LIMITED LIABILITY PARTNERSHIP (LLP) in India

LLP is the best alternative to Normal or traditional partnership because it has the concept of Limited Liability & more flexibility. It can be started easily without any hurdles and with at least 2 legal persons (natural or artificial).

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OVERVIEW

Register a LLP Company

LLP is the best alternative to Normal or traditional partnership because it has the concept of Limited Liability & more flexibility. It can be started easily without any hurdles and with at least 2 legal persons (natural or artificial).
Nowadays, Partnership Firms have become one of the most common structures for the business, in which two or more persons collaborate to do business together.
On the basis of nature, Partnerships are divided into two types:
a) General Partnership Firm, which has an unlimited liability of Partners
b) Limited Liability Partnership

Owing to our in-depth industry experience and knowledge of this domain, we are reckoned in providing Limited Liability Partnership registration. It is a type of business form which provides the benefit of limited personal liability to each of the partners. This is recognized under the Limited Liability Partnership Act, 2008. In a Limited Liability Partnership, for the financial obligations of the business, all the partners have limited personal liability. Under LLP, all partners are only liable to pay a certain amount, which does not require them to sell their personal assets.
Loans, investments, borrowings have always been the parts and parcels of any kind of operating business, in the case of LLP, liability is limited, as it can be concluded from the name of this business structure, here personal assets are completely secure and safe, therefore, there is no liability to the creditors in excess of Capital invested. It is one of the most suitable in nature for startups and common small businesses because of less compliance like no need for Statutory Audit.

BENEFITS

Advantages of Limited Liability Partnership

One of the main benefits of LLP is that the process of forming an LLP is easy and not time-consuming like that of a company

As mentioned above, the partners have limited liability which means they are not liable to pay the debts of the company from their personal assets. No partner are often held liable for the conduct of other partners.

According to the provisions of the Act, the LLP will not be winded up in case of death, retirement or insolvency of a partner. The lifetime of the LLP isn't suffering from an equivalent.

The transfer of ownership is easy, as it is easy to admit or leave a partner. There are not any restrictions upon joining and leaving of partners in LLP.

The rate of taxation is less than that of a company. Moreover, the tax is levied on the LLP and therefore the partners would be exempted from the tax. The tax returns must be signed and verified by the partner or partners because the case could also be .

Every business has to appoint an auditor in order to keep a check of internal management and accounts. The audits aren't mandatory apart from the exceptions mentioned above.

REQUIRED DOCUMENTS

Documents required to register a Private Limited Company

PAN Card

PAN CARD of 2 persons is mandatorily required and in case of foreign national valid passport also requires.

Proof of Identity

Any proof of identity like Adhaar Card/ voter id card/driving license of all 2 persons is mandatory required

Company Name

The client has to be provided at least two Company names to apply for name approval.

Photo/Mobile Numbers/ Email IDs/ Bank Statements

All the 2 persons must have their photos, mobile number, valid emails and latest bank statements (must not be older than 2 months).

Office Address Proof

The client has to provide Office Address proof like Rent Agreement/Property papers with latest electricity bill.

*In case of NRI or Foreign National, documents of director (s) must be notarized.

process

Process to Register a Company in India

Name Approval 1-2 Days

  • Client has to provide at least two names out of which one name will be approved by MCA

Digital Signature:(1-2 days)

  • Second process is to apply and approve the digital signature of all 2 members in LLP company.

Application filling and approval for certification: (2-3 days)

  • Our experts will file the complete document with drafted copies of MOA and AOA of the company. If there is no objection the certificate of incorporation will be issued by the MCA.

Congratulation!

  • work is done
COMPARE RELATED SERVICES

Compare different business structures to choose the right entity type

  • Registration Required
  • Number of members
  • Legal Entity
  • Liability Protection
  • Statutory Audit
  • Ownership Transferability
  • Uninterrupted Existence
  • Foreign Participation
  • Tax Rates
  • Statutory Compliances
  • Private Limited Company
  • 2 – 200
  • Yes
  • Limited Liability
  • Mandatory
  • Yes
  • Yes
  • Allowed
  • Moderate
  • High
  • get started
  • OPC
  • Only 1 Member
  • Yes
  • Limited Liability
  • Mandatory
  • No
  • Yes
  • Not Allowed
  • Moderate
  • Moderate
  • get started
  • LLP
  • 2 – Unlimited
  • Yes
  • Limited Liability
  • Dependent
  • Yes
  • Yes
  • Allowed
  • High
  • Moderate
  • get started
  • Partnership Firm
  • 2 – 50
  • No
  • Unlimited
  • Not mandatory
  • No
  • No
  • Not Allowed
  • High
  • Low
  • get started
  • Proprietorship Firm
  • Only One
  • No
  • Unlimited
  • Not mandatory
  • No
  • No
  • Not Allowed
  • Low
  • Low
  • get started
FREQUENTLY ASKED QUESTIONS

Explore LIMITED LIABILITY PARTNERSHIP (LLP) Registration

1. What are the registration requirements of LLP in India ?

There must be a minimum of two individuals to be appointed as Designated Partners, out of which one must be an Indian resident. Also, there's a pre-requisite to possess an address of a business in India so on register it as a registered office for your LLP.

2. What are the capital requirements to Register LLP in India?

No. there's no minimum amount prescribed to make a LLP in India. It are often started with any amount of capital demanded by the business. Although there's no minimum requirement, every partner must make a contribution financially to make LLP. The amount of capital contribution is disclosed in the LLP Agreement and the amount of stamp duty is decided by the total contribution amount.

3. What is LLP Agreement? Does it Require filing with MCA?

LLP Agreement is an agreement that is executed by all partners while LLP incorporation in India. The agreement consists of all the legal clauses related to business, including the rights, roles, duties, and responsibilities of partners in LLP. The agreement must be filed within 30 days of the issuance of a certificate of incorporation. Failure to try to so will charge a further fee of ₹ 100 per day till the date of filing.

4. Can an LLP do more than one business activity?

Yes, a LLP registered in India can keep it up quite one business subject to their relevancy. The activities must be related or within the same field itself. Unrelated activities like Interior Designing and Legal consultancy can't be carried under an equivalent LLP. The business activities are mentioned within the agreement and must be approved by ROC.

5. Can an existing partnership firm or company be converted into LLP?

Yes, an existing partnership firm are often converted into LLP. LLP is the most beneficial in comparison to a normal partnership firm.

6. How the Stamp Duty Amount is Decided for LLP Agreement? Whether Notary Attestation is Mandatory?

The amount of capital contribution is taken into consideration to choose the stamp tax on the LLP Agreement in India. The rate of stamp tax varies from State to State. The State Stamp Act is going to be applied counting on where the registered office is situated. Further, the Notary on the Agreement is mandatory.

6. When am I able to get the PAN and TAN of the LLP?

The PAN and TAN used for the LLP formation are often applied once the Certificate of Incorporation of the LLP is issued. The physical copy of the PAN is going to be received at the Registered Office once an equivalent is dispatched by the tax Department.

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