LLP Registration2023-08-09T20:37:06+05:30

Online LLP Registration

Limited Liability Partnership (LLP) is gradually becoming a popular form of business organization among entrepreneurs and professionals such as doctors, architects, engineers, lawyers etc. as it provides the benefits of both partnership firm and company into a single form of organization.

LLP can be formed with a minimum of 2 partners, where the liability of partners shall be limited to the amount of contribution.

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    What is LLP Registration?

    LLP or Limited Liability Partnership is a type of business organization that gives benefits of limited liability of a company and the flexibility of a partnership. The concept of LLP is popular among entrepreneurs since its introduction in the year 2008-09. It is generally favorable for small and medium-sized enterprises, organizations in the service sector, and professional firms.

    The LLP Act 2008 regulates all the LLPs in India. Furthermore, the partners must execute a mutual LLP agreement that defines the rights, roles, responsibilities, and liability of each partner.

    Therefore, we can call LLP a corporate business vehicle that enables the combination and operation of professional expertise and entrepreneurial initiative in a flexible, innovative, and efficient manner, providing the benefits of limited liability while allowing its members the flexibility to organize their internal structure as a partnership.

    Features of Limited Liability Partnership

    • LLP is a body corporate and a legal entity distinct from its partners.
    • Every Limited Liability Partnership shall use the words “Limited Liability Partnership” or “LLP” as the last words of its name.
    • The LLP Agreement, executed between the partners, determines the mutual rights and duties of the partners.
    • An LLP shall have minimum 2 designated partners. Further, atleast 1 designated partner shall be a permanent resident of India.
    • Every LLP has to pay taxes on its profit. However, in order to avoid double taxation, the partners are not required to pay tax on the profit share that they receive from LLP.

    Benefits Of LLP Registration Online

    • Limited Liability

      The partners of LLP shall have limited liability which means that they will not be liable to pay the debts of the LLP from their personal assets. Further, partners are not responsible for any other partner’s misconduct.

    • No Compulsion of Audit

      There is no mandatory requirement for conducting a statutory audit for LLP. However, a statutory audit is mandatory for those LLPs where the turnover of LLP exceeds Rs 40 lakhs or where the contribution exceeds Rs 25 lakhs.

    • Less Compliance Burden

      The compliances of LLP are relatively less as compared to Private Limited Companies. It is not mandatory for an LLP to appoint an auditor. Also, there is no requirement to conduct board meetings and general meetings. However, LLP has to file its statement of accounts and annual return with ROC every year.

    • Minimum capital is not required

      There is no minimum requirement of capital for LLP. Therefore, one can form an LLP even with minimum capital. (For E.g., Rs. 2000/-)

    • Flexibility in operations

      No particular restriction upon joining and leaving the LLP by the partners. It is easy to admit and retire any partner from the LLP. Also, the partners are free to draft the agreement as they please, concerning their rights and duties.

    • No limit on the number of partners

      An LLP requires a minimum of 2 partners but there is no limit on the maximum number of partners. This is in contrast to a private limited company wherein there is a restriction that it cannot have more than 200 members. Therefore, an LLP can induct unlimited partners.

    • Lower Registration Cost

      The cost of registering LLP is low as compared to cost of incorporating a private limited or a public limited company

    Minimum LLP Registration requirements

    • Minimum 2 Designated Partners

    • Atleast 1 of the designated partners shall be an Indian Resident

    • Minimum Contribution of 2 Rupees

    • DIN/DPIN for 2 Designated Partners

    • DSC for 2 Designated Partners

    What does Our LLP Incorporation package includes?

    • LLP name search and approval

    • Digital Signature Certificate (DSC) for 2 Designated Partners

    • Director Identification Number (DIN) for 2 Designated Partner

    • Certificate of Incorporation/Registration

    • Company PAN and TAN

    • LLP Agreement Drafting

    • Filing LLP Agreement with MCA in Form 3 of LLP

    • Supporting Document for opening Bank Account

    • LLP Master File Kit

    LLP Registration Procedure in India

    • Application for Name Approval

      The applicant must provide 2 different names and main objects for the proposed LLP, which will then be submitted to MCA for approval. Out of the two names, one name will be approved. Further, names provided should ideally be unique and suggestive of LLP’s business, and they should end with the word “LLP”.

    • Application for Digital Signature Certificate (DSC)

      The next step is to apply for obtaining a Digital Signature Certificate (DSC) of designated partners for the digital signing of forms. If the designated partners already have DSC, then this step can be skipped.

    • Submission of form FILLIP for incorporation

      After the approval of the name and generation of the DSC, we need to prepare and submit the incorporation application in form FILLIP. Also, submit the other required documents for final approval to MCA.

    • Get a Certificate of Incorporation

      It typically takes 3-5 days to get the incorporation certificate. Incorporation certification is proof that the LLP registration process is complete.

    • Application for PAN and TAN

      After the LLP formation, we can make an application for the PAN and TAN of the LLP. Once you submit the application, you shall receive an e-copy of your PAN and TAN within 5-7 working days, and thereafter a hard copy of your PAN and TAN will be delivered to your registered office address.

    • Submission of LLP Agreement

      After incorporating the LLP, all the partners should execute the LLP Agreement, and it is also required to file a copy of that LLP agreement with the ROC within 30 days from the date of LLP incorporation. Moreover, stamp duty as per the applicable rate has to be paid on such an agreement.

