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Limited Liability Partnership

The word LLP holds immense significance in the corporate world and refers to Limited Liability Partnership which differs from Private Limited Company and General Partnership in terms of liability, protection and cost.

  • Two DSC & up to two DINs
  • Name Reservation
  • LLP Agreement
  • LLP PAN & TAN
  • Current bank account opening
  • Free assistance regarding  compliance requirement after LLP Incorporation over LLP

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Overview of LLP Registration

Limited Liability Partnership is a type of partnership firm which is more preferred by entrepreneur. It is the easiest form of business structure with the benefit of limited liability. LLP registration gives freedom to partners to form a partnership structure where the liability of each partner is limited to the amount they contribute into the business. Limited liability partnership firm registration means that if the partnership fails, creditors cannot ask for partner’s personal property or income.

What is Limited Liability Partnership Firm?

LLPs or Limited Liability Partnership is a type of business structure which offers extra benefits in comparison to partnership firm. It provides limited liability to its partners at a very nominal compliance costs. Moreover, the Partners of the firm can organize their internal structure like a partnership firm.

In short, LLP is a separate legal entity from its member that has the power to extend all its assets keeping the liabilities of partners

limited. Hence, a Limited Liability Partnership is a hybrid of a company and a partnership firm.

Benefits of LLP Registration

Benefits of LLP Registration
  • Corporate Body

    As per Section 3 of the Limited Liability Partnership Act, 2008, under LLP registration a f firm is a corporate body which has come into force with effect from April 1, 2009. The Indian Partnership Act 1932 is not applicable to LLP.

  • Never Ending

    A Limited Liability Partnership firm has a benefit of perpetual succession and can continue its existence even after the retirement, death, insanity of one or more respective partners in the firm.

  • Limited Liability

    The most important feature of LLP is limited liability that all its partners entertain which means their personal assets are safe and won’t be used to pay the losses or debt of the firm. Apart from it, innocent partners of a Limited Liability Partnership firm are not liable to pay for the wrong deeds done by some other partner.

  • Least Requirements

    A person can start an LLP firm with just two partners out of which one should be an Indian resident. The designated partners  limited liability partnership firm can either be an individual or a corporate body. Moreover, there is no specific capital requirement to incorporate a limited liability partnership firm registration.

  • The LLP Agreement

    An agreement is printed on a stamp paper and signed by all the partners that define their roles and duties in the firm. It helps them in the decision making process.

  • Easy Online Registration and E-filling

    MCA has simplified LLP registration and made it an easy online procedure. The forms and the documents are filed electronically on the official MCA portal. A designated partner of a limitedliability partnership firm has to obtain DSC to sign these documents and forms.

  • Easy Conversion

    If a public or private company or a partnership firm decides to emerge as a limited liability partnership, they can easily convert as per the provisions of the applicable act.

  • Business Management

    The business is managed by the respective partners as per their roles and duties. The designated partners of the firm are responsible for the legal compliances.

  • Profit Sharing Business

    Profit is equally shared amongst all the partners of a limited liability partnership firm. An LLP registration cannot be incorporated for a charitable purpose. Its purpose is to carry on business activities with an aim to earn profit.

Registration Procedure for Online Limited Liability Partnership Firm

Online LLP Registration Procedure

LLP registration is an easy online procedure that can be accomplished within 4 registration steps and 3 post incorporation steps.

Here is the step by step guide for Limited Liability Partnership firm Registration:

  • Obtain a Digital Signature Certificate

    The first step in the process of LLP registration is to obtain the DSC for a designated partner of the firm. DSC is important because LLP registration is an online process and all the documents are to be signed digitally. The designated partner has to obtain their DSC from the government recognized agency. The cost may vary from agency to agency. Make sure to obtain a class 3 or class 2 DSC certificate.

  • Obtain a DPIN For All The Partners

    DPIN or Designated Identification Partners Number is mandatory for all the designated partners of the limited liability partnership firm. Form DIR-3 is filed to obtain DPIN. The applicant has to attach a scanned copy of Aadhar card and PAN card along with the form which should be signed by the company’s secretary or by the Managing Director/CFO/CEO of the limited liability partnership firm in which he/she is appointed as a director.

  • Firm’s Name

    The third step under LLP registration is reserving a name for the limited liability partnership firm. For that, an applicant has to file LLP-RUN form. The name should be unique and non-offensive. For this, you can use the free name search facility available on the MCA Portal. The system is quite helpful and provides a list of names resembling with your firm’s name. This would help you to select an appropriate name. An applicant can provide up to 2 names that would be further analyzed by the registrar of companies. In case of rejection/objection, you can re-submit your form after 15 days of the rejection.

