Limited Liability Partnership (LLP) Registration
Limited Liability Partnerships (LLP) is the simplest plan to run your business and grow along with your partners. It’s a flexible and easy business platform that allows each partner to work independently. Also, it ensures limited liability of the registered unit within its business assets. Avail our Limited Liability Partnership (LLP) Registration Package as you think to start this business. Then, we'll work to get your registration done with no trouble or delay. Go through its details and know how it works THE BEST.
Limited Liability Partnerhsip (LLP) Registration in India – An Overview
You’ll always wish that your business runs with no risk or crisis arising out of internal management problems and there you need to know about the objective of Limited Liability Partnership (LLP) Company. It’s a secured legal form of conducting your business when you’re involved in a business together with your partner(s). When you’re registered in LLP, you’ll be getting these legal provisions to safeguard your personal assets and run a healthy business:
- Limited Liability Partnership Company offers a form of business entity that is easy to maintain through providing limited liabilities.
- Each partner of LLP is allowed with a limited liability protection in terms of business partnership risks which is related to the shareholders of any Private Limited Company.
- Creditors, such as banks/money lenders can recover their money through the business assets only and so shareholder’s personal assets are secured.
- Relief from bearing the responsibility for other partner’s fault and negligence and secure his/her share from such bad debts.
- Enjoy tax benefits
Minimum requirements for LLP Registration are:
- Minimum 2 partners (18 years or above age)
- No Capital Requirement
- Minimum 1 designated partner as Indian Resident
- DPIN for all Partners
Benefits of Limited Liability Partnership (LLP)
- In LLP, your business will be separate legal entity from your personal money.
- It covers or shields shareholder’s personal assets from the business liabilities.
- Highly scalable and flexible management structure, where each partner gets the right to manage and take business decision independently. There is no maximum number of designated partners in a LLP.
- No fixed sum for Capital Minimum Contribution to start a LLP.
- Cheaper to incorporate than a Private Limited Company
- Leverage of being a Company as well as a Partnership
- Tax benefits and Flexible Tax Reporting options
- Mode of ‘Perpetual Succession’ that sustains even after partner’s survival.
- Transfer of ownership is easy by making the chosen member as a Designated Partner.
Documentation for Limited Liability Partnership (LLP)
- Any utility bill is required
- Scanned copy of rent agreement with no objection certificate from the landlord, if you have property on rent is required.
- Partner’s signature on documents is required.
- Voter id card/passport/driver’s license is required.
- PAN Card or passport is required.
- Mobile bill or telephone bill / latest bank statement/electricity or gas bill is required.
- Passport size photograph is required.
Our Package is Offering You:
- DIN and DPIN for two partners/individuals
- Digital Signature for Two partners
- Name Search and Approval
- LLP Agreement
- ROC Fees and PAN card
Procedure to Register A Limited Liability Partnership (LLP)
STEP-1) Ensure the minimum requirement of the company, such as, number of directors, share capitals, etc. and provide director’s basic details, such as, Full Name, Email and Phone number.
STEP-2) Apply for DSC (Digital Signature) & DIN (Director’s Identification Number).
We’ll work for you to get these documents registered.
STEP-3) Name Approval Application and its verification
We’ll associate with you to finalise this document and get it registered successfully.
STEP-4) Submission Of MOA (Memorandum Of Association) & AOA (Article Of Association)
We’ll be working based on the documents you provide to complete this submission.
STEP-5) Certificate Of Incorporation
Registrar of Companies will issue your Certificate of Incorporation after all the above documents are successfully registered from our side and the processing fee for Limited Liability Partnership Registration is deposited as provided from your side.
Your Limited Liability Partnership Registration is complete now.....You can apply for PAN, TAN and Bank Account in the name of your Limited Liability Partnership.
FAQs on Limited Liability Partnerhsip (LLP) Registration
There are certain members available in the limited partnership. All of the members possess limited liabilities. In a limited liability partnership (LLP) if any of the members makes any mistake, so another member will not be responsible for such mistakes.
A limited liability partnership is a type of separate legal entity that provides an investment amount based on the liabilities they possess under the LLP. Partnerships can be incorporated at the company's house and used by the profit gainers organization.
LLP is controlled by its own members who are known as partners of limited liabilities of the company. LLP does not carry shares, sharehol0ders, or directors. You are required at least 2 members to set up a limited liability partnership.
You should have the following documents for making the registration of LLP which are given below- Details of PAN/ ID proof of partners. Passport size photographs. Address proof of partners. Residence proof of partners. Passport in case of NRI.
There are many benefits of a limited liability partnership (LLP) which are given below Separate legal entity. Limited liability partnership. Less compliance and low cost. No required minimum capital.
A limited liability partnership is better than a partnership because of the higher compliance and clearness of operations. Other bodies except partnerships are having more credibility and transparency.
There are certain disadvantages of an LLP (limited liability partnership) which are mentioned below- Less credibility. Higher-income tax rates. No option for equity investments Transfer of ownership. Extensive penalty for non-compliance.
Yes. The registration of LLP is mandatory on the ministry of the corporate portal. An LLP should be registered under the LLP act.
Yes. A limited liability company can borrow any amount of money from the banks. There are no restrictions upon the granted loans from the banks.
In an LLP partnership program, authentic earned profit is calculated and distributed among the equity partners at the end of the year, and the drawing earnings are paid.
Yes. Accounts of limited liability partnerships need to be audited as per rule 24 of LLP.
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