Limited Liability Partnership
(Price Start at $ 91 /-)
A Limited Liability Partnership (LLP) combines characteristics of both a corporate structure and a partnership firm, creating a hybrid organization that offers the best of both worlds.
It is a modern and beneficial form of business . An LLP, which combines the benefits of partnership dynamics with the protection of limited liability, provides a diverse platform for entrepreneurs to cooperate and create with confidence. The Limited Liability Partnership, or LLP, is a balanced organization that combines the advantages of a traditional partnership business with a corporate.
The Limited Liability Partnership Act of 2008 governs LLPs. With lesser regulatory requirements and fixed duties and obligations similar to a partnership firm, an LLP also provides important benefits of a company structure such as the partners' limited liability and distinct and permanent legal existence. LLPs have grown in popularity among entrepreneurs across sectors because they protect partners' assets and have less legal requirements than ordinary companies.
What are the eligibility criteria for limited liability partnership firm registration in india?
To be eligible for the formation of an LLP firm in India, you must meet the following requirements:
- A minimum of two designated partners is required to form a Limited Liability Partnership in India, with no upper limit on the maximum number of partners.
- Designated Partners: Within the partnership structure, at least two designated partners must be natural people.
- Nomination for Body Corporate Partner:If a body corporate accepts the function of a partner, a natural person must be named as its representative.
- Agreed Contribution: Each partner is obligated to contribute the LLP's shared capital as specified and agreed upon.
- Indian Resident Designated Partner: Every LLP should have an Indian resident as a designated partner at least.
What are the documents/compliances required for limited liability partnership firm registration in india?
To begin the registration procedure for an LLP, partners must provide the following documents:
- Partners' PAN Card/ID Proof:Some documents that might be used as a verification tool by the Address Partners are a voter’s ID, a passport, a driving license and an Aadhar card.
- Residence Proof of Partners: In turn, partners need to present recent reports issued in the last 2-3 months for instance; Bank statement, telephone bill, Mobile bill, Energy bill/Gas bill.
- Passport-size picture: Partners should also provide a passport size picture on a white background.
- Foreign Nationals and Non-Resident Indians (NRIs): Particularly, all foreign nationals or NRIs seeking to participate in an Indian LLP have to bring their passport along. Also, some evidence that one lives at the address like a driver’s license, bank statement, residency card or any other government proof, which contains personal identification details, will be needed.
- Proof of Registered Office Address: The list also comprises of a lease agreement from the landlord as well as a no objection letter (if the office is on rent). Also needs a recent utility bill (gas, electricity, and telephone) with full address and a name of an owner dated last for two months.
- Digital Signature Certificate: At least one of the partners should possess and DSC for digitally signing documents.
What is the procedure to register a limited liability partnership firm in india?
There are various processes involved in forming an LLP. Here is a detailed guide on forming your LLP:
- Obtain Digital Signature Certificate
- Obtain a Director Identification Number (DIN)
- Select a Name for the LLP
- LLP Incorporation Form (FiLLiP)
- Create an LLP Agreement
- Obtain an Incorporation Certificate
- Obtain a PAN and TAN
Because all government filings require digital signatures, all potential LLP partners must get a Digital Signature Certificate.
Designated Partners who do not have a DIN will be allotted one at the time of incorporation. DIN is a one-of-a-kind identifying number given to people who want to be directors or authorized partners in LLPs.
Choose a distinctive and appropriate name for your LLP in compliance with the LLP Rules as prescribed by the Ministry of Corporate Affairs (MCA).
This form gathers critical information about the prospective LLP, including partners, the LLP agreement, and the registered office address. It contains a declaration from partners agreeing to behave as designated partners and follow LLP requirements.
Create the LLP Agreement, which outlines the rights, duties, and obligations of the partners. Within 30 days following establishment, this agreement must be notarized and lodged with the Ministry of Corporate Affairs.
Following the filing and verification of forms and papers, the Registrar of Companies will issue the Certificate of Incorporation, legally acknowledging the LLP's existence.
After receiving the Certificate of Incorporation, apply for the LLP's Permanent Account Number (PAN) and Tax Identification Number (TAN).
What are the benefits of limited liability partnership firm registration in india?
- Separate Legal Entity: As a separate legal entity, an LLP enjoys the same stature as a corporation. LLP is distinct from its partners as well as legally. These entities may file a suit against the third party in a legal dispute or even be sued by that party. Many stakeholders and end users of those contracts give their trust that the contract is signed under company’s name (LLP).
- Limited liability of partners: The responsibilities of the partners are restricted in a case of an LLP. Therefore, each partner’s liability is tied to the sum of money they invested in the venture. This means that they are not under personal liability for the debts incurred by the company and their responsibility can only extend up to the value of the contribution they offered.
- Greater Flexibility: LLP is governed by the LLP contract where there is an output of mutual agreement amongst members that regulate the operations of an LLP. This gives the company a lot of operational freedom as compared to other businesses.
- Minimal Compliance and low incorporation cost: In comparison with other business types such as a private and public limited company, making an LLP is not that expensive. Additionally, they have a low compliance rate. Statement of accounts and solvency, account’s return is all what it takes for the LLP company.
- .No Minimum Capital Requirement: There is no minimum capital requirement for the formation of an LLP. Furthermore, soliciting monetary contributions from the parties engaged is not required.
- Perpetual Succession: The death of a partner has no effect on the business's continued existence
Time required for registration of a private limited company:
Once all the documents are available, post submission it takes around 4-5 working days to incorporate a private limited company in India.
How can Seedling Help you in the registration process?
Seedling, being the team of expert professionals in the field of registration of businesses, makes it a convenient, smooth, and transparent process to incorporate a company without any hassles and with ease. Once you are on board, all your tensions are on us; we will keep you updated at every step of your assignment journey.
Most common question about our services
What is the timeline to incorporate a company in India?
It solely depends upon the nature of the entity we are incorporating, however, it takes 4-5 working days to incorporate a normal private limited company.
How are LLPs registered?
When it comes to registering an LLP online, the Central Registration Centre (CRC) under the ambit of MCA undertake the approval related processes. The registration process is also simplified with seedlings. This involves filing of relevant documents like the LLP incorporation forms and other incorporation formalities.
Is LLP registration required?
A firm must register itself as an LLP before it can operate under this structure. A legal personality of an LLP, limited liability for partners, and ease of compliance with tax and regulation responsibilities it gives them.
Why should I incorporate a company instead of any other form of business?
By incorporating a company, you keep your liability towards any losses to a upper cap, i.e. the amount of investment made is the only maximum loss, which can be incurred. It gives you a positive recognition in the eyes of law, doing business becomes easy, taking working capital limits from banks, going global, it helps in all.
Are post incorporation compliances mandatory in nature?
Yes, these compliances are mandatory to avoid any kind of penal actions from the statutory authorities.
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