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FAQ of LLP Registration

FAQ Of LLP Registration

Q1. What is a LLP ?
Ans: An LLP is a new form of business which is basically a partnership firm but with limitation on the liability of the partners of the LLP. A LLP is considered as a separate legal entity, perpetual succession, with liability of partners limited to the capital being contributed by them. Hence, a shareholder is not personally liable for the debts of the company. FAQ Of LLP Registration

Faq of LLP Registration

Q2. For small businesses, what are the benefits of LLP ?
Ans: For small businesses working in the form of LLP audits are not necessary till the turnover crosses 40 Lac or the capital crosses 25 lac.

Q3. How to form a LLP ?
Ans: The process of LLP registration is elaborated in another tab on this page.

Q4. Is there any qualification to become a designated partner or partner in a Limited Liability Partnership ?
Ans: Any individual can become a designated partner or partner in a Limited Liability Partnership Firm. For becoming a designated partner or partner, no professional or educational qualification is required.

Q5. What is Director Identification Number (DIN) ?
Ans: Any person intending to become designated partner in a LLP must apply for director identification number, it is issued by the Ministry of Corporate Affairs. Proof of identity and address is required to be submitted along with requisite fee while submitting the application for DIN. If the documents are in order, the DIN is approved within 3-4 days. The approved DIN is valid for life and the same DIN can be used by the director, even if he/she has directorship in more than one company.

LLP Registration

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Q6. What are the responsibilities of a designated partner ?
Ans: The designated partner(s) has been entrusted with the responsibility of managing the LLP in the best efficient manner. A designated partner is liable for misconduct or fraud or if found guilty of default.

Q7. What address to be given as registered office of the LLP ?
Ans: A registered office is required to hold meetings, for keeping records and receiving correspondence from all the statutory/government authorities. The registered office does not have to be necessarily owned by the company, it can be on rented premises also. The registered office of the company determines its jurisdiction for registration, for instance, a LLP with registered office in Delhi will come under the jurisdiction of Registrar of llp, Delhi.

Q8. Is it allowed to change registered office of the LLP after registration ?
Ans: Yes, A LLP can change its registered office any time after following specified procedure. The changed address can be situated within the same state or in a different state from the state in which it was originally registered.

Q9. I am carrying business as a sole proprietor/partnership, can I register a Limited Liability Partnership (LLP) ?
Ans: Yes, A LLP can be set up following provisions of LLP Act, 2008

Q10. Is LLP structure suitable for my business ?
Ans: As said before, the biggest advantage of starting a business with LLP form of organization is the outlook by all outside parties towards the business. Though the decision of whether to set up the business as a Limited Liability Partnership or not, rests upon you, but it is advised that the entrepreneur closely evaluate all the merits and demerits.

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