  • Firm’s Incorporation

    Once the name has been reserved for the limited liability partnership firm registration you can move ahead to the incorporation of your LLP. For this, you have to file FiLLiP i.e. Form for incorporation of Limited Liability Partnership. It is filed with the registrar of the firm of the respective state in which the registered office is situated. Applicant has to pay a particular amount of incorporation fees as per the Annexure “A”.

    All the documents and applications are duly checked by the authorities and if all goes well, incorporation certificate is issued.

Documents Required for Online Limited Liability Partnership Firm Registration

Documents required from the Partners

Documents required from the firm

PAN Card

Residential/ Address Proof

Identity Proof

DSC or Digital Signature Certificate

Residence Proof

 

Passport size Photographs

 

Copy of Passport

 

Documents for the Partners

  • PAN Card/ Identity proof

    All the partners of the firm have to provide their PAN card at the time of LLP registration. It also works as a primary identity proof.

  • Residential proof

    Respective partners can submit any documents including their passport, aadhar card, driving license or voter card. Make sure the details of the residential proof matches with the PAN card. In case there is a spelling mistake, get it corrected before the submission.

  • Passport size photographs

    All the partners of a limited liability partnership firm have to provide their passport size photographs with a white background.

  • Passport

    It is mandatory for the NRIs and foreign nationals to submit a copy of the passport at the time of limited liability partnership firm registration. The passport should be notarized by the relevant authorities or else can be done by the Indian embassy situated in the respective country.

    Apart from it, they have to submit a residential proof and if it is in some other language than English, attach a notarized or translation copy along with the documents.

Members of a limited liability partnership firm should provide authentic and complete details in their documents.

Documents for the Firm

  • Residential/ address proof

    An applicant of a limited liability partnership firm requires to submit the residential proof of the registered office during or within 30 days of the limited liability partnership firm registration. In case the registered office is on rent, a rent agreement along with the NOC (No Objection Certificate) has to be submitted.

    An applicant can submit any of the utility bills such as electricity, telephone, the gas bill for the residential proof. Make sure the bill is the latest one and should not be older than two months and contains the complete address of the concerned premises.

  • DSC or Digital Signature Certificate

    Any of the designated partners of the limited liability partnership firm can opt for a DSC that would be required to sign all the forms on a digital platform.

Types of Forms Applicable for Limited Liability Partnership Firm Registration

Name

Purpose

RUN-LLP

A Form for the reservation of name for the firm.

FiLLiP

LLP Incorporation

Form 5

A notice for the change of name.

Form 17

An application for the conversion of a firm into an LLP.

Form 18

An application for the conversion of a private or a public company into an LLP

Post Incorporation Compliances

Just like registration procedure, post compliances are also important. Once the LLP has been incorporated, you have to fulfill post incorporation compliances that are for single time only.

  • LLP Agreement

    LLP agreement is an important document that defines the rights and duties of all the respective members who are the part of LLP registration firm. It helps to avoid future conflicts and disputes in partners and hence help in maintaining peace and prosperity.

    It has to be filed on the MCA portal within 30 days of LLP incorporation. It shall be printed on a stamp paper and signed by all the partners of the firm. Value of the stamp paper varies from state to state.

  • PAN and TAN

    Apply for PAN and TAN after the incorporation because without it firm cannot open a bank account for carrying out further transactions.

  • Open a Bank Account

    Once you have got your PAN, open a bank account in the name of your LLP registration firm to carry out financial transactions.

Total Fees and Time for Limited Liability Partnership Firm Registration in India

It usually takes around 15 days to complete the whole process starting from obtaining a DSC to submission of LLP agreement. The fees may vary from state to state; here is an estimate of different government forms as follows:

Forms

Estimated fees

Digital Signature certificate

Rs 1500 to Rs2000 depending upon the agency

Director Identification number

Rs 1000

Reserve Unique Name/ Name Reservation

Rs. 200

LLP Incorporation

As per the capital contribution:

  For the contribution up to Rs 1 lakh- Rs 500

  For the contribution up to Rs 1 Lakh to Rs 5 lakh- Rs 2000

LLP Agreement

As per the capital contribution and stamp duty charges of a different state.

Frequently Asked Questions

Individuals, company or foreign national can become a partner in a Limited Liability company.

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