WHAT IS LIMITED LIABILITY PARTNERSHIP?

A Limited Liability Partnership, or LLP for short, is a unique and new form of business that combines the advantages of both 'company' and 'partnership' in a single business entity. LLP Can be register under Limited Liability Partnership Act, 2008.

LLP is better than a partnership. Partnerships are often discouraged due to unlimited liability, which means that your personal assets can be seized if debts aren't repaid. In contrast, limited liability partnerships exist to counter this problem by adding the feature of limited liability.

A Limited Liability Partnership is an entity formed by a minimum of two people in India with the intention of making profit. You can easily manage and register these partnerships while they are exempt from many post-registration obligations.

LLP REGISTRATION PROCESS IN INDIA

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STEP 1 : SELECT LLP NAME

The first step is to finalize a brand name and company legal name. Consult with a professional so you can make sure the company name is available on the Ministry of Corporate Affairs (MCA) website.

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STEP 2: DIGITAL SIGNATURE CERTIFICATE (DSC)

All proposed directors of the Private Limited Company must have a digital signature that will be used to file the online company registration application. One can also use the same DSC for signing documents.

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STEP 3 : DIRECTOR IDENTIFICATION NUMBER (DIN)

Director Identification Number (DIN) is a unique Identification Number which is allotted to every person who intends to become a director in a company. Applications for the allotment of DIN can be made in the Spice+ form at the time of company's registration.

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STEP 4 : NAME APPROVAL

File for Name Approval form to ROC through LLP RUN (Reserve Unique Name) facility available on the MCA portal.

Maximum two names can be applied through this method. It takes a maximum of three working days to get name approval from the Registrar of LLP.

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STEP 5 : SUBMISSION OF FINAL INCORPORATION FORM

After successful name approval of the LLP, incorporating application is required to be filed in e-Form FiLLiP. Fees for LLP registration is mentioned at the MCA website.

The Incorporation application consists details of the proposed designated Partners and all the supporting documents as attachments.

It is filed with the registrar who has jurisdiction over the state in which the registered office of the LLP is situated.

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STEP 6 : FILE PAN APPLICATION

As the LLP registration procedure is completed, the applicants need to file the PAN Application for the newly registered LLP and provide with all the details and relevant documents.

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STEP 7 : BANK ACCOUNT OPENING

Open your bank account for your business and take the necessary steps to launch it.

Benefits

1. SEPARATE LEGAL ENTITY
A LLP is a separate legal entity from its partners. Partners are distinct from the entity and both can sue each other and get used in the process. The entity has its own name and status, can enter into contracts, own property, and make decisions on its own behalf. It can also sue or be sued.
Limited liability is one of the biggest advantages of owning a business in a limited liability company. This means that the status of being legally responsible only to a limited amount for debts of a LLP. Unlike proprietorships and partnerships, in a LLP the liabilities of the members are limited. This is a big advantage if you want to invest in a business but don't want to risk your own money.
Entrepreneurs with turnovers less than 40 Lakhs and capital contribution less than 25 Lakh are not required to get their accounts audited. Due to this, LLP is ideal for start-ups and small businesses that want minimal regulatory compliance.
Ownership of a Limited Liability Partnership can be transferred to another person by inducting them as a Designated Partner. The LLP is a separate legal entity, separate from its Managing Partners, so by changing the Managing Partners, ownership can also change.
If you register your company as a LLP instead of a private company, then there is less compliance required with fewer audits and tax filings.

Get a free consultation for Private Limited Company registration by scheduling an appointment with Finlawcity.

