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Apply for LLP Registration Online at lowest fees in India by Legal Vidur. Easy Process and Documentation. Register for Limited Liability Partnership Now!
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What is LLP Registration?
Limited Liability Partnership (LLP) is a balanced structure, carrying benefits conventional partnership and still limiting personal liabilities of the partners. It is regulated as a contractual agreement between the partners under the Limited Liability Partnership Act, 2008. It has quickly become a popular choice for services and professional firms like Chartered Accountants, recruiting firms, consulting businesses, etc.
Package
Rs 5499
- Registering a LLP with Ministry of Corporate affairs
- LLPIN
- PAN
- TAN
- MCA processing
- FILIP
- LLP agreement
- Form-3
- Allotment of 2 DPIN and GST registration
Rs 14999
- Registering a LLP with Ministry of Corporate affairs
- LLPIN
- PAN
- TAN
- MCA processing
- FILIP
- LLP agreement
- Form-3
- Allotment of 2 DPIN and GST registration
- Income tax return filing
- Form 11 (Annual return of LLP)
- Form 8 (Statement of Accounts) and DIR-3 eKYC of Directors
Rs 24999
- Registering a LLP with Ministry of Corporate affairs
- LLPIN
- PAN
- TAN
- MCA processing
- FILIP
- LLP agreement
- Form-3
- Allotment of 2 DPIN and GST registration
- Trademark application
- Income tax return filing
- Form 11 (Annual return of LLP)
- Form 8 (Statement of Accounts)
- 12 months filing of GST return and DIR-3 eKYC of Directors
BENEFITS
What are the advantages of registering a business as an LLP?
Limited Liability of Partners
Because an LLP can enter into a contractual relationship in its own capacity, it offers a great advantage to the partners for limiting their personal risk. Liability of financial contribution of any partner is restricted to the capital contribution as per the LLP agreement. Many new age businesses prefer LLP registration over partnership so that their personal assets remain safe in case of loss, or even insolvency. Further, one partner is not held responsible for the actions of negligence or misconduct of any other partner.
Operational Flexibility
LLP Agreement, deed among partners of an LLP, clarifies operating structure including rights and responsibilities of the partners. Typically, LLP would select a “Designated Member” who would control day-to-day operations. It can have individuals or existing businesses as members. Further, this structure allows to clearly define roles of the partners and their respective responsibilities. It could also help in protecting a partner's interest in case of loss because of an unlawful act of any other partner.
Separate Legal Existence
Registration of LLP creates a separate legal identity than its partners. Governed by the LLP Act of 2008, it allows the business to contract with other entities, take legal action, own assets and borrow funds in the name of an LLP itself. It is a major advantage that is not available to a regular partnership firm
Lower Compliance Requirement
A key benefit of registering an LLP over a private company is lesser compliance requirement. It doesn’t have a mandatory audit requirement until a certain level of turnover or contribution. Unlike companies, compliances related to board meetings, statutory meetings, etc. do not apply to LLPs. Professional services for compliance are typically available at cheaper rates than that for companies, making it cost effective to maintain an LLP.
Documents Required
-
PAN Card
PAN Card of all partners
Foreign nationals may provide passport -
Photograph
Latest Passport size photograph of all partners -
NOC from owner
No Objection Certificate to be obtained from the owner of registered office
-
Partners Address Proof
Aadhar Card/ Voter ID/ Passport/ Driving License of all partners -
Business Address Proof
Latest Electricity Bill/ Telephone Bill of the registered office address -
Rent Agreement
Rent Agreement of the registered office should be provided, if any
Note: In case of NRI or Foreign National, documents of the partner must be notarized or apostilled
Comparison
| Private Limited Company | One Person Company | Limited Liability Partnership | Partnership Firm | Proprietorship Firm | |
|---|---|---|---|---|---|
| Act | Companies Act, 2013 | Companies Act, 2013 | Limited Liability Partnership Act, 2008 | Indian Partnership Act, 1932 | No specified Act |
| Registration Requirement | Mandatory | Mandatory | Mandatory | Optional | No |
| Number of members | 2 – 200 | Only 1 | 2 – Unlimited | 2 – 50 | Only 1 |
| Separate Legal Entity | Yes | Yes | Yes | No | No |
| Liability Protection | Limited | Limited | Limited | Unlimited | Unlimited |
| Statutory Audit | Mandatory | Mandatory | Dependent | Not mandatory | Not mandatory |
| Ownership Transfer ability | Restricted | No | Yes | No | No |
| Uninterrupted Existence | Yes | Yes | Yes | No | No |
| Foreign Participation | Allowed | Not Allowed | Allowed | Not Allowed | Not Allowed |
| Tax Rates | Moderate | Moderate | High | High | Low |
| Statutory Compliance | High | Moderate | Moderate | Less | Less |
How we Work?
1
Fill our Registration Form & Make the Payment
2
Expert Will Call You & Receive All the Necessary Documents.
3
Will Create DSC & the DIN Number of Director
4
LLP Deed Drafting & Submit
5
Your Documents will be Filed & Submitted to the ROC
6
Congratulations! You've registered your company. Certificates will be sent by post.
STILL CONFUSED?
TAKE FREE ADVISOR CONSULTATION
Consider following factors before choosing the name for LLP:
For the purpose of reserving the name, applicant needs to make an application in the prescribed form, through his professional expert in this field i.e. a Company Secretary or a Chartered Accountant. In this application, applicant can submit maximum 6 names in order of preference. After due verification, the Registrar may approve any of the name applied by the applicant for the LLP Registration.
