LIMITED LIABILITY PARTNERSHIP
Limited Liability Partnership Registration, governed by the LLP Act, 2008, combines the benefits of a partnership with that of a limited liability company. LLP was introduced to create a form of business that is easy to maintain & to help owners by providing them with limited liability. It is one of the easiest types of business to incorporate and manage in India. With an easy incorporation procedure & simple compliance formality, LLPs are preferred by Professionals, Micro & Small businesses etc. A Limited Liability Partnership is a hybrid of a company and a partnership firm because LLP is a separate legal entity from its member that has the power to extend all its assets having the liabilities of partners limited.
Frequently Asked Questions
- Arrange documents of Partners
- Fill in an online form with accurate information
- Apply for Digital Signature and DIN of Partners
- Apply to name availability of the proposed LLP
- Verification of all documents and forms by the respective Government dept. & authorities
- File Incorporation Docs with ROC
- Get LLP Incorporation Certificate
- Drafting of LLP Agreement
- Filing of LLP Agreement
Corporate Frame- According to the Section 3 of the Limited Liability Partnership Act, 2008, under LLP registration a firm is a corporate body which has come into force with effect from April 1, 2009.
Limited Liability- The most essential feature of LLP is limited liability that all its partners entertain which means their personal assets are safe and will not be used to pay the losses or debt of the firm.
Least Partner Requirements- A person can start an LLP firm with just two partners out of which one should be an Indian resident. The designated LLP firm can either be an individual or a corporate body. Also, there is no specific capital requirement for registering limited liability partnership firm.
The LLP Agreement- An agreement is created and printed on a stamp paper which is signed by all the partners that define their roles & duties in the firm. It helps them in the decision-making process.
Easy Online Registration And E-Filling-The online procedure of LLP registration is simple and easy. The forms and the documents are filled online on the official MCA portal.
Profit Sharing Business- one of the biggest benefits is that the profit is equally shared amongst all the partners of a limited liability partnership firm.
- PAN Card or passport (Foreign Nationals & NRIs)
- Adhar Card/ Voter's ID/Passport/Driver's License
- Latest Bank Statement/Telephone Bill/Electricity Bill/Mobile Bill
- Scanned passport-sized photograph Specimen signature.
For Registered Office
- Scanned copy of latest telephone bill or electricity bill or Property Tax Receipt
- Scanned copy of Notarised Rental Agreement
- Scanned copy of NOC from the property owner
- Scanned copy of Sale Deed/Property Deed (in case of owned property)
PLEASE BE NOTED THAT UNDER REVISED PROCEDURE NOW YOU CAN REGISTER THE COMPANY TEMPORARILY IN CASE OF DIFFICULTY IN CHOOSING REGISTRED OFFICE AND LATER WITHIN 1 MONTH CAN FILE FOR REGISTERED OFFICE.
Separate Legal Entity- Just like a corporation or a company, LLP is also a separate legal body. Further, it is completely liable for its assets. Also, the liability of the partners has few limitations in their contribution to the LLP. So, the creditors of the LLP are not the creditors of individual partners.
Mutual Agency- All partners are agents of the LLP and the actions of one partner do not bind the others.
LLP Agreement- An agreement between all partners governs the rights & duties of all the partners. Also, the partners can create the agreement as per their choice. If such agreement is not made, then the Act governs the mutual rights & duties of all partners involved.
Limited Liability- As per the Section 26 of the Act, every partner is an agent of the LLP for the purpose of the business of the entity. However, he is not an agent of other partners.
Number of Partners in an LLP- Every LLP must have at least two partners and at least two individuals as designated partners. At least one designated partner should be resident in India. There is no limit on the no. of maximum partners in the entity.
Business Management & Structure- The partners of the LLP can manage their business. However, only the designated partners are responsible for legal compliances.
The Process of Company Incorporation generally takes 1-2 working days. The time taken for incorporation will depend on correct relevant documents submission by the client & speed of Government Approvals.
The LLP Registration process is completely online though CA Mantra, so you do not even have to leave your home to get your entity registered. At CA Mantra, we make the entire compliance procedure simple and give our best efforts to complete the process at the earliest time as possible.
We will assist you in these ways: -
- Obtaining DSC for Partners and DIN for all the Partners
- Assisting you to decide a unique name for your LLP
- Assisting in filing for Company Incorporation Certificate
- Guidance to choose Tax Planning and Corporate Structure
- Obtain LLP Formation Certificate
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The first step towards LLP registration is to obtain the DSC for a designated partner of the firm. The designated partner must obtain their DSC from the government recognized agency. Make sure to get a class 3 DSC certificate or class 2 DSC certificate. CA Mantra can help to procure DSC on your behalf so that formation process can take place quickly without time lag.
DPIN also known as 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 need to attach a scanned copy of Aadhar card & PAN card along with the form which should be signed by the company’s secretary or by the MD/CFO/CEO of the LLP firm in which he/she is appointed as a director/Partner. In a MODIFIED process now, there is no need to apply for separate DPIN and it can be obtained along with LLP formation form.
The third and crucial step under LLP registration is reserving a name for the limited liability partnership firm. For that, an applicant needs to file LLP-RUN form. The name should be unique & non-offensive. An applicant can provide up to 2 names that would be further analysed by the registrar of companies. In case of rejection/objection of name, one can re-submit for second time their form within 15 days of the rejection/objection.
Once the name has been reserved for the LLP firm registration you can move ahead to the incorporation of your LLP. For this, you need to file FiLLiP also known as Form for incorporation of Limited Liability Partnership. You need to take help of a professional to sign and approve app your documents and help in filing. It is filed with the registrar of the firm of the respective state in which the registered office is situated. Applicant need to pay some amount of incorporation fees as per the Annexure “A”.
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