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Limited Liability Partnership Registration in India

Limited Liability Partnership (LLP) Registration

Limited Liability Partnership Registration in India is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership business, In other words it offers benefits of both worlds by bringing simplicity in management and scope of expansion like that of a company. The compliance requirements are relatively less and only few returns have to be filed. For small LLP the audit Is not required and the compliance is based on the information declared by the partners. A Limited Liability Partnership Registration is a new form of business introduced in the year 2009, this is a unique form of business in the sense that it has simplicity of a partnership firm and benefits of limited liability as in a limited corporation. Minimum two person can form an LLP with no maximum limit on the number of its partners. The advantage of llp form of business over a private limited is in the fact that there is less compliance requirement in comparison to a private limited company. For instance audit is not required till the time turnover reaches 40 lac or capital reached Rs. 25 lac. This is preferred choice for small businesses with less capital

Main Features of LLP Registration in India

limited liability partnership Registration - separate legal entity

Separate Legal Entity

A Limited Liability Partnership is considered as a separate legal entity different from its owners or promoters. It has its distinct name and is creation of law. Being separate from its promoters / owners/ partners it can do business in its own name. However, the LLP has to act through its designated partners and in the manner which is provided in the LLP agreement.

LLP Registration in India

Property Ownership

As the Limited Liability Partnership is a distinct entity, it enjoys the right to own, enjoy and transfer property. The rights can be exercised by the LLP in its own name, the stamp duty shall also be payable / paid by the LLP himself. The partners on its own can’t transfer the property or create any third party rights whatsoever on the LLP property.

LLP Registration in India - Uninterrupted Existence

Uninterrupted Existence

LLP being creation of law can be closed only by following the due process of law. The life span of LLP is thus independent of the life of its partners. The death of one partner or all partner does not bring end to the LLP, the legal heirs of the dead partners becomes the partner(s) in their place. Thus the LLP goes on until it is formally closed down by following laid down procedures.

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Simple & Transparent Pricing for limited liability Partnership Registration

Basic

Limited Liability Partnership Registration7500/-

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This Pack enables you to have a legal entity registration with all necessary document for opening of the bank account

Includes

  • DSC of Two Designated Partner
  • DIN for Two Designated Partner
  • LLP Name Approval
  • LLP Deed Drafting
  • LLP Registration Fees
  • PAN Card of Company
  • TAN Allotment
  • LLP Incorporation Certificate
  • LLP Kit For Bank A/C Opening

Silver

Limited Liability Partnership Registration11500/-

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This pack includes everything of basic pack and the TDS return filing service for one year

Includes

  • DSC & DIN of Two Designated Partner
  • LLP Name Approval
  • LLP Incorporation Fee
  • LLP Deed Drafting
  • LLP Incorporation Certificate
  • PAN Card
  • TAN
  • Bank Kit
  • One Year TDS Return Filing

Gold

17,000/-

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Includes everything of silver pack plus filing of trademark to protect your brand name

Includes

  • DSC & DIN of Two Designated Partner
  • LLP Name Approval
  • LLP Incorporation Fee
  • LLP Deed Drafting
  • LLP Incorporation Certificate
  • Pan Card & TAN
  • Bank Kit
  • One Year TDS Filing
  • Trademark Registration

Compare Your Option (Various Business Formats)

Private Limited Company
Limited Liability Partnership One Person Company Partnership
Firm
Sole Proprietorship
Suitability / Recommended For
Startup , Foreign Funded & Growing Companies Professional Service Firms, Like CA, CS, Lawyers Small Company with only one promoter Family Businesses Small Traders
Ease of accommodating Investment
Very Easy & Hassel Free Possible but not preferred by investor Impractical and not likely to secure No Impossible
Protection of Limited Liability
Yes Yes Yes Almost Impossible NO
Startup Tax Exemption
Yes No No No No
Tax Advantage
Few benefits Most Tax Efficient Few Benefits Minimal Minimal
Perpetual Existence
Yes Yes Yes No No
Statutory Compliance
High Low High Minimal Minimal
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Add On Services

Shops &

Establishment

4000

VAT & CST

Registration

8000

Service Tax

Registration

5000

Import Export

Code Number

5000

Professional

Tax

4000

Trademark

Filing

5499

PF

Registration

10000

ESIC

Registration

10000

LLP Registration Process in India

llp register, Digital Signature of Partners

Digital Signature of Partners

DSC is required for e-filing with MCA. An application need to be filed alongwith ID and Address proof duly attested by a Gazetted Officer, Post Master or a Manager of Nationalised Bank.

Foreign Direct Investment (FDI)

Director Identification Number

It is a unique number which is allotted to a director of a company or a designated partner of a LLP, Photo, Attested ID and Address proof is required to be filed along with application

Name Approval Of Company

A Company registering in India need to get its name approved from the ROC, The name should be new, unique and which does not closely resembles with an already registered company or TM.

Common Questions On LLP Registration in India

Q. 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.

Q. Is there any qualification to become a designated partner in a LLP?

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.

Q. 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.

Q. 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.

Q. 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.

Q. 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.

Q. 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 Limted Liability Partnership (LLP) with registered office in Delhi will come under the jurisdiction of Registrar of llp, Delhi.

Q. Is it allowed to change registered office of the LLP after registration?



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