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What is a Limited Liability Partnership Company?
Limited Liability Partnership(LLP) was introduced in 2008, since then it has quickly become a popular legal structure for business. Limited Liability Partnership Registration is governed by the Limited Liability Partnership Act, 2008. LLP was introduced to provide a form of business that is easy to maintain and to help owners by providing them with limited liability.
LLP requires fewer compliances and therefore it is preferred by Professionals, Micro and Small businesses that are family owned or closely-held, trading, service sector especially advisory and professional service firms.
Benefits of Registering a Limited Liability PartnershipCompany
Registering a Limited Liability Partnership Company offers many benefits.
- Limited Liability of Partners
- Separate Legal Entity
- Continuity of Existence
- Minimal Regulatory Compliance
- Transferability of Ownership
Requirements for Registering a Limited Liability PartnershipCompany
Registering a Limited Liability Partnership Company will require the following.
- Minimum of two persons as Partners & Designated Partners
- No minimum Capital is required for LLP Registration
- At least one Designated Partner should be resident in India.
- Partners are not restricted by citizenship but should be aged above 18 years of age
- At least one Designated Partner should be a resident ofIndia
- Foreign residents are also allowed as Designated Partners after obtaining Designated Partner Identification Number
Detailed Registration Process
The Ministry of Corporate Affairs governs the company registration process. The below registration process is basis the governing laws of MCA:
- Step 1: Application for DSC &DIN for Partners
- Step 2: Application filing for Nameavailability
- Step 3: Drafting and Filing of LLP agreement
- Step 4: Drafting and Filing of eMoa and eAoA
- Step 5: Apply for PAN and TAN of the company
- Step 6: Certificate of Incorporation issued by RoCalong with PAN and TAN
- Step 7: Open a Current Bank account on the company name
Documents required for Limited Liability Partnership Company Registration
In India, Limited Liability PartnershipCompany registration cannot be done without proper identity and address proof. Prescribed documents will be needed for all the directors and the shareholders for the company incorporation. Listed below are the documents that are accepted by MCA for Limited Liability PartnershipCompany registration
Identity & Address Proof of Partners:
- Copy of Pan Card of Directors (mandatory)
- Aadhaar Card or Voter Id card or Driving License or Passport
- Any one of: Bank Statementor Electricity Bill or Mobile Bill (not older than 2 months)
- Passport Size Photograph of Directors
Proof of Registered Office:
- Conveyance/ Lease deed/Rent Agreement etc. along with rent receipts (any one)
- Copy of the utility bills (Telephone/Gas/Electricity bill) (not older than two months) (any one)
- NOC from Landlord
Below listed are the deliverables if you get your Limited Liability Partnership Company registered from LegalKart:
- DSC & DIN for 2 Partners
- Company Name Approval
- MOA + AOA
- Incorporation Certificate
- Company PAN Card
- Company TAN Number
- Bank Account Opening Document Support
Frequently Asked Question
Do I need to be physically present during this process?
No, new company registration is a fully online process. As all documents are filed electronically, you would not need to be physically present at all. You would need to send us scanned copies of all the required documents & forms.
Who can become a Partner/Designated Partner in a LLP?
Any individual, or even a company or an LLP, can become a partner. However, only an individual can become a ‘designated partner’ in an LLP.
What is a DPIN?
A DPIN or the Designated Partner Identification Number is a unique number that identifies the partner of an LLP. When any person is appointed as an LLP partner, the DPIN must be mentioned in the relevant documentation.
What is anLLP Agreement?
An LLP agreement is one that is made between the partners and the LLP regarding the relationship between the individual partners in the LLP. An LLP agreement usually consists of management policies, inclusion of new partners, policy making strategies, and so on.
Can one register aLLP company on their home address?
Yes, one can register aLLP company on their home addressin India.You will require to submit a copy of the utility bill the same address alongwithwith the NOC from the landlord for LLP Company Registration.
What are the Annual Compliance requirements to be fulfilled by an LLP Company?
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.
What our users have to say
I was planning to buy a plot in Nagpur. Before buying the land, I wanted to get all the documents verified and ensure it is free of fraud and forgery. LegalKart undertook every step carefully and their team was very responsive. I am impressed by their professionalism and would highly recommend their service.
Kishore Kamble, Pune
I had purchased a flat in Bangalore. The builder had delayed possession from the committed date. I was paying a high EMI and rent which increased my monthly cash outflow and this left me with no money at the end of the month. I was very stressed and didn’t know what to do. I came across LegalKart and their Property Expert Lawyer advised me to send a legal notice to the Builder and also appeal to the RERA for the delayed possession. I got compensation from the builder for the delay and finally also got possession of my flat.
B. Sivakumar, Bangalore