Limited Liability Partnership Registration
Limited liability partnership registration in India becomes most popular since it is a middle form of entity between private companies and partnership firms. LLP has characteristics of the partnership firm as well as a private limited company, which makes a better form of entity. LLP formation done under The LLP Act, Ministry of Corporate Affairs looks over compliance of LLP. The formation of a limited liability partnership (LLP) requires a minimum of two partners. However, the LLP form is recognized for the startup benefit under make in India and startup India schemes.
The liability of LLP is limited to the capital contribution of the partner. Thus partners’ personal assets can’t be used for the payment of LLP Debt. So partner’s personal Assets are safe even LLP runs in loss or LLP doesn’t have enough assets to pay its due.
Further, LLP Can obtain startup India registration where LLP has benefits of tax exemption, ease of doing business, bill discounting facility, MSME loan facility, etc. The formation of LLP in India is easy and simple as 90% of the process is online. rest of 10% we provide service at your doorstep for document signing etc.
Limited Liability Partnership (LLP) Registration
Benefits of the LLP
- LLP is recognised form of partnership firm
- Fast incorporation process – Can be completed in three days
- Exemption of tax to partner on LLP shared profit
- Easy addition and removal of partner whenever required
- Audit required when turnover is more than 40 Lakhs
- Recognised form for Startup India Registration
Limited Liability Partnership (LLP) Registration
Documents Required for LLP
- PAN Card of Partners
- Identity Card of Partners (Voter id / Passport / Driving License)
- Address Proof of Partners (Utility Bill/ Bank Statement)
- Passport Size photo (Via Whatsapp)
- Proposed Name of LLP
- Object / Activity of the Proposed LLP
- Address Proof for LLP Registered Office (Utility Bill)
- In case of Foreign Partner : Document Must be Notarised & Apostle
(Inclusive of All LLP Fees, PAN, GST, MSME, DIN, DSC)
LLP Registration Charges Rs. 9,000/-
- LLP Registration Certificate (LLPIN)
- Director Identification Number (DIN) of each Partner
- Digital Signature of Partners
- Includes all Government Fees, Stamp Duty
- PAN Card of LLP
- MSME Registration of LLP Firm
- Deed of LLP
- GST Registration of LLP Company
- LLP Stamp Seal
LIMITED LIABILITY PARTNERSHIP (LLP) REGISTRATION
LLP Registration Online Procedure (Steps)
Firstly, Limited Liability Partnership Formation starts with decision of name of LLP. Name must be unique and it must be according to guidelines of MCA. further name should match with Firms proposed object/activity. In addition, Name must be ends with word “LLP”. Proposed name must not violate someone else registered trademark.
Secondly, We need to reserve our proposed name, for that we need to file application of name to MCA-ROC. Once we obtain name from ROC we can start incorporation process.
Thirdly, We need to obtain Digital Signature (DSC) of all partners for the purpose of signing of LLP Incorporation forms. Also Application for DIN must be filed to ROC for unique Directorship Identification Number.
With applicable document LLP Incorporation form should be submitted with requisite supportive.
Within 1 Days of filing of required document ROC will grant Certificate of Incorporation (LLPIN) with PAN, TAN of LLP.
After that Limited Liability Partnership Deed must be prepared and notarised before authorised notary person.
LIMITED LIABILITY PARTNERSHIP (LLP) REGISTRATION
FAQ
Limited Liability Partnership in India is different form than LLC. LLP is Form of Partnership Firm which is very much brought forward concept of LLP UK 2000.
There must be Two Partner required to form LLP as per LLP Act in India.
Within 30 days of LLP Registration Approval, All partner together should Made LLP Agreement/Deed. Such Deed required to submit at www.mca.gov.in with Notarised in the State where LLP Company is having registered office. (Stamp duty and notarised must be in the same state of LLP Registered office)
Government Cost for LLP Registration is
LLP Name Reservation Rs. 1000
LLP DIN Charges Rs. 500 x 2 = 1000
LLP Partner/Director Digital Signature 1000 x 2 = 2000
Chalan Fees (Approx) Rs. 1000
Total Govt. etc Charges for LLP 5000.
Fees for LLP Registration Consultancy Rs. 7000
Total LLP Formation Cost Rs. 12000 Approx.
Minimum MCA/Government Compliance to be Filed by LLP are as follows.
LLP Partner/Director KYC- Once in Year.
LLP MCA Filings – Form 8 and Form 11 – Annually Compulsory.
LLP Income Tax Return Filing – ITR Compulsory
LLP Statutory Audit is Compulsory if Turnover exceeds 40 Lacs or Capital Contribution is more than 25 Lacs.
Other Compliance are as per registration and applicability example GST, Tax Audit, FEMA etc.