Limited Liability Partnership, The Legislature has enacted LLP Act 2008. LLP Offers more enhanced features than a general tradition partnership. It can be registered with minimum two Partners. Limited Liability Partnership provided the benefits of both private limited LLP and General Partnership into a single form of the LLP, and one partner is not liable for another partner's misconduct or wrong decisions. Each partner will have own liability towards the Business. LLP is most preferred by a small business owners and for them who are not willing for venture funding in business. The Limited Liability Partnership has more credibility than a General Partnership or Proprietorship business. Annual maintenance of LLP firm is much cheaper than a Private limited or LLP
Two DSC &Two DINs
LLP Agreement preparation
MCA Govt. Fees
Stamp Fees ( Capital Contribution Rs. 100,000)
Service Tax Extra on Professional Fees, MCA fees estimated based on official stamp duty prevailing in NCT of Delhi.
Advantage of LLP
Liability of Partners of the Limited Liability firm (LLP) is limited to their Contribution in firm. It means that if the LLP suffers from any loss and faces financial distress because of primary business activity, the personal assets of Partners will not be at risk of being seized by bank, creditors, and government.
Continuity of existence
The life of a business is not affected by the status of Partner and even after the death of the Partner, the LLP continues to exist. An LLP being a juristic person can own a property, building, car, and any other fixed assets in its name. Partners cannot claim upon the property of the LLP
Minimal regulatory compliance
LLP is most preferable by the early stage startups for doing small business and there is no need of Audit by a Chartered account if turnover is less than Rs.40 Lac and Capital contribution is less than less than 25 lac.
In an LLP, Partners can give a loan to an LLP and LLP can provide a loan to its partners. There is no restriction in receiving or providing loans. There is no dividend tax in case of LLP but in the private limited LLP, if you want to pull your profit from business profit, LLP will have to pay the dividend distribution tax, which is exempted from tax in the case of an LLP.
LLP Registration Process
1. Digital Signature Certificate (DSC)
All Propose directors / Promotors of the LLP should have a digital signature and digital signature will use to file the registration, ROC compliance forms, and Tax returns.
2. Director Identification Number (DIN)
As soon as Digital signature is approved, you will receive an approval email from Registrar of LLP that you are now eligible to be a Partner in a LLP. It takes one working days to approve DIN.
3. Name approval
After a Trademark search, we will proceed to file a Name Approval form to ROC on your behalf. It takes 3 working days to get approval from the Registrar of LLP.
5. Incorporation form
we will file final incorporation form with all supporting documents like registered address proof, Declaration from Partners Registrar of LLP.
We will file PAN Application.
From All Directors and Shareholder.
PAN Card or Passport or Election ID Card
Latest Bank Statement/Telephone or Mobile Bill
Voter's ID/Passport/Driver's License
Passport-sized photograph of all directors and shareholder
Scan copy of Signature (signature should same as on PAN Card)
Scanned copy of Notarized Rental Agreement
For Proposed Registered office (Residential or commercial)
Any Utility bills
Scan copy of Rent agreement with NOC from owner
Frequently asked Questions
Do I need to be present during this registration process?
LLP registration is 100% online process. No need to be present physically to our office or ministry of corporate affairs. We will send our person to your home or office for document signature.
Who can be a partner in an LLP?
Any individual or company or foreign national can be a partner in an LLP.
What is LLP Agreement?
LLP Agreement defines the internal constitution of the partnership, overall mission, vision, business objectives of the organization firm in log run.
Do I need to hire a full-time CA/ CS?
No. you need not hire a full-time CA or CS. We will offer your annual compliance package thru you will get the right advice from our team.
How much time is required for registering a Limited liability partnership in India?
Usually, we register an LLP in maximum 10 business days.
What are the rules for choosing a name for a Limited liability partnership?
As Per companies act , LLP Name should be unique, and business objectives should be added with the name. Also, do care that business name and legal should be different.
What is the minimum number of partners required to register LLP?
According to the LLP Act 2008, a minimum of two designated partners are required to register an LLP. The designated partners are responsible for overall operations of the firm.
Who prefers to register LLPs?
The professionals like CAs, CS, Advocates, engineers, doctors prefers to register a LLPs. The Conversion of LLP to a private limited company is tough. In an LLP Venture funding is almost impossible.
Has LLP less annual maintenance cost as compared to the private limited company?
LLP has 1/3 annual maintenance cost than a private limited company. Typically you can manage your LLP in just Rs. 12,000 in a year.
Compare your Options
Comparison of Popular company registration Options
Limited Liability Partnership
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Private Limited Company
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