LLP Registration in India

Register your new startup as Limited Liability Partnership (LLP) with ✓2 DSC & DIN ✓Name Approval ✓COI ✓Drafting of LLP Agreement,✓PAN ✓TAN & Bank A/c opening support. 100% Online Process of placing order and document submission, Chat with the startup specialist to get started

The Name of the LLP should be cross-checked with the ROC and the trademark registry to avoid any infringement of someone else Trademark or Other Company /LLP Name. The selection of a proper name should be the starting point, Learn the Guideline for Name Approval of the LLP .

DSC is equivalent to the physical or paper signature under the information technology act. For registration of LLP, all the applications to ROC are filed in digital format signed by designated partners of the LLP. The filing process starts with the issue of a digital signature for all the partners of the LLP.

The application for the Name approval of LLP is submitted in FormForm RUN-LLP. It is a web-based application, where two names in order of preference can be filed with a note on the significance of the Name and the business activities.

The application of New LLP Registration is filed in FILIP Form immediately after name approval. The partners KYC documents and proof of the registered address are submitted along with the application form. The FormForm, FILIP, is attested by a practising Chartered Accountant, Company Secretary, Cost Accountant, or an Advocate practising at High Court. The government filing fee for LLP Registration depends on the proposed capital/contribution of the LLP.

The final stage for the LLP registration is the Issue of Certificate of Incorporation for the LLP after the verification of the application for LLP Registration is filed in FormForm FILIP. The issuance of the registration certificate of LLP is the conclusive proof of the registration of the LLP by ROC.

Post-registration of the LLP, the partners need to enter into a valid agreement on stamp paper of appropriate value as per respective state. The LLP agreement defines the mutual rights and duties of the partners, and the signature on the LLP Agreement should be done before a notary public. The duly signed LLP agreement is then filed with ROC in Form -3 within 30 days of the LLP Incorporation.

The LLP needs to make an application in the prescribed Form 49A to the income tax department for the allotment of PAN, The acknowledgement of pan application for the LLP is received within the same day. However, the pan is allotted within a week. TAN number is a permanent number assigned to business for complying with the provisions of withholding tax (TDS). You are required to deduct TDS while making payments; hence, the next step is to obtain a TAN number, which is mandatory to submit TDS Returns.

Hiring an individual personal CA or CS will be very costly for a startup. Considering this difficulty, we offer an alternate process for LLP Registration as an online professional service platform.

The LLP incorporation is a legal process which should be undertaken by experienced professionals. Following is the wise step process of LLP Incorporation in India.

• Arranging documents of the partners and the registered office.
• Making of DSC
• Reservation of Name
• Issue of the Incorporation Certificate
• Apply for PAN and TAN
• Drafting of LLP Agreement
• Filing of Form-3 within 30 days of Incorporation.

The name of an LLP must be unique and eligible, read more on how to keep the name of a company or LLP here: https://www.setindiabiz.com/learning/how-to-decide-name-of-a-company-llp/. For name reservation of the LLP, the application is filed in LLP Form No 1, if the name is unique and not similar to any already existing company or LLP then the name gets approved.

Not at all. The new LLP registration procedure is entirely an online process. There is no requirement of physical presence to our office or in the office of the ministry of corporate affairs. Complete documentation can be done online.

The registration certificate of LLP registration is sent on the email of the partner, however, in case it is not received for any reason then the same can be downloaded from the mca website on payment of a small inspection fee of Rs 100/-. for this purpose, please go to the Tab “Get Certified Copies” tab under “MCA Services.” The direct link is as follows. http://www.mca.gov.in/mcafoportal/getCertifiedCopies.do

The Income-tax Department allots a unique 10 Digit alphanumeric number as a permanent account number, also known as PAN Number. To comply with TDS provisions, every taxpayer needs to obtain a Tax Deduction Account Number. To open a Bank A/c, the LLP needs to submit a prescribed application along with KYC of LLP and all its partners.

To check the status of LLP Registration, you may visit the official website of the ministry of corporate affairs at www.mca.gov.in and navigate to the view Master Data of Companies or LLP. You may go the master page directly from this link. Search the name of the company, and you will see the details of the LLP and its status apart from other information.

The LLP is the most suitable form of business for small businesses in India, where there are fewer regulations to comply with. Unlike a company, audits are not necessary till the turnover crosses 40 Lac or the capital crosses 25 lac. Hence we can say that the LLP Company Registration is beneficial for small business.

Yes, you can either incorporate a fresh LLP or convert the existing proprietorship or partnership business as an LLP. The cost of conversion is comparatively higher in comparison to incorporating a new limited liability partnership.

As said before, the most significant advantage of starting a business with an LLP form of organisation 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, it is advised that the entrepreneur closely evaluate all the merits and demerits. To analyse the suitability of the LLP in your situation, please contact us.

