LLP
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LLP

Limited Liability Partnership (LLP) Registration

 

Limited Liability Partnership (LLP) was introduced in India by way of the Limited Liability Partnership Act, 2008. The basic premise behind the introduction of Limited Liability Partnership (LLP) is to provide a form of business entity that is simple to maintain while providing limited liability to the owners. LLP is an alternative corporate business form that gives the benefits of limited liability as present in a company and the flexibility of a partnership business; In other words, it offers advantages of both worlds by bringing simplicity in management akin to partnership firms and scope of expansion like that of a company. The biggest advantage of LLP form of business over a Pvt Ltd Company is in the fact that there is less compliance requirement in comparison to a Company.

Limited Liability Partnership is the easiest corporate legal structure in India. LLP registration in India is governed by the Ministry of Corporate Affairs, the Companies Act, 2013 and the Companies Incorporation Rules, 2014. To register a LLP, a minimum of two designated partners are required.

LLP Registration is now easy when done by FileFunda, for the first time register your startup company sitting at home. Our dedicated expert professionals will help you to register your LLP across India. We will extend our support in documentation, preparation, filing and subsequent Follow-up with ROC.

LLP is one of the easiest way of business to incorporate and manage in India. With an easy incorporation process and simple compliance formalities, LLP is preferred by Professionals, Micro and Small businesses that are family owned or closely-held. Since, LLPs are not capable of issuing equity shares, LLP should be used for any business that has plans for raising equity funds during its lifecycle.

FileFunda is the fastest growing cloud based consultant providing services relating to company registration in India. FileFunda can help you to register a Private Limited Company, One Person Company (OPC), Nidhi Company, Section 8 Company (NGO), Producer Company, NBFC and Limited Liability Partnership (LLP). The average time taken to complete company formation is about 10 – 15 working days, subject to government processing time and client document submission. Get a free consultation for private limited company registration and business startup by scheduling an appointment with an expert from FileFunda.

 

Documents required for

Scanned copy of the following documents is required to incorporate a LLP.

  1. Colour Photographs of all the Designated Partners/Partners
  2. PAN Card of all the Designated Partners/Partners
  3. Identity Proof (Voter ID / Driving License/ Passport)
  4. Address Proof (Bank Statement / Electricity, Mobile, Telephone Bill)
  5. Proof of Registered Office ( Land Document / Notarised Rent Agreement or Lease Agreement along with latest money receipt)
  6. Utility Bill as proof must be Latest (Electricity Bill, Gas Bill or Water Bill or Property Tax Bill)
  7. NOC from the owner of the premises whose name is mentioned in Land Documents and Utility bill.

** Utility bills shall not be older than 2 months.

*** The registered Office address need not to be a commercial space; it can be your residence too.

 Procedure for Incorporating a Limited Liability Partnership

How to Choose LLP Name?

 

The name must be unique and acceptable, as defined by the Companies Act, 2013 or Limited Liability Partnership Act, 2008. The name cannot be the same or similar to an existing company or Limited Liability Partnership (LLP) or trademark in the same field or class.

Check Company name on ministry of Corporate Affairs database:

https://www.mca.gov.in/mcafoportal/showCheckCompanyName.do

In the Company or LLP Name, enter the proposed company or LLP Name and click search.  The list will show the list of Company and LLPs in existence with similar name. If the search returns “No records found”, then there are no similar companies or LLPs with similar name.

Check Trademarks on ipindia database:

https://ipindiaonline.gov.in/tmrpublicsearch/frmmain.aspx

Search proposed name in the respective classes. To know more about trademark classes contact us.

 

After Incorporation what you get:

 

DSC for 2 Designated Partners

DIN for 2 Designated Partners

Certificate of Incorporation

Supporting Document for opening Bank Account

Share Certificate

GST Registration Certificate*

 

* If opted for GST Registration then only GST Registration Certificate will be given.

 

FAQ on LLP Registration Online

 

1) Who can Become Partner in LLP REGISTRATION ?

Any person whether be it an individual or a body corporate can become a partner in LLP unless of unsound mind, declared or proceeding for insolvency is pending

 

2) Can NRI (Non Resident of India) Become Partner in LLP

Yes an NRI can be partner in LLP. Since 2015, LLPs can be formed with 100% foreign investments from NRIs and Foreign entities in areas where 100% FDI is allowed

 

3) what is LLP Agreement?

LLP agreement is the agreement which is signed and executed among the partners of LLP, the same should be notarized. The LLP agreement is to be submitted to RoC within 30 Days of incorporation.

 

4) what is Minimum Number of Partners or Maximum Number of Partners in LLP ?

Min 2 and Max no limit

 

5) Who is Prefer the LLP Registration by Small Startups

– Compliances are low

– Easy to incorporate

– Fee and expenses are less

– Body corporate

– Limited liability

 

6) Is it cheaper LLP as compare to Private limited company

Yes incorporating a private limited company involves more cost and compliances to be followed under the companies act, 2013.

 

7) What is Stamp Duty in LLP AGREEMENT?

The stamp duty depends upon the state in which you are executing the agreement. Like in West Bengal it is 500

 

8) Do I need Commercial Office for the LLP Registration Purpose ?

Not required, you can use your residential address as Registered office purpose for the same.

 

9) Can I do it LLP Formation myself without any help of CA or online portal ?

No, it’s not possible because there is simply reason i.e its required the professional service to fill up the forms and as per the govt MCA Rules Chartered Accountant or CS or Lawyer DSC Authorisation is required on the EForm Filings.

 

10) Can i include my family members in my LLP Formation ?

Yes you can include your any family member in your LLP as a Partner.

 

11) What is the Minimum Share Capital in the LLP ?

You can start with any amount of the capital. But as a Professional advice we suggest you start at least with the 100000 INR for the same.

 

12) GST Registration still required after the LLP Registration?

if your expected turnover cross 20 lakh rupees in a year then Yes its required but suggest you always go with the GST Registration after the incorporation of LLP. It’s helpful to claim the input tax credit.

 

13) I Have small startup, did my LLP eligible for the Startup India ?

Yes Startup India Govt Definition clearly mentioned about the LLP Registration legal entity so you are eligible for the same.

 

14) LLP Companies in India can have multiple business ?

Yes, you can run multiple business under one LLP Name, there is no issue in that, but the business should be mentioned in Schedule I of the LLP Deed

 

15) LLP Secure my Company name with the Logo ?

LLP Secures only the company name like XYZ Technologies LLP but its not secure your Brand or Logo. so if you want to launch any brand under your LLP name then you can go with the Trademark Registration for the same.

 

16) What is criteria to become Partner in an LLP ?

Simply your age is minimum 18 year with the valid documents like pan card etc.

 

17) LLP Registration Certificate have any Validity or renew process?

There is no validity for LLP Registration Certificate. it’s for the lifetime.

 

18) Working Professional in any company can register an LLP in India ?

Yes if there is no particular terms & condition in your JOB Agreement.

 

19) Physical presence or meeting with any govt officer required ?

No, it’s a completely online with the FileFunