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LLP Registration - Your Gateway to a Secure Business Future
A limited liability partnership is a type of business entity that offers entrepreneurs the opportunity to combine the benefits of both a partnership and a company. It provides limited liability to its partners. As per data, till 2022, 252460 Limited Liability Partnerships (LLP)s were registered in India. The concept of Limited Liability Partnership (LLP) was introduced in India with the enactment of the Limited Liability Partnership Act of 2008. The procedure to incorporate LLP is easy. Partners must first get a Digital Signature Certificate (DSC) and a Director Identification Number (DIN) in order to commence the LLP registration procedure. The procedure is established by the Ministry of Corporate Affairs to incorporate the LLP. After following the requirements, another step is to send the essential documents. After all of the documentation is dispatched and tested, the Registrar of Companies (RoC) troubles the LLP with its Certificate of Incorporation, which makes it legal. Then, the partners want to reap the Permanent Account Number (PAN) of the LLP and Tax Deduction and Collection Account Number (TAN).
LLP filing not only gives limited liability protection similar to businesses but also offers the freedom and ease of a partnership. This business type, formed in India in 2008 under the Limited Liability Partnership Act, is limited by particular conditions. Partners have to conform to the quality standards as prescribed by the statute.
We are the team of expert professionals to offers a hassle-free experience from start to end that allows entrepreneurs to establish their business smoothly and quickly.
Benefits of LLP Registration in India
There are a number of benefits to Limited Liability Partnership registration that make it an ideal company model for entrepreneurs in India:
- Limited Liability Protection: Limited Liability Partnership (LLP) registration gives partners a vital advantage of limited liability protection. This removes partners from personal duty for the bills and duties of the LLP, protecting their personal assets.
- Separate Legal Entity: Post incorporation an LLP attains a separate legal entity distinguished from its partners. It becomes a legal person in the eyes of law which has the capability to sue and to be sued. Unlike partnership, its existence doesn’t not depend on the existence of its partners.
- Easy Transferability: One of the important perks of establishing an LLP is the ease of transferability of ownership. Partnerships within an LLP can be easily passed on to other people by inducting them as partners, ensuring easy changes and business security.
- Perpetual Existence: LLPs enjoy the advantage of permanent life, meaning that changes in partners due to death, bankruptcy, or removal do not affect the continuation of the LLP. This steadiness means the business can live beyond individual partner changes, giving long-term sustainability and management routine.
In essence, LLP filing not only offers limited liability protection but also builds a strong legal framework for business activities. The mixture of limited liability as separated from a traditional status of the company, with an ease ownership transfer of ownership, and a separate life make LLPs a most preferable choice for businesspeople who are looking for safe and flexible business structure in India.
Requirements for LLP Registration
To start on the LLP filing journey, certain steps must be met to ensure an easy and successful process. One basic requirement is the need for a Digital Signature Certificate (DSC), an important certificate for digitally signing the e-application for LLP registration online. This licence ensures the authenticity of the papers to be submitted to the government to ensure compliance with digital signing rules. Partners interested in the LLP filing process must also receive a Director Identification Number (DIN) if they do not already hold one. The DIN is a unique identification number for people willing to serve as members of the LLP, adding a layer of formal control and responsibility to the filing process. Additionally, partners need to carefully select a unique name for the LLP that sticks to the rules set by the Ministry of Corporate Affairs to avoid rejection during the application process.
Furthermore, partners must make and sign the LLP deal, a basic deal that describes the rights, duties, and responsibilities of the partners and the LLP. This agreement, which must be signed, has to be filed with the Ministry of Corporate Affairs within 30 days of the LLP's creation to confirm the partnership structure and working framework. Lastly, partners should promise compliance with all paperwork requirements, including giving PAN cards, ID proofs, address proofs, passport-size pictures, and evidence of the registered office address, among other relevant papers, to end the LLP registration process smoothly.
Eligibility Criteria for LLP Registration in India
1. Designated Partners:
To form a Limited Liability Partnership (LLP) in India, the named partners should be either Indian people or businesses created in India. They should be above 18 years of age, able to step into contracts, and equipped to abide with the aid of enterprise offers.
2. Number of Partners:
There must be a minimum of two partners in order to establish a LLP. It can have a maximum of 200 partners. This freedom allows for teamwork among people, workers, businesses, and small to medium-sized companies within the LLP structure.
3. Partner Identity and Documentation:
Partners wanting LLP creation must send formal proof of name along with the appropriate papers. This includes PAN cards, ID proofs, address proofs, and other relevant papers to show the name and standing of the partners.
4. Eligible Entities:
- Indian Citizens: Individuals who are Indian citizens or permanent residents are qualified to start an LLP in India.
- Foreign people and Companies: Foreign people and companies can also join LLPs, given they meet the needed paperwork and laws.
