How To Register A Limited Liability Company
We help you pick the right name for your company/brand.
We help you get the 2 DSC with 2 years validity.
Finally, we draft, execute, and file the LLP Agreement (along with PAN & TAN) with utmost care.
About Limited Liability Company
LLP Registration was introduced in India through the Limited Liability Partnership Act 2008. Although there were existing entities (Private Limited and Partnership), there was a need to have an entity that combines the advantages of a partnership firm and a company. Hence, a Limited Liability Partnership was introduced which offered easy maintenance and lesser compliance formalities.
Major advantage of an LLP Incorporation is that each partner in an LLP is not responsible or liable for the acts of other partners. An LLP also enjoys a limited liability status wherein only the capital invested in the business is at risk and not the personal assets of the partners. LLP in India incorporated as a separate legal entity and has a distinct entity separate from its partners.
LLP registration process is easy with fewer compliances as compared to other business entities. Statutory audits are also exempted in an LLP till the turnover reaches forty lakh Rupees or contribution increases to twenty-five Lakh Rupees. The only downside of Limited Liability Partnership is that it cannot issue shares and is not preferred for raising funds from investors
- LLP is a separate legal entity from the partners. Each partner can sue the other in case a situation arises.
- It has an uninterrupted existence that follows perpetual succession, i.e., the partners might leave, but the business remains. A term of dissolution has to be mutually agreed on for the firm to dissolve.
- Transferring the ownership of LLP is also simple. A person can quickly be inducted in as a designated partner and the ownership switches to them.
- LLPs having a capital amount less than 25 lakhs and turnover below 40 lakhs per year do not require any formal audits. It makes registering as LLP beneficial for small businesses and startups.
- An LLP can own or acquire property because it is recognized as a juristic person. Partners of LLP cannot claim the property as theirs.
- Minimum 2 Designated Partners
- DPIN of all the Partners
- Digital Signature of one Designated Partners
- At least one designated partner is Indian Resident
- The Contribution (tangible or intangible property or other benefits to the LLP
DOCUMENTS FOR DESIGNATED PARTNER:
- Proof of Identity (Driving Licence/Voter Id/Passport)
- Proof of Permanent Residence (Utility Bill/Bank Passbook copy/ Bank Statement)
- Proof of Present Address (If different from Permanent Address)
DOCUMENTS FOR REGISTERED OFFICE
- Rent/Lease Agreement if taken on rent/lease
- Security deposit and rent receipt if applicable
- NOC from the owner of the premises
- Utility bill in the name of the owner not more than 2 months old.
ADDITIONAL INFORMATION OF THE PARTNERS
- DPIN No. of the Partners (If available)
- Nationality of the Partners
- Email Id and Contact no
- Passport size latest photograph in jpeg format
- Occupation and educational qualifications
- Duration of stay at present address (in years and months)
- Place of Birth
- Propose 4 Names in order of Preference and its importance
- Proposed Business activity in Brief (in 2 sentences)
- Proposed Capital contribution and it’s division among the partners
- Arrange basic documents of Partners
- Fill in an online form with accurate information
- Apply for Digital Signature and DIN of Partners
- Prepare all legal documents
- Apply to name availability of the proposed LLP
- Verification of all documents and forms by the respective Government dept and authorities
- File Incorporation Docs with ROC
- Get LLP Incorporation Certificate
- Drafting of LLP Agreement
- Filing of LLP Agreement
How Can We Help In Registering
- DSC of two Designated Partner
- DPIN of two Designated Partners
- Name approval application
- Drafting of Partnership deed
- Certification of Incorporation
Frequently Asked Questions
Which Form is filed for LLP Incorporation?
Form FiLLiP is a new form for incorporation of Limited Liability Partnership with effect from the 2nd October 2018.
Advantages of LLP in India over general partnership firms?
The advantages of registering under the LLP are:
Limited Liability-The LLP registration imposes limited liability over the partners and hence, their personal property cannot be used to settle the debts.
Responsibility of activities- – Under LLP, the partners are responsible only for their own acts and cannot be held responsible for the act of other partners.
Can a partnership be converted into LLP?
Yes, an existing partnership can be converted into LLP by complying with the provisions of LLP Act.
Can an LLP be registered for non-profit organizations?
The Ministry of Corporate Affairs has set a prohibition on non-profit organizations to be converted to LLP. This is because the purpose of a limited liability partnership is to earn a profit. Thus, charitable institutions and organisations cannot have LLP registration.
Can a co-working space or shared space be used as the registered office address for LLP?
No, co-working or shared space cannot be used as registered office address unless it is a lockable area.
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