What is LLP registration?

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

Package Inclusions:

 

Service Tax Extra on Professional Fees, MCA fees estimated based on official stamp duty prevailing in NCT of Delhi.


Advantage of LLP

Limited Liability

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.

Tax Advantage

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

DSC (Digital Signature Certificate)

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 No (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

LLP 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.

4

Final Incorporation form

we will file final incorporation form with all supporting documents like registered address proof, Declaration from Partners Registrar of LLP.

5

PAN Application

We will file PAN Application. 


Documents required

From All Directors and Shareholder.

For Proposed Registered office (Residential or commercial)

FAQs on Limited Liability Partnership

1. 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.

2. Who can be a partner in an LLP?

Any individual or company or foreign national can be a partner in an LLP.

3. 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.

4. 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.

5. How much time is required for registering a Limited liability partnership in India?

Usually, we register an LLP in maximum 10 business days.

6. 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.

7. 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.

8. 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.

9. 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

Particular Limited Liability partnership Private Limited Company One Person Company Partnership Proprietorship
Recommended For Professional service firms Early-stage entrepreneurs  with broad business vision Small business and owned by a single promoter Family business Small traders in un-organized sector
Venture capital Funding  Not Possible Very easy Not Possible Not Possible Not Possible
Limited Liability Protection Yes Yes Yes No No
Dividend tax No Yes No No No
Perpetual Existence Yes Yes Yes No No
Statutory Compliance's Low High High Low Low
Credibility Medium High Low Low Low
Strategic Alliances and   Joint venture No Yes No No No
Business Growth Medium High Low Low Low

 

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