- Non-Resident Indians (NRIs): NRIs can be partners in an LLP after sticking to the rules and laws.
- LLPs and Companies: LLPs, companies and other legal bodies can join as partners in an LLP in India, increasing the reach of teamwork and business frameworks.
5. Designated Partners' Role
Designated partners are different from partners in LLPs, who play a crucial role in handling the day-to-day activities of the LLP. At least one chosen partner must be an Indian national for the formation of an LLP. Designated Partners are entrusted with the legal obligation under the LLP Act for to ensure compliance with the statutory requirements like filing annual returns, maintaining a proper book of records and accounts, and adhering to the regulations.
Documents Required for LLP Registration
For Indian Nationals:
- PAN Card: Copy of the possible partners' PAN cards.
- Identity Proof: Voter ID, Passport, Driver’s License, Aadhaar Card.
- Address Proof: Bank Statement, Electricity Bill, Telephone Bill, etc.
- Home Proof: Valid paper showing the present home location.
For Foreign Nationals:
- Passport: Mandatory proof of name, signed or apostilled.
- Address Proof: Driving License, Residence Card, Bank Statement, etc., signed or apostilled.
- Residential Proof: Document proving the present address, not older than one year.
For Registered Office:
- Proof of Registered Office Address: Recent energy bill in the company’s name, not older than 2 months.
- No Objection Certificate (NOC): Issued by the owner of the building property.
- Subscriber Sheet: Witnessed by a professional like a Lawyer, Chartered Accountant, or Company Secretary.
General Requirements:
- LLP Agreement: Governs rights and jobs among partners and the LLP.
- DPIN: Designated Partner Identification Number.
- DSC: Digital Signature Certificate for partners.
- Incorporation Documents: Forms like FiLLiP, Form 3, Form 8, etc.
- Annual Return: Form 11 for LLP.
Ensuring the filling of these papers, both for Indian and Foreign Nationals, along with the proper office-related paperwork, is important for an easy Limited Liability Partnership registration process.
Checklist for LLP Registration
To make sure a simple LLP application procedure, it becomes essential to have every necessary document and information readily available.
- Firstly, partners have to submit their PAN cards, identifying documents such as Aadhaar Card, Voter's ID, Passport, or Driver's License, and address evidence like current bank records or utility bills. For foreign residents or NRIs, extra papers may be necessary, including IDs and address records.
- Partners need to send a passport-size picture with a white background. For the listed office, papers like a recent energy bill, a No Objection Certificate (NOC) if the office is hired, and a member sheet signed by a professional are needed. Additionally, partners must obtain a Digital Signature Certificate (DSC) for at least one chosen partner, write the LLP Agreement, and finish necessary forms like FiLLiP, Form 3, Form 8, and Form 11 for the yearly return.
- Keep these papers in order, both for Indian and Foreign Nationals, along with meeting the office-related standards, is crucial for a good LLP filing process.
Process of LLP Registration in India
The process to establish an LLP contains numerous steps, which are as follows:
Step 1: Obtain a Digital Signature Certificate (DSC)
All partners of the LLP have to apply for a Digital Signature Certificate (DSC) from a certifying authority to digitally sign and fill the online forms.
Step 2: Choose a Unique Name
The next step is to choose an unique name an for the LLP that fits with Ministry of Corporate Affairs standards.
Name Checklist for LLP
- The name should be unique, identical, and similar to an existing company or LLP name.
- The name should reflect the nature of the business or the activity which is to be carried out in the LLP.
- Do not use the words prohibited by the Ministry of Corporate Affairs.
- Do not use offensive or misleading words.
- Words like “National” or “India” shall only be used with prior permission from the central government.
- Words like "Bank," "Stock Exchange," "Insurance," or "University" cannot be used without permission from the regulatory authority.
- The name of the LLP shall end with suffix "Limited Liability Partnership" or "LLP"
Step 3: Submit the Form
- Submit the Form for LLP Incorporation to the Registrar of Companies and acquire the Certificate of Incorporation.
Step 4: Prepare and file the LLP Agreement
- Another step is to draft and execute an LLP Agreement. The agreement must be clear, unambiguous, and should clearly specific the rights, liabilities, duties of the partners.
- The agreement has to be filed in Form 3 online on the MCA Portal.
- Form 3 for the LLP agreement has to be filed within 30 days of the incorporation of the LLP.
Step 5: Get PAN and TAN
- Apply for a Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) for the LLP.
Step 6: Attach Required Documents
Partners need to provide name proofs, address proofs, passport-size pictures, and other necessary papers as per rules.
