate Your Cost

    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.

    Limited Liability Partnership Registration, Register Limited Liability Partnership

    Why Limited Liability Partnership Registration?

    Limited Liability Partnership Registration, Register 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 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, Register Limited Liability Partnership

    Limited Liability Partnership Registration Requirements

    Limited Liability Partnership Registration, Register Limited Liability Partnership

    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

    Limited Liability Partnership Registration, Register Limited Liability Partnership

    Passport Sized Photo
    Passport sized Photos of All Partners

    Limited Liability Partnership Registration, Register Limited Liability Partnership

    Identity proof
    Driving License/Voter ID Card/Passport

    Limited Liability Partnership Registration, Register Limited Liability Partnership

    Address Proof
    Latest Bank Statement/Utility Bill

    Limited Liability Partnership Registration, Register Limited Liability Partnership

    Partner Information
    KYC Details Of Partners

    Limited Liability Partnership Registration, Register Limited Liability Partnership

    Business Address Proof
    Latest Bank Statement/Utility Bill

    Limited Liability Partnership Registration, Register Limited Liability Partnership

    No Objection Certificate
    NOC From the Property Owner

    Limited Liability Partnership Registration, Register Limited Liability Partnership

    Rental Agreement
    Rental Deed of the Business Premises

    Limited Liability Partnership Registration, Register Limited Liability Partnership

    Property Documents
    For self owned Property

    How much Time does Limited Liability Partnership Registration takes?

    Limited Liability Partnership Registration, Register Limited Liability Partnership
    Limited Liability Partnership Registration, Register Limited Liability Partnership

    Name Reservation Application

    One Day

    Limited Liability Partnership Registration, Register Limited Liability Partnership

    Acquire Digital Signature Certificate

    One Day

    Limited Liability Partnership Registration, Register Limited Liability Partnership

    Drafting of LLP Agreement

    Two – Three Days

    Limited Liability Partnership Registration, Register Limited Liability Partnership

    Filing for Incorporation

    One Day

    What are the Deliverables?

    Limited Liability Partnership Registration, Register Limited Liability Partnership
    Limited Liability Partnership Registration, Register 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 Registration, Register 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 Registration, Register 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.

    Limited Liability Partnership Registration, Register 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 Partner in a LLP.It is an 8-digit unique identification number which has validity for lifetime.

    Limited Liability Partnership Registration, Register 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 Registration, Register 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 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

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

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

    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.

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

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

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

    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.

    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.

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

    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.

    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.

    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.

    Capital is the owner’s investment in the LLP.

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

    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.

    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

    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)

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

    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.

    LLP agreement is the document which puts in all the terms and conditions of the LLP. This document has to be printed on stamp paper and to be notarised before registration.

    No, LLPs cannot take take advantage of the presumptive taxation scheme under section 44AD.

    Every LLP must have a minimum of two partners.

    There is as such no minimum capital requirement for forming a LLP in India; 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 Partner of a LLP.

    No, a LLP cannot be converted to a One Person Company or the vice versa.

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

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

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

    There are no limite to maximum nimber of partners for a Limited Liability Partnership in India.

    There is no restriction on number of LLPs a person can be active Partner in, how ever the LLP Agreement may put any such restrictions if required.

    FDI is allowed via LLPs subject to conditions.

    Reserve Unique Name (RUN Form),  FiLLiP Forms for faster LLP incorporation, LLP agreement is also required to be filed for a LLP Registration.