Limited Liability Partnership

The flexibility of a partnership and limited liability protection offered by a company are combined in an LLP, a sort of corporate structure. It has a distinct legal identity and is registered as a separate legal entity from its partners.

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LLP Registration In India

An alternative business structure that combines the benefits of a company with the adaptability of a partnership firm is known as an LLP Registration in India. The Limited Liability Partnership Act of 2008 was responsible for introducing the LLP concept in India. This unusual mix can be used to establish small and medium-sized businesses.

In India, a Limited Liability Partnership is fairly simple to run and incorporate. The minimum number of partners needed to register an LLP is two, and there is no maximum number. The partners' obligations are laid out in the LLP agreement. An LLP does not hold one partner accountable for the bad behaviour or carelessness of the other partner. In accordance with the terms of the LLP agreement, the partners are accountable for all compliances and requirements.

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Benefits of LLP Registration

A Limited Liability Partnership was introduced with the primary objective of overcoming all the flaws that a traditional Partnership Firm has. Its features closely resemble those of a limited company, enabling it to offer several unbelievable benefits to all its stakeholders, including its partners, investors and creditors. You can refer to the table below for complete information on all such benefits.

Limited Liability

Partners' liability is restricted in accordance with the LLP Agreement's requirements.

Appealing to investors

The LLP's distinct legal status gives it credibility and attracts investment.

Creditors' Preference

Financial institutions (FIs) and banks favour lending money to legally registered enterprises.

Simple to Include

Incorporating an LLP is simple and takes only a few days thanks to a 100% online process.

Reduced Compliance

Only annual returns and financial statements must be submitted by an LLP to the RoC.

Flexible Management

The LLP Agreement that the partners wrote governs how an LLP is run.

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Criteria

Even if their income does not go above the tax level, the following people are still allowed to pay their income tax return:

  •  Individuals whose annual sales volume is at least Rs. 60 lakh.
  •  Those who have a TDS or TCS of more than Rs 25,000.
  •  Those with annual professional incomes of over Rs. 10 lakh.
  •  A person is qualified to pay the ITR if they deposit at least 50 lakh in their savings bank account.
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Process of Registered LLP

While we streamline the LLP registration process for you into a straightforward 3-step procedure, the real registration process is complex and is described below for your knowledge:

Acquiring a DSC and DIN

  • The directors' DSC is required for all forms that must be submitted online. Obtaining DSCs and DINs for two partners is thus the first step in the procedure. You provide us with the relevant data, and we gather it and file it on your behalf.
  • Application for Name Approval

  • The name you intend to register your LLP under is simultaneously checked to see if it is accessible. In the MCA site, you can check whether a name is available. Only if the federal government does not think the name unattractive will the registrar approve it. Any existing partnership businesses, LLPs, trademarks, or body corporates should not have any resemblance to the name.
  • LLP Agreement

  • The LLP agreement and other registration-related paperwork must be drafted as the following stage. A limited liability partnership's LLP agreement is extremely important since it establishes the partners' mutual rights and obligations as well as those of the LLP and the partners. Because of this, our professionals wrote this agreement with the highest care. The LLP agreement is signed by the partners when the LLP is registered by submitting Form 3 online via the MCA site. After the incorporation date, this step must be completed within 30 days. return.
  • LLP Incorporation Certificate

  • The required paperwork will be sent to the registrar by our team. Your LLP incorporation certificate and ability to conduct business are nearly certain once the registrar has approved all the forms and papers.
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Documents Required for LLP Registration

The most important component of limited liability partnership registration is the documentation because the correctness of their filings with the ROC determines whether or not your entire application will be approved or rejected. The documentation of the partners and the documents of the LLP's Registered Office fall under the two kinds of documents needed for limited liability partnership registration.

Documents for all partners

  •  Colour passport size photo
  •  PAN Card or Aadhar Card
  •  Id Proof: (Passport, Voter ID, Driving Licence)
  •  Address Proof: (Telephone bill / Gas bill / Electricity Bill / Bank Statement not older than 2 months)
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Documents Required for Start Company

  •  PAN Card
  • Aadhar Card
  •  Bank account details
  •  Bank statements/ passbook
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Frequently Asked Questions

No, the procedure of forming a company in India is entirely online. You do not need to be physically there at all because you can complete all documents electronically. All the necessary forms and documentation must be digitised and sent to us.

Yes, regardless of its revenue, a private limited firm is required to employ an auditor. In fact, within 30 days of formation, an auditor must be engaged. Given that penalties for non-compliance can reach millions of rupees and possibly result in the blacklisting of directors, compliance is crucial for a private limited business.

The Ministry of Corporate Affairs makes available the company's registration certificate online.