LLP Registration

The Limited Liability Partnership (LLP) is a registered company under the LLP Act, 2008.

LLP Registration

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OVERVIEW

The Limited Liability Partnership (LLP) is a registered company under the LLP Act, 2008. As compared to unregistered partnership firms, registration offers many advantages. LLP Act 2008 is the parent statute for LLPs. LLP is useful when two parties decide to start a business on a profit-sharing basis. LLPs allow individual partners to be restricted from joint liability of partners in a partnership firm and are quite popular as a form of business entity in the West.

As far as compliance is concerned, LLP requirements are similar to Private Limited Companies. LLPs have a separate legal entity. The LLP can sign contracts and sue parties in its name. It means that partners are not personally liable for the debts if the company. As compared to unregistered partnership firms, some additional compliances are required, But the legal formalities are less as compared to a private limited company, the legal requirements are less, and the LLP form of business is easier to incorporate than a company.Companies registered as an LLP need to add “LLP” as a suffix to the company name.

benefits_of_llp

DOCUMENTS REQUIRED FOR LLP REGISTRATION IN INDIA

Pan Card

PAN card of all the designated partners

Address Proof

Address proof such as the latest mobile or telephone bill or bank statement

Identity Proof

Identity proof of all the partners such as Passport or Driving license or Voter’s ID card at the time of incorporation

Photograph

Passport-sized photograph of every director and shareholder

Notarized Passport

In the case, any of the partners is an NRI or foreign national, then he/ she should present a notarized passport

For the proposed registered address (Residential /commercial)

  1. Latest address proof of the registered office such as the electricity bill or landline bill or property tax receipt.
  2. No objection letter from the owner.

OUR SERVICES

Company name search with ROC

Reservation of company name application

PAN & TAN of company

LLP agreement

Certificate of Incorporation

DSC and DIN of two partner

Post incorporation advisory services fromCA/CS

ADVANTAGES OF LIMITED LIABILITY PARTNERSHIP

Register Entity

Easy transfer of ownership

No minimum capital requirement

No audit requirement

Taxation aspect

Limited liability

STANDARD PROCEDURE

  1.   Application for name reservation

  2.   Application for DSC

  3.   Application for DIN

  4.   Incorporation application

  5.   Filing of Limited Liability Partnership Agreement

  6.   Open a bank account

FREQUENTLY ASKED QUESTIONS

The major differences are: 1. LLP is governed by LLP Act; a Partnership firm is governed by the registrar of firms. 2 . In LLP liability of partners is limited to the amount invested in the company whereas in partnership firm partners are personally liable for unlimited liabilities of the partnership 3. Compliance in LLP is to file annual returns with LLP to Ministry of Corporate Affairs There is no such compliance in an unregistered partnership firm. 4.The cost of partnership is low in comparison to Limited Liability Partnership Firm.
Any individual/organization can become the partner in LLP, including foreigners/NRI’s. However, the individual must 18+ in terms of age and should have a valid PAN card.
An LLP agreement is one that is made between the partners and the LLP regarding the relationship among the individual partners in the LLP. An LLP agreement usually consists of management policies, the inclusion of new partners, policy-making strategies and other terms and conditions agreed between partners.
PMSPL can register an LLP within seven working days from the date of submission of all requisite documents.
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