Essential Forms for LLP
|
Form Name |
Form Code |
Purpose |
|
LLP Name Reservation |
RUN-LLP |
This form is used to reserve a unique name for the LLP. You can propose up to two names for your LLP to be approved by the MCA. |
|
Incorporation Form |
FiLLiP |
This is the main form for LLP incorporation. It contains details about the LLP, its partners, and their contributions. |
|
Partner/Designated Partner Declaration |
3 (DP) |
It is the declaration by partners and designated partners giving consent to become partners/designated partners of the LLP. |
|
Designated Partner Identification Number (DPIN) |
DPIN Application Form (if not already obtained) |
This number is required to become a designated partner in the LLP; if any partner of the proposed LLP does not have a DPIN number, they should apply for it. |
|
Form 3 |
|
It contains all the information about the LLP. |
|
Form 8 |
|
It contains the statement of account and solvency status of the LLP. |
|
Form 11 |
|
It contains the Annual Return of the LLP. |
|
Form 24 |
|
It contains the application to be filed to the Registrar of the Companies (RoC) for striking off the name of the LLP. |
By following the aforementioned steps carefully, partners can easily form their LLP in India,
Annual Compliances for LLPs
LLPs in India have specific compliance needs post-registration to ensure that they stay compliant with the laws and regulations of the country. It is as follows:
- Annual compliance for LLPs is crucial and consists of submitting the Annual Return (Form eleven) within 60 days from the cease of the economic year, giving an account of partners and management adjustments
- LLPs ought to record the Statement of Account & Solvency (Form eight) within 30 days from the cease of six months of the economic year, maintaining their books of accounts in a Double Entry System. Audit of yearly records is needed if the capital exceeds Rs. 25 lakh or sales exceeds Rs. 40 lakhs.
- LLPs have to stick to event-based compliances like choosing or removing designated partners, changing the LLP's name or registration office, and updating the LLP agreement quickly. Timely assistance is important to avoid fines and keep a good business image. Non-compliance can lead to main monetary outcomes or even placement inside the Defaulter listing of the Registrar of Companies.
Therefore, ensuring that each necessary compliance is met, consisting of tax-related reviews and annual paperwork, is critical for LLPs to run without problems and maintain their legal standing consistent with the Limited Liability Partnership Act, 2008.
Why Choose Kanakkupillai for LLP Company Registration?
Kanakkupillai is a trusted service provider of limited liability registration in India. With years of expertise, we offer end-to-end assistance in setting up your business. Our services include:
- Expert Guidance: Our team of legal and accounting professionals helps you through every step of the registration process.
- Efficient Processing: We ensure you a quick and hassle-free registration process aimed at minimizing delays.
- Transparent Pricing: We offer clear pricing with no hidden fees. Every fee is made clear at the beginning.
- Post-Registration Services: We offer comprehensive services like GST registration, tax filing, annual return filing, and compliance support, to ensure your business remains complaint throughout the year.
Frequently Asked Questions
What is the cost involved in LLP registration?
- The cost of LLP registration in India changes based on the financial input, ranging from Rs. 500 to Rs. 5000, with the process usually taking around 10 days for completion.How long does it take to register an LLP in India?
The entire LLP registration process can be completed in just 7 to 10 business days, once all documents are in place.Can a foreigner be a partner in an Indian LLP?
Yes, foreign individuals and entities can partner in an LLP, as long as they comply with Indian regulations and paperwork.it necessary to have a listed office for an LLP?
Having a registered office is required for an LLP, providing a real presence for legal contacts and operations.What are the post-registration legal rules for LLPs?
Post-registration compliance requirements for LLPs include yearly return reports, financial statement entries, and other statutory responsibilities to keep legal compliance.Can an LLP be changed into a private limited company?
LLPs can be changed into private limited companies, giving freedom in business arrangements and changes.What is the difference between LLP registration and business registration?
- The difference between LLP registration and company registration comes in compliance requirements, taxes, and control structures, with LLPs having restricted liability benefits and easier compliance processes.Are there any tax perks connected with registering an LLP?
Registering an LLP can offer tax benefits, with taxation rates similar to private limited companies but with certain advantages in compliance and freedom.Can an LLP be established with a single partner?
An LLP can be established with a single partner, although it is needed to have at least two named partners for the formation process.How can I check the progress of my LLP incorporation?
The state of LLP formation can be checked by watching the registration process, ensuring all necessary papers are filed, and following up with the Registrar of Companies for details on the application status.Do I need a lawyer to register my LLP?
While not mandatory, professional help can streamline the process, ensuring compliance with all legal requirements and saving time.What is the role of a designated partner in an LLP?
Designated partners are responsible for the day-to-day management of the LLP and are legally accountable for compliance with statutory requirements.Is the LLP agreement mandatory for registration?
Yes, the LLP agreement is crucial—it defines the relationship between partners and must be filed with the Ministry of Corporate Affairs within 30 days of incorporation.Do I need to renew my LLP registration annually?
Well, no renewal is required, annual compliance such as submitting returns and financial statements is essential to maintain your LLP’s legal standing.We Provide Best Quality
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