Overview on Online Limited Liability Partnership Registration in Chennai
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Chennai is known as "The Detroit of India", as more than 30% of the country’s automotive industry is in Chennai. The city offers an enormous range of desirable options for the millions of potential entrepreneurs in India. One of the most preferred business structures in Chennai is Limited Liability Partnership, as LLP provides the benefits of limited liability, separate legal entity, and perpetual succession. Any person desiring to incorporate a limited liability partnership in Chennai is required to follow the requisite steps and procedures to avail of the benefits of LLP.
The process of LLP registration is a complete online process, and there are considerable steps to be taken care of, lengthy process to go through which often end up looking for professional help. If you are desirous to seek professional guidance for registering your LLP in Chennai, Contact us and get your LLP registration done in Chennai from one of the leading LLP Registration Consultants in India. We provide comprehensive assistance on LLP Registration and its compliance-related services.
Concept of LLP under Limited Liability Partnership Act, 2008
LLP stands for a Limited Liability Partnership and is a form of corporate business that provides the benefits of limited liability of a company and the flexibility of the Partnership. Therefore, it indicates the elements of partnerships and corporations. In a Limited Liability Partnership, one partner is not liable for another partner’s misconduct or negligence. A newly established concept of Limited Liability Partnership was introduced in India by the Limited Liability Partnership Act, 2008. The legal compliances are less in LLPs as compared to company form of business and a minimum of two people can form an LLP. There is no maximum limit on the number of its partners in LLPs. Now, LLP is a preferred choice for small businesses instead of a general partnership.
It has a Separate Legal Identity from its partner. LLP is formed under the Limited Liability Partnership Act, 2008. The partners in an LLP are not liable for the unauthorized actions of the other partner and the liability of the individual partner is restricted to his stake in the Capital. It is a body corporate with a distinct legal entity and perpetual succession and applies to any trade or business.
The Eligibility criteria for Limited Liability Partnership Registration in Chennai
The structure of a Limited Liability Partnership is a separate legal entity and also enjoys the advantage of perpetual succession.
LLP is formed under the LLP Act, 2008.
- Minimum Partner
To form an LLP, minimum of 2 partners are required.
- Partner must be a resident
1 designated partner of LLP must be from India.
Ministry of Corporate Affairs administers the working of LLP as well as the LLP Compliances.
- Business Engagement
Limited Liability Partnership can deal with any trade or business after its incorporation.
The partners of an LLP are treated as an agent but are not liable for any liability caused by a partner and the liability of the partners is limited to his share in the capital except in the case of fraud and negligence.
- Separate Entity
The assets and liability of a Limited Liability Partnership are separate from their partners.
- Rights and Duties of Partner
LLP Agreement determine the rights and duties of the partners in an LLP. An applicant is required to file an LLP Agreement to the ROC.
The Documents required for Limited Liability Partnership Registration in Chennai
I. Documents required for DSC-
For LLP registration, you must apply for the DSC of the designated partners of the proposed LLP. It is one of the initial steps to apply for DSC before the LLP Registration process. The entire process is done online and requires to be digitally signed. The designated partners must get the DSC. The documents required for DSC are-
II. For Id and address proof, the designated partner can opt for the following documents-
III. For Residential proof, the designated partner can opt for the following documents-
IV. Subscriber’s Sheet including the consent of the Partners.
V. In principal approval of the Regulatory Authorities, if the proposed name includes the word that requires the approval of Regulated authorities
VI. Additional Documents in case the Designated Partner is also a director/partner in any other company or LLP.
Advantages of Limited Liability Partnership in Chennai
Registering a Limited Liability Partnership, in Chennai offers many advantages. Those are as follows: -
Before filing for LLP’s name reservation, an applicant must follow the below-mentioned key points very closely-
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What is the procedure for Limited Liability Partnership Registration in Chennai?
