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 people 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
TAKE FIRST STEP TO REGISTER A LLP, CHECK YOUR ELIGIBILITY
Minimum Two Person
Minimum Capital shall be Rs. 10,000
Digital Signature of Two Person
Director Identification Number (DIN) of Two Person
Consent From designated partner
Proof of Registered Address
NOC From the Owner of The Premises
Basic Documents Required
Color Photo of All Persons Involved
PAN Card of The Proposed Directors
Address Proof of the Proposed Directors
Signature on Digital Signature Form
Signature on Affidavit for DIN
Signature on Consent form
Signature on Subscriber Sheet
Tabular Price to Limited Liability Partnership Registration - All Inclusive,
(Service Tax @ 15% on Professional Fee Extra to be billed on actual basis)
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Main Features of LLP Registration in India
Common Questions On LLP Registration in India
What is a LLP?
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.
Is there any qualification to become a designated partner in a LLP?
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.
What is Director Identification Number (DIN)?
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.
For small businesses, what are the benefits of LLP?
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.
Is LLP structure suitable for my business?
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.
What are the responsibilities of a designated partner?
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.
What address to be given as registered office of the LLP?
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 Limited Liability Partnership (LLP) with registered office in Delhi will come under the jurisdiction of Registrar of llp, Delhi.
Is it allowed to change registered office of the LLP after registration?
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.
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