    • Opening of Bank Account

      Finally, you can approach any bank and open a current account with it. You need to submit all the above documents for opening the bank account.

    Documents required for LLP Registration

    • List of documents of Partners and Designated Partner –

      All the proposed partners and designated partners shall submit the following documents as required during the LLP incorporation procedure. All documents submitted should be valid and readable.

      Scanned copy of-

      • PAN Card or Passport (Foreign Nationals & NRIs)
      • Voter’s ID/Passport/Driver’s License
      • Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill
      • Passport-sized photograph

      In the case of foreign nationals or NRI partners and designated partners, the documents list can be checked here.
      Document Checklist for Foreign Nationals or NRI Director and Shareholders

    • Registered Office Proof

      For LLP formation, the entity should have a registered office place in India. The office address can be residential or commercial premises. The address proof shall be recent and not older than 2 months.

      The following documents are acceptable as proof of registered office address – 

      • Scanned copies of utility bills such as Electricity bills/Mobile Post-paid bills/Landline Post-paid bills/Gas bills/Water bills.
      • Scanned copy of a No-objection Certificate from the property owner or whose name appears on such utility bill.

    FAQ

    Do I need to be physically present during this process?2021-08-23T14:52:20+05:30

    There is no such requirement, all the required documents are filed electronically, so you would not need to be physically present. You would just need to send us scanned copies of all the required documents, forms, and LLP agreement.

    Who can be a partner of an LLP?2021-08-23T14:51:40+05:30

    Any individual, having a valid PAN card or a body corporate may be a partner in a Limited Liability Partnership (LLP).

    What is the difference between a partner and a designated partner?2021-08-23T14:50:03+05:30

    A partner is a person or body corporate who has invested capital towards LLP and agrees to share profits and losses, risks, and rewards amongst each other as per the LLP agreement. On the other hand, designated partner can be only an individual who has a valid DIN and is recognised as such in LLP agreement, who shall oversee the day to day functions of the LLP, similar to the role of director in a company.

    Who can be a “Designated Partner”?2021-08-23T14:49:29+05:30

    Designated Partners shall be individuals and at least one of the Designated Partner shall be a resident of India. However, such a person must be 18+ above in terms of age and should have a valid PAN card.

    What are factors one should consider in selecting the company name?2023-07-25T18:37:28+05:30
    • Concise and Simple– The name must be concise and not too long. People should be able to say it easily and they should be able to recollect your company’s name the first time they read it or hear it.
    • Meaningful – The company’s name should be related to the business. It must fit the company’s branding.
    • Unique –  It shouldn’t be the same or identical to an already existing company or a trademark. Also, one should preferably avoid the plural version.
    • Add Suffix – The name must end with the suffix “Private Ltd” in the case of a Private limited company and “LLP” in the case of a limited liability partnership.
    • Not Illegal or Offensive- Also, name of the company shouldn’t be against the law. It shouldn’t be abusive or against customs and the beliefs of any religion.
    What is an LLP Agreement?2021-08-23T14:35:28+05:30

    LLP Agreement means any written agreement between the partners of the LLP or between the LLP and its partners which determines mutual rights and duties of the partners and their rights and duties in relation to that limited liability partnership. It defines the roles, responsibilities, rights, and powers of the partners to LLP and to each other, it clarifies the managerial, operational as well administrative responsibilities and sets clear methodologies for decision making, adding a new partner and disassociation of existing partner, etc.

    Can I register an LLP on my home or residential address?2021-08-23T14:33:10+05:30

    Yes, you can register the LLP at your residential address. You need to submit the utility bill copy of your home address along with the No Objection Certificate from the owner of the premises.

    Can I admit any other Company or LLP as a partner in my LLP?2021-08-23T14:27:11+05:30

    Yes, you can admit any Private Limited Company, Public Company, LLP, or Registered Society as a partner in your LLP. But HUF and Partnership cannot become a partner in an LLP.

    Can I do LLP registration myself without any help from a professional?2021-08-23T14:26:19+05:30

    No, you have to take help from a Professional CS/CA/CMA/Advocate/Consulting Firm for registration of the company as it will require certification from these professionals.

    Is GST mandatory for an LLP?2021-08-23T14:24:54+05:30

    GST registration is required for those businesses whose aggregate turnover crosses the prescribed limit or such business that does the inter-state supply of goods/services. So, every company has to check whether it supplies goods to different states or qualifies for the prescribed turnover limit or other conditions as specified under GST laws.

    Can I do multiple businesses in one LLP?2021-08-23T14:24:13+05:30

    Yes, you can do multiple businesses in one LLP. However, the LLP’s incorporation document and LLP agreement should contain such objects and should be approved by the Registrar of Companies (ROC). Unrelated activities must be avoided.

    Can I change the registered office address of the LLP later on?2021-08-23T14:23:17+05:30

    Yes, you can change the registered office address of the LLP after the LLP is registered, by following the prescribed procedure as per law.

    Can I keep the virtual office or co-working space as the registered office address of my LLP?2021-08-23T14:22:54+05:30

    Yes, you can keep virtual office or co-working space as registered office address of the LLP by providing utility bill of such office premises along with No Objection Certificate (NOC) from the owner. However, you have to make sure that you have the facility to receive and acknowledge letters, notices, and documents from various authorities at that address. Also, you have to paint or affix the LLP’s name and address outside every office.

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