Limited Liability Partnership Registration

January 23, 2024 by Team Instabizfilings

Limited liability partnership (LLP) has been termed as an organization; The tax partnership and the law organization of the business is flexible in this organization and the burden on the part of the partners is bound till the extent of the partnership of the business and the debt or the claim. It has become one of the preferred forms of entities among many entrepreneurs in India. As implied in the name a limited liability partnership (LLP) is a partnership firm which is established between at least two people who sign a partnership agreement. This is a new form in the year 2008, and operates under limited liability partnership act 2008. Here, we will help you understand the minimum requirements to incorporate an LLP (limited liability partnership) in India while highlighting the various processes for LLP registration.

Features of Limited Liability Partnership

It is also the form of LLP shall be L legal entity partners.
LLP offers limited liability to its partners.
The LLP partners can only be held personally liable to business debt.
LLP has perpetual succession.
Obligations and rights of partners in LLP are more or less governed based on an agreement between or among partners or between partners and LLP.
This is through the blending of the benefit of the partnership and the various benefit of the private limited company to come up with LLP.

Advantages of Limited Liability Partnership Incorporation

Separate legal entity: an LLP is accorded with a legal personality, just in the same manner as an incorporated company. It can also sue and can be sued on its name factor, which earns the stake holders with trust.
Limited liability of the partners: We also have partners that have limited liability that implies that: partners will only need to pay the amount equivalent to all the money they had invested into the business rather than they should have no liability to the loss suffered by the business.
Cheap and low compliances: The LLP is cheap to operate and the number of compliances is few. Not more than two statements, that LLP incorporation must file in one year only.
No requirement of minimum capital contribution: An LLP can be formed without any minimum capital, allowing partners to contribute any amount they wish.

What are the Legal Requirements for LLP Incorporation?

In India the inclusion of a Limited Liability Partnership (LLP) requires that the following requirements be met:

It must be two or more described partners who must and should be individuals and one of them must be the individual, which occupies residence in India.
The acquisition of Digital Signature Certificate (DSC) of all the associates that would be investing in LLP.
Director Identification Number (DIN) is applied on the behalf of all partners.
Choosing a catchy name of the LLP that reflects the provisions of the naming regulations by the ministry of corporate affairs.
Writing and registering the LLP agreement, which details the duties, collective tasks to be shared, and profit distribution percentage of the partners.
the price of payment of late stamp duty and incorporation charges as per capital contribution of LLP.
This will be done by filling the mandatory forms in terms of address proof, identity and address of registered office of the LLP.

In India LLP What is the procedure of incorporation?

The activities involved in the process of incorporation of a Limited Liability Partnership (LLP) in India take the course of the following steps:

Installing digital signature certificate (DSC) of each of the LLP participants.
Registerholders should fill out an application for a Designated Partner Identification Number (DPIN) form each of their partners.
Ministry of corporate Affairs (MCA) provides a special name of LLP.
Locate the proof of the documents such as LLP agreement; address proof, identity proof, address proof of partnership etc.
An incorporation form would be filled in by Sofirm to the registrar of companies (ROC) as one of the forms of incorporation.
The Certificate of Incorporation will be presented to you after the Registrar has gone through your application.
Get the Permanent Account Number (PAN) and Tax deduction and collection account number (TAN) of newly created LLP.

Through these procedures, you may be able to venture a Limited Liability Partnership incorporation in India. One is advised to see a professional or positive consideration of taking legal advice at a reputed legal consulting and legal service provider.

Required Documents

For Designated Partners

PAN Mandatory- IndianNational/Passport- Foreign National
PROOF OF ADDRESS (Any one of the following ) Voter ID/Passport/Driving License
Proof of Address (Electricity Bill/Bank Statement/Telephone Bill/Mobile Bill not more than 2 months old ) Shall be taken to mean any 1
All papers of Indian National -Self attested
All the Foreign National- Self attested and apostilled documents

For Registered Office

Original Photocopy of Rent agreement / Sale Deed duly signed
Duplicate Electricity Bill /Telephone Bill / Gas Bill One of them

Kickstart your Business With India's Leading Legal Consulting Service

Convenient and customized LLP agreement drafting
Helping in searching the availability of LLP name
The filling-in of the necessary forms such as the FiLLiP and DIN application property
Application for PAN and TAN
The confirmation of the form, the internal and the assets and the certificate of incorporation (COI) PAN and TAN
An LLP agreement in the form 3 which has been maintained and registered within the 30 days of incorporate lodging

With our skilled team of CA, CS, and Lawyers, and on-call support, we ensure a smooth and hassle-free LLP incorporation process. Our dedicated relationship manager will guide you through every step, and the entire company formation process is managed fully online.

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