Once the name application is approved by the Registrar, the name of LLP will be reserved by the Ministry for a period of 90 days, during which the procedure for incorporation and legal india vidur shall be done, failing to which the name reserved for the applicant will be withdrawn and the applicant is required to make fresh Name Approval Application with payment of requisite fees to Government.
LIMITED LIABILITY PARTNERSHIP (LLP) HAS MANY ADVANTAGES LIKE:-
- It is more flexible to organize the internal structure of LLP. Comparatively, it is complex to organize the internal structure of a company.
- There is no maximum limit for the number of partners in LLP. In the private limited company, shareholders are limited to the extent of 200 shareholders.
- Raising and utilization of funds depends on the partners will. Funds can be bought and utilized only as per the norms listed under the Companies Act, 2013.
- Negligible charges in formation and compliances.
Frequently Asked Questions (FAQs)
There must be at least two individuals to be appointed as Designated Partners, out of which one must be an Indian resident. Also, there is a pre-requisite to have an address of a business in India so as to register it as a registered office for your LLP.
LLP name availability is as an essential part for an online LLP registration. The name of an LLP is reserved through a web based form named “LLP-RUN” (Reserve Unique Name). The partners can provide maximum of 2 names in preferential order to reserve any one. The registrar may ask to re-submit the application with different name, if names do not fall under criteria of uniqueness, relevancy or does not fulfil the necessary requirements.
No. There is no minimum amount prescribed to form an LLP in India. It can be started with any amount of capital demanded by the business. Although there is no minimum requirement, every partner must make a contribution financially to form LLP. The amount of capital contribution is disclosed in the LLP Agreement and amount of stamp duty is decided by the total contribution amount.
There are no limitations in terms of citizenship or residential status to be a Partner in LLP. Therefore, the LLP Act, 2008 allows Foreign Nationals, including Foreign Companies & LLPs to incorporate LLP in India. The pre-requisite is to have at least one Designated Partner who is a resident of India. However, the person should be of the age 18 years. This is to ensure that the person in LLP is not a minor and competent enough to enter into contract. Also, the proposed Designated Partner shall have DIN.
The concept of DPIN (Designated Partner Identification Number) is replaced by DIN with respect to the LLP incorporation. Director Identification Number is a unique number assigned by the MCA to Individuals on whose behalf the application is made. This allows any individual to be Director in any Company or Designated Partner in LLP.
The application of DIN allotment is made with incorporation application in FiLLiP subject to maximum 2 DIN.
The application of DIN allotment is made with incorporation application in FiLLiP subject to maximum 2 DIN.
Digital Signature Certificate for LLP is provided in the form of a token and issued by Certified Authorities. Any form filed for incorporation of Limited Liability Partnership (LLP) in India online shall be submitted after affixing the DSC of the designated partner.
Yes, the partners must provide a place of business in India with the required list of documents. It can be both – a residential or commercial plot. In most cases, the address is used for the communication purpose by the MCA and other concerned authorities and is also published on its portal.
LLP Agreement is an agreement executed by all partners after LLP incorporation in India. The agreement prescribes all the clauses related to business, including the rights, roles, duties, and responsibilities of partners in LLP. The agreement must be filed within 30 days of the issue of a certificate of incorporation. Failure to do so will charge an additional fee of ₹ 100 per day till the date of filing.
Yes, a Limited Liability Partnership registered in India can carry on more than one business subject to their relevancy. The activities must be related or in the same field itself. Unrelated activities such as Interior Designing and Legal consultancy cannot be carried under same LLP. The business activities are mentioned in the agreement and must be approved from RoC.
No, one of the essential requirements for setting up LLP is ‘carrying on a lawful business with a view to profit’. Therefore, LLP cannot be incorporated for undertaking “Not-For-Profit” activities.
The PAN and TAN used for the LLP formation can be applied once the Certificate of Incorporation of the Limited Liability Partnership is issued. The physical copy of the PAN will be received at the Registered Office once the same is dispatched by the Income Tax Department.
Statutory audit in case of LLP registration depends on the turnover and contribution of the LLP. If the LLP turnover exceeds ₹ 40 lacs and/or the capital contribution exceeds ₹ 25 lacs, the financial statements must be audited by an eligible statutory auditor.
Once online LLP registration completes, the partners must open a bank account in the name of LLP for business transactions. There is no additional requirement to be fulfilled. However, the partners must deposit the agreed amount to contribute as and when required. Furthermore, the annual compliance filing must be fulfilled every year upon LLP registration.
Yes, Foreign Direct Investment (FDI) is allowed in LLP under the automatic route in the sectors allowed by the Foreign Investments Promotion Board (FIPB). However, Foreign Institutional Investors (Flls) and Foreign Venture Capital Investors (FVCIs) will not be permitted to invest in LLPs. LLPs will also not be permitted to avail External Commercial Borrowings (ECB.)
Yes, an existing partnership firm or a company (unlisted) can be converted into LLP. There are many advantages to converting a partnership firm into an LLP.
Daily transactions of the business are recorded in the Books of Accounts of the LLP by the Accountant/s. The Accounts hence recorded are verified by an Independent Auditor to make sure that no statutory compliance are missed and provide an Audit Report for the same.
(Note: LegalWiz.in shall only take the accountability of the Accounting Service provided by them but however shall help in appointment of Independent Auditor for your business.)
(Note: LegalWiz.in shall only take the accountability of the Accounting Service provided by them but however shall help in appointment of Independent Auditor for your business.)
