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LLP Registration

Introduction

Limited Liability Partnership (LLP) has become a preferred form of organization among entrepreneurs as it incorporates the benefits of both partnership firm and company into a single form of organisation. The concept of the Limited Liability Partnership (LLP) was introduced in India in 2008. An LLP has the characteristics of both the partnership firm and company. The Limited liability Partnership Act, 2008 regulates the LLP in India. Minimum two partners are required to incorporate an LLP. However, there is no upper limit on the maximum number of partners of an LLP.

Minimum Requirement for LLP Registration

  • Minimum of two partners.
  • DSC for all designated partners.
  • Name of the LLP, which is not similar to any existing LLP or trademark.
  • Control of Both Partners can be done on Banking
  • Capital contribution by the partners of the LLP.
  • LLP Agreement between the partners.
  • Proof of registered office of the LLP.

    • Documents Required for LLP Registration

  • 1) PAN Card/ ID Proof of Partners.
  • 2) Address Proof of Partners.
  • 3) Residence Proof of Partners.
  • 4) Photograph.
  • 5) Passport (in case of Foreign Nationals/ NRIs).
  • 6) Digital Signature Certificate.
  • 7) Proof of Registered Office Address:

    • LLP Registration Process

    Step 1: Obtain Digital Signature Certificate (DSC).

    Step 2: Apply for Director Identification Number (DIN).

    Step 3: Name Approval.

    Step 4: Incorporation of LLP.

    Step 5: File Limited Liability Partnership (LLP) Agreement.

    Basics of LLP

    LLP is a form of Partnership Business in which the partners have limited liabilities. The major difference between LLP and Partnership are :

    Liability

    A LLP has limited liability of partners which means the partner’s responsibility is limited to the capital he contributed and in case of a future loss, his personal assets are safe.

    Compliance

    It is compulsory to file the annual return to “Ministry of Corporate Affairs” in case of a LLP.

    Compliance

    A normal partnership can be started at around Rs. 3600 whereas a LLP can cost a minimum of Rs. 6758 Though the benefits of LLP way overpass the initial extra cost of starting.

    LLP Registration FAQ's

    1. What is LLP registration?

    LLP Registration is the registration of an entity that provides the advantages of a Company and the flexibility of a Partnership firm in a Single organization.

    The designated Partner must be a natural person who is above 18 years of age. LLP Act 2018 allows a foreign national including Foreign Companies to incorporate an LLP in India, provided at least one designated partner is Indian.

    An LLP can be started with any amount of money there is no such minimum requirement. A partner may contribute both tangible and intangible property.

    A DSC is helpful in identifying the sender or the signee electronically. The Ministry of Corporate Affairs (MCA) has made it mandatory for all the designated partners to apply with the Digital Signatures.

    The time taken for incorporation depends on the submission of relevant documents by the client as well as the Approvals from the Government authorities. ABC OutSource can help you Incorporate an LLP in 14-20 days.

    An existing partnership firm or a Company that is unlisted can be converted into an LLP. This conversion into an LLP brings in many benefits.

    18 + years above age any person can become director in a company.

    LLP is a combination of both Partnerships and a Limited Company, offering the advantages of both the companies.

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