Explore all the details you need about Limited Liability Partnership (LLP) Registration in India, tailored for your needs.
Limited Liability Partnership (LLP) is a contemporary and advantageous business structure. Blending the strengths of partnership dynamics and the security of limited liability, an LLP offers a versatile platform for entrepreneurs to collaborate and innovate confidently.
Getting your LLP registered in India is super easy with Solocorp Verifocus Legal LLP. Many businesses trust us to help them register their Limited Liability Partnerships and ensure they follow the rules. Our team of experts will guide you through the online registration process from beginning to end. It's the fastest and cheapest way of LLP company registration. All you have to do is just reach out to us. Start now and set yourself up for a successful business future with LLP registration online.
A Limited Liability Partnership (LLP) is a unique type of business setup that blends a partnership's and a company's features. In an LLP, partners enjoy limited liability, similar to shareholders in a company, while also benefiting from the flexibility and simplicity of a partnership. This arrangement grants the LLP its legal identity, allowing it to take legal actions and be subject to legal actions separately from its partners.
To qualify for the LLP company registration in India, you must adhere to the subsequent criteria:
Establishing a Limited Liability Partnership in India necessitates a minimum of two partners, with no upper threshold on the maximum number of partners.
Within the partnership framework, at least two selected partners are obligatory, and they must be natural individuals. At least one of these designated partners must also maintain residency in India for an LLP incorporation.
If a body corporate assumes the role of a partner, the designation of a natural person must act as its representative.
Each partner is required to contribute the shared capital of the LLP, as stipulated and agreed upon.
To register LLP, it is mandated to possess an authorized capital of at least Rs.1 lakh.
At least one designated partner of the LLP must hold a resident status in India.
Like big companies, an LLP has a separate legal identity. This means it's seen as its own 'person' regarding rights and responsibilities, separate from those who own it.
An LLP needs at least two people to start it. This teamwork helps in setting up the business and working together.
Unlike some other businesses, there's no highest number of partners an LLP can have. This makes it easy to grow and bring in more partners.
A Limited Liability Partnership must have at least two 'main' partners. These people must be real individuals, and at least one should live in India.
One big plus of an LLP is that if something goes wrong, each partner is only responsible for what they put in. So, personal things are safe from business problems.
To register LLP, costs less than setting up a big company. This makes it a great option for smaller businesses.
LLPs don't have to follow as many rules and regulations as big companies. This means less paperwork and less to worry about.
Unlike big companies, you don't need a certain amount to start an LLP. Partners can invest what they can afford.
An LLP is like its own person, just like big companies. This helps people trust and work with it, as it can do legal things independently.
LLP partners are only responsible for what they put in. They don't have to pay for all the debts or losses, which is good for their reputation.
To register LLP, the costs are less and have fewer rules than big companies. There's less paperwork to do every year.
You don't need much money for LLP company registration. Partners can put in whatever amount they want.
Even though LLPs have fewer rules, they can get big fines if they don't follow them on time. Even if an LLP doesn't do anything in a year, it still needs to tell the government or get fined.
An LLP needs at least two partners. It must stop if it has fewer than two partners for six months. Also, it might have to close if it can't pay its debts.
LLPs don't work like big companies where people invest money and become owners. This makes it tricky to get a lot of money from investors.
Choose a unique name that is not used by other businesses. This makes approval easier and establishes your identity. Include words that clearly describe what your business does. This helps people understand your services or products.
End your LLP name with "LLP" or "Limited Liability Partnership." This is necessary to show your business structure and essential part of your LLP registration process.
To initiate the LLP company registration process, partners are required to furnish the following documents:
The process of incorporating a Limited Liability Partnership (LLP) in India involves several key steps, each crucial for ensuring that the LLP is legally established and compliant. Below are the detailed steps for registering an LLP online.
All proposed partners of the LLP must obtain a Digital Signature Certificate (DSC), as all government filings require digital signatures.
Partners without a DIN need to apply for one. The Director Identification Number (DIN) is a unique identification number assigned to individuals aspiring to become directors or designated partners in LLPs.
Select a unique and suitable name for your LLP registration online, adhering to the Ministry of Corporate Affairs guidelines to avoid rejection.
Fill and submit the FiLLiP form, which gathers essential information about the proposed LLP, partners, LLP agreement, and registered office address. The form also includes a declaration from the partners agreeing to act as designated partners and comply with LLP regulations.
Create the LLP Agreement, which outlines the rights, duties, and obligations of the partners. This agreement must be notarized and filed with the Ministry of Corporate Affairs within 30 days of LLP incorporation.
Once the forms and documents are submitted and verified, the Registrar of Companies (RoC) will issue the Certificate of Incorporation, officially recognizing the LLP's existence.
After receiving the Certificate of Incorporation, apply for the Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) for the LLP.