The digital signature is an equivalent of physical or paper certificates in digital format. As the application For LLP Registration is filed online with Digital Signatures of the designated partners, hence the process starts with the issuance of the digital signature for all the designated partners. Photo, ID and Address proof is to be submitted along with Form for the issuance of DSC.

The DPIN is the old reference to the DIN number for the partners of an LLP. The DIN is a unique number allotted by MCA to every person who intends to take the position of a director of the company or a designated partner in the LLP. For allotment of DIN, an application to MCA is made with Photo, Attested ID and Address proof duly attested by CA, CS or CMA.

Every LLP is allotted a unique number for its identification by the registrar of companies after its incorporation. The LLPIN is mentioned on the certificate of incorporation of the LLP.

We are of the considered view that a private limited company is a better option for raising investment from the private investor as the companies act have elaborate provisions dealing with shares and its transfer. The LLP's are meant for professionals such as CA, Doctors, Architects and Lawyers, etc.

The LLP Agreement governs the relationship between the partners and their capital structure. Hence in case your business is capital intensive, or you intend to raise money from investors, it is better to incorporate a company. Click here to learn more

The name of LLP need to be unique and must conform with section 15 of the LLP Act, which is similar to the provisions relating to the name of a company under the Companies Act, 2013. To be brief, the proposed name of LLP should not be same or similar to any other existing company, LLP or a Trademark. Kindly refer our detailed discussion on the rules relating to the name of a company or LLP

The Contribution is the synonym of capital in respect of the LLP, and the Contribution is the investment by the partners made in compliance with the LLP Agreement. The Contribution may be introduced by a partner in the form of Cash, Promissory Notes, Tangible or Intangible Property or Movable or immovable property etc.

The LLP Act does not prescribe any minimum or maximum capital for a limited liability partnership. It means you can start an LLP with any amount of capital as per the requirement of the business. The ROC fee of incorporation of the LLP and the stamp duty payable on the LLP agreement is dependent on the contribution of the LLP

The initial source of funds for an LLP is the partners of the LLP as per the agreement in the LLP Agreement. Further requirements of the funds can be met by a fresh round of investment by the partners. The LLP can also borrow loans from other private parties, entities or banks.

Section 2(e) of the LLP Act, Specifically defines the word "Business" which says [ Business includes every trade, profession, service and occupation ] The definition excludes Manufacturing explicitly, Production etc. hence you are advised to pursue only those activities which are not like Manufacture or Production as such.

An LLP is an advancement over a partnership firm with the features of the corporate form of business, and the LLP's are most suitable for professionals like CAs, CS, Advocates, Engineers, Doctors and small businesses with low turnover. Kindly note that there is no restriction in the law concerning the suitability of the LLP vis a vis any form of business.

Limited Liability implies that the partners of the LLP are not personally liable to pay debts of the business. They are only responsible for the outstanding shares of the capital of the LLP.

We have prepared a detailed and easy to understand comparative table showing the availability of features and advantages of one form of business to that of others. Please refer to the comparative analysis of LLP vis a vis other business types in the above section of this page.

Any person capable of entering into contracts such as an individual, company or foreign national can be a partner in an LLP.

In contrast, a designated partner is a designation of responsibility and is responsible for the compliance of all the laws applicable on the LLP and the LLP Act 2008 in particular. In case there is any default then the designated partners are penalised with fine, additional fee and penalty.

While any person can become a partner in the LLP, but only an individual can be appointed as the designated person. In some cases, the designated partner is a nominee of a corporate partner of the LLP. There is no educational qualification prescribed, hence any person over eighteen years of age is acceptable as the designated partner so long he is otherwise capable of entering into contracts.

Well, in an LLP, a company can also be partners; however, the designated partners need to be an individual. In case, all the designated partners can be the nominee or authorised representative of such corporate partners. Please note that there must be two designated partners in the LLP.

The LLP Act 2008 or LLP Rules does not prescribe any educational, professional qualification or experience. The proposed partner of the designated partner should be eligible to enter into an agreement as per the contracts act. It means any person over the age of eighteen years who is of sound mind and not adjudged as insolvent can become the partner or designated partner of an LLP

The designated partner(s) has been entrusted with the responsibility of managing the LLP in the best efficient manner. The most important responsibility is the compliance with several laws applicable on the LLP, such as LLP Act, GST and income tax. A designated partner is liable for misconduct or fraud or if found guilty of default.

Yes, there is no legal restriction on a person in the employment to become a partner of a designated partner in the LLP. However, you should check the employment documents such as offer letter, appointment letter, terms of employment and the general policy of HR to find if there is any restriction imposed by the employer upon you.