The procedure for Limited Liability Partnership Registration in Chennai is as follows:-
Ministry of Corporate Affairs has notified amendment to the Limited Liability Partnership Rules, 2009 wherein LLPs name reservation and incorporation processes have been amended to ease of doing business. ‘RUN-LLP’ is a new web-based form introduced by the authorities through whom names of an LLP can be reserved without DSC and DPIN. RUN-LLP Form is similar to the RUN web form in the case of companies.
To make the LLP incorporation process easier, a new form named ‘Form for Incorporation of Limited Liability Partnership (FiLLiP)’ has been introduced through which LLPs can be incorporated by 2 individuals as designated partners who do not have DIN.
The steps required for LLP Registration in Chennai are as follows:-
- DSC Application
Before starting the process of LLP registration, the designated partner must apply for the Digital Signature Certificate. As the entire form is filed online and is required to be digitally signed, DSC authenticates all the documents for LLP.
- Name Reservation through LLP-RUN
LLP-RUN is filed for the name reservation of the proposed LLP which shall be processed by the Central Registration Centre under Non-STP. But before applying for a name reservation, it is recommended that the applicant can use the free name search facility on the MCA portal. The MCA portal ‘Name availability’ check helps you in choosing names not similar to already existing names. The ROC will approve the name only if the name does not resemble any existing company or an LLP or a body corporate or a trademark.
Note-The Applicant has to pay the requisite fees as per Annexure ‘A’. The form once submitted may be either approved/rejected by the Registrar. In case of re-submission, the form shall be allowed to be resubmitted within 15 days for rectifying the errors.
- LLP Incorporation through FiLLip
LLP incorporation is done through FiLLiP. Moreover, FiLLiP form is an integrated application for Reservation of name, Application for allotment of DIN/DPIN, and Incorporation of a new LLP and/. Once the form is filed and found complete, LLP incorporation is done and once approved by the authority, LLPIN is issued. Also, DPINs are issued to the proposed designated partners who do not have a valid DPIN. FiLLip form includes the following services:-
Reservation of name for the proposed LLP
The application for the name reservation may be made through FiLLiP too. If the name for the proposed LLP is already approved via RUN-LLP service. The applicant is required to mention the SRN of such an approved form.
Allotment of DPIN for the Designated Partners
While incorporating an LLP, Maximum 2 designated partners are allowed for allotment of DPIN for the designated partners using this integrated form.
Submission of Requisite Documents
For LLP Registration, an applicant is required to attach the requisite documents for LLP registration. You have to submit the document with the LLP incorporation form. The below-mentioned documents are required for LLP registration-
• Id and Residential proof of the designated partners.
• Passport size photo
• Specimen of the designated partners
• Proof of address of the place of business.
• Subscriber sheet including the consent of the designated partners.
• Disclosure of LLP(s) and/ or company(s) in which designated partner is already a director or partner.
• In case the proposed name contains any word(s) or expression(s) which requires approval from the central government, the related documents are to be submitted as an attachment.
Note-All the attachments should be scanned in pdf format.
- Incorporation Certificate
Once the form is presented to the MCA along with the requisite attachment for LLP incorporation. MCA will approve the application within 5 to 7 working days. If all goes well, Incorporation certification is issued by the authority.
- LLP Agreement
After incorporation of your LLP, the applicant has to submit the LLP agreement. The agreement specifies the mutual rights and duties amongst the partners.
• LLP agreement must be filed online in FORM-3 within 30 days from the date of incorporation.
• The LLP Agreement has to be printed on Stamp Paper and the value of Stamp Paper is different for every state.
Our Corpbiz group will be at your service if you require any legal advice from experts on any aspect of LLP Registration in Chennai. At Corpbiz we provide you a hassle-free LLP Registration which would be dealt with by our professionals within a time frame, subject to governmental processing time. Our team takes care of the documents required for LLP registration and helps in providing you the realistic estimation of LLP registration cost.
Our clients can also keep a check on the progress the incorporation. If you have any questions about the LLP Registration process, our experienced representatives are just a phone call away. Corpbiz will ensure that your communication with professionals is charming and seamless.
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