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LLP Registration
About LLP
Limited Liability Partnership is a type of partnership firm which is more preferred by entrepreneur. LLP is similar to the general Partnership Firm Registration but due to its legal structure there is no limited liability in the general partnership so govt of India introduce Limited Liability Partnership on 9th January 2009. To start a Liability Limited Partnership, minimum two partners are required which would in turn be the designated partners (should be two in number) and it is mandatory that one of them should be a resident of India. There is no maximum cap for the number of partners in a limited liability partnership.LLP form of organization is usually preferred by Professionals, Micro and Small businesses that are family owned or closely-held.
ADVANTAGES
LOW COST OF FORMATION
The cost of formation is very low as compared to any other form of business. Also, the compliances are much lower than other forms of business.
LIMITED LIABILITY
While doing business as a proprietorship firm, the personal assets of the proprietor can be at risk in the event of failure, but this is not the case for a Limited Liability Partnership, as the shareholder liability is limited to his shareholding. Th
No Audit Requirement & Minimal Compliances
LLP is easy to manage and statutory audit is not required for Limited Liability Partnership. LLP is most ideal for small enterprises. Tax Audit is also not required for LLPs with capital less than Rs. 25 lac and turnover not exceeding Rs. 40 lac.
CREDIBILITY
Limited Liability Partnership (LLP) is a popular and well known business structure in the world. Corporate Customers, Vendors and Govt. Agencies prefer to deal with LLP instead of proprietorship or normal partnerships.
Separate Legal Existence
Registration of LLP creates a separate legal identity than its partners. Governed by the LLP Act of 2008, it allows the business to contract with other entities, take legal action, own assets and borrow funds in the name of an LLP itself. It is a maj
Least Requirement
A person can start an LLP firm with just two partners out of which one should be an Indian resident. The designated partners limited liability partnership firm can either be an individual or a corporate body. Moreover, there is no specific capital re
Minimum Requirement
LLP requires minimum two partners for incorporation. However unlike companies LLP does not require a minimum capital under the LLP act. Further, you also require LLP agreement as the same has to be submitted with roc upon incorporation of the LLP. Further, your designated partners should obtain designated partners identification number just like director identification number is provided to the directors of the company. Further, they are also required to obtain digital signature certificate. So as you can see that these are minimum requirement for LLP registration so you have to fulfill these requirements if you want to start your own LLP firm.
Documents Required for Registration
Documents Required LLP Registration :
- PAN Card/ ID Proof of the Partners
- Address Proof of the partners
- Residence Proof of Partners
- Photograph
- Passport (in case of Foreign Nationals/ NRIs)
- Proof of Registered Office Address
- Digital Signature Certificate
PROCESS
STEP-1 : DIGITAL SIGNATURE
First step of new registration process of LLP is to obtain Digital signature certificate (DSC) for proposed director and without obtaining DSC you cannot proceed further so obtaining a DSC is important.
STEP-2 :Obtain A DPIN For All The Partners
DPIN or Designated Identification Partners Number is mandatory for all the designated partners of the limited liability partnership firm. Form DIR-3 is filed to obtain DPIN. The applicant has to attach a scanned copy of Aadhar card and PAN card along
STEP-3 : RESERVE YOUR NAME
After obtaining a DSC, you have to reserve firm’s name under LLP-Run services. Now amendment has come into force so there is no requirement of form 1, earlier everyone has to file form 1 for reservation of name but now you have to reserve your firm’s
STEP-4 : Filing Registration Forms
After name approval, all registration forms will be filed with MCA on behalf of you along with application of PAN and TAN. Basically MCA takes around working days for approval and further issuance of Incorporation Certificate and Pan / Tan Certificat
STEP-5 : FILE LLP AGREEMENT
LLP agreement must be filed in the form of mutual rights and duties amongst LLP and its partner.
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