The foreign direct investment (FDI) is very well allowed in the LLP. In compliance with the FEMA Act, Rules and Regulations, a person who is a non-resident Indian or an overseas person of India can invest into an LLP on the non-repatriation basis just like any other individual. However, the foreign nationals can be designated partners subject to appropriate reporting to RBI. In any case, there must be one Indian citizen as the designated partner of the LLP.

The new partner can be added with the consent of all other partners of the LLP and in compliance with the LLP Agreement. The process of appointing a new partner is to convene a meeting of all the existing partners and then pass a resolution. The reporting of the new partner addition is made to the ROC in form 4 as the LLP agreement shall also change, the same need to be filed with the ROC in Form 3.

The incorporation of an LLP is an online process and gets incorporated within a week's time. However, as it is a legal process, giving an exact timeline is not practical and sometimes due to non-availability of the proposed name of deficient documents of the partners of the registered address it can get delayed. We recommend startups to take care of documentation and consider the rules governing the name of an LLP in order to reduce the LLP Registration time.

The incorporation of LLP is done under the provisions of the LLP Act 2008, and upon generation of the certificate of incorporation, an LLP is regarded as a distinct legal entity. There is no expiry date of an LLP, and it is valid until the LLP is wound off following the legal process of winding off as prescribed under the LLP Act or the IBC.

The formation of an LLP is a statutory process, The LLP registration documents consists of three sets of documents are filed to the ROC for the issue of the Certificate of Incorporation of the LLP. These are Partners Documents such as the Identity and Address Proof, Documents of the Registered Address and Statutory Forms. These documents are readily available with any startup. You may refer to the List of LLP Formation Documents above.

For incorporation of an LLP under The Limited Liability Partnership Act, 2009, anyone from below mentioned list of the document is acceptable as Identity Proof of the partner or designated partner of the proposed LLP.PassportDriving LicenseVoter ID Card

A Limited Liability Partnership is incorporated with a physical address to be declared as the registered office of the newly registered LLP. Following are the list of the documents which are acceptable as proof of premises where the registered office of the LLP is situated. The premises proof should not be older than two months. Electricity Bill, Gas Bill, Telephone Bill, Mobile Bill, NOC from the Owner of Premises

For LLP Registration, the partners need to sign on a subscription sheet, which is also attested by a practising professional like CA, CS, CMA or Advocate. Please contact us for the sample. subscription sheet of the LLP

The partners of the LLP bind themselves concerning their mutual rights and obligation, capital contribution ratio, profit sharing ratio in a document which is known as LLP Agreement. After LLP formation, the partners need to execute the same and file a copy with the registrar of companies within 30 days of Incorporation, failing which a penalty of Rs. 100 day is imposed for each day of delay.

LLP Formation Cost depends on the Capital of LLP and the location of the registered address of your LLP. Setindiabiz offers LLP Registration Service at a very reasonable fee of Just Rs 2999/-. You have to pay the government fee on an actual basis. It is genuinely transparent pricing.

Every LLP needs to file two kinds of annual returns in general, the income tax return and ROC Returns. There are two ROC returns that have to be filed; Form 11 is the yearly return of the LLP, and Form 8 is the statement of solvency. Please refer to https://www.setindiabiz.com/llp-annual-compliance

The LLP agreement is drafted and signed after the LLP registration process is complete. Take care that appropriate stamp duty on the LLP agreement is paid. We recommend you to get the LLP Agreement attested by a Notary public.

For LLP Agreement Registration Form-3 should be filed with the ROC within 30 days from the date of incorporation of the LLP. For the delay in filing the LLP agreement, there is an additional fee of Rs 100 for each day of delay. In case the LLP agreement is not filed at all then the relationship between the parties shall be governed by the schedule I of the LLP act.

Form 3 is the prescribed form for filing the LLP Agreement with the ROC. Every time the LLP Agreement is amended, Form 3 needs to be filed. The government fee for filing the Form 3 is Rs 50/- Only

The annual return of the LLP is filed before 30th May for the preceding year in the prescribed form 11. The ROC filing fee for Form 11 is Rs 50/- Only. This is a mandatory filing and is applicable for the LLP even if there is NIL business activity. However, for a newly incorporated LLP, you may escape the filing of Form 11 to next year provided the LLP is registered on or after 1st October of preceding financial year.

Form 8 is the prescribed form for filing of the financial return of the LLP. The statement of solvency in form 8 is filed before 30th October for the preceding financial year. This is mandatory to all LLP irrespective of its turnover or scale of operations. However, if the LLP is incorporated after 1st October of the previous financial year, then the filing of Form 8 may be deferred to the next financial year.

inactive or defunct LLP can be closed by filing FORM-24 to the ROC after paying all the liabilities of the LLP. Please refer to https://www.setindiabiz.com/winding-up-of-inactive-llp