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WHY CHOOSE US

1. EXPERT PROFESSIONALS
FINLAWCITY, has a team of qualified and experienced Chartered Accountants and Company Secretaries, our team of Chartered Accountants and Company Secretaries has the experience to make your company registration process hassle-free.
FINLAWCITY provides you online company registration service that offers you free advice and reliable assistance to complete your company registration in India. We also offer an online payment service to make the process easy, simple and convenient.
We know that start-ups often have a limited budget and we work hard to keep costs low. We offer competitive pricing with no hidden fees and our service is streamlined from start to finish.
Our 100 % technology driven platform will save you time and money as we have a team of professionals who are well versed with their job.
We at FINLAWCITY ensure start-ups to focus on their project and leave all the legalities and documentations to us. From our technology driven platform and on time delivery start-ups prefer us to do Company registration for them.
Finlawcity offers a free consultation for Limited Liability Partnership registration in India. To schedule an appointment, call 09711717331 or fill out the online form.

Requirements

Services

MINIMUM TWO DESIGNATED PARTNERS

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DPIN (DESIGNATED PARTNERS IDENTIFICATION NUMBER) FOR ALL DESIGNATED PARTNERS

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AT LEAST ONE DESIGNATED PARTNER SHOULD BE FROM INDIA.

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DSC (DIGITAL SIGNATURE CERTIFICATE) FOR ALL THE DESIGNATED PARTNERS

Documents Required

Pan Card

Pan Card

Pan Card of all Designated Partners Foreign Partner must provide a valid Passport.

Photograph

Photograph

Latest Passport size photograph of all Designated Partners.

Identity Proof

Identity Proof

Aadhar Card/ Voter ID/Passport/ Driving Licence of all Designated Partners.

Address Proof

Address Proof

Latest Telephone Bill / Electricity Bill / Bank Account Statement of all Designated Partners.

For Registered Office

For Registered Office

Rent agreement Utility bills-telephone, electricity, and municipal (Not older than 2 Months) NOC From Owner.

NOTE

In case of NRI or Foreign National, documents of all Designated Partners must be notarized or apostilled

Frequently Asked Questions

What Is a Limited Liability Partnership?
A Limited Liability Partnership, or LLP for short, is a unique and new form of business that combines the advantages of both 'company' and 'partnership' in a single business entity. LLP Can be register under Limited Liability Partnership Act, 2008.
In order to start an LLP, there needs to be at least two designated partners. One of which must be an Indian resident. They also need to have an address of a business in India before they can register their LLP.
A digital signature certificate (DSC) is an encrypted signature that is saved on a pen drive. It makes the online registration process easy by signing ROC form or PDF.
A Designated Partner Identification Number (DIN) is a unique number assigned by the Ministry of Corporate Affairs to individuals on whose name the application is made. This allows an individual to be a Designated Partner in any LLP.
Anyone over the age of 18 can be a designated Partner, provided they have a DPIN (Designated Partner Identification Number).
The process of obtaining PAN and TAN for the LLP formation can be completed once the Certificate of Incorporation is issued. The physical copy of the PAN will be received at the Registrar's office.
A Limited Liability Partnership (LLP) is a type of business entity that can be registered in India. Like other types of businesses, an LLP can carry on more than one business subject to their relevancy. The activities must be related or in the same field itself. LLPs can carry out unrelated business activities, but these activities must be approved from the regulator, the Registrar of Companies (ROC). These activities cannot be carried under the same LLP. For example, an LLP that offers legal consultancy and interior design services cannot also offer medical advice. The agreement between the LLP and its members must state which business activities are permissible.
Yes, you can register a LLP at a commercial or residential place by providing the sufficient proof. A registered office is a place where the business receives communication, if any. The company must have an address to which all communications and notices may be addressed.
LLP cannot be incorporated for undertaking “Not-For-Profit” activities. This is because one of the essential requirements for setting up an LLP is ‘carrying on a lawful business with a view to profit’. Therefore, an LLP cannot be set up to undertake activities such as charity work or social welfare.
It is safe to register your LLP online with a trusted company like FINLAWCITY. You will be able to complete the registration process quickly and easily, and you will be able to access your account securely. You will also be able to manage your account and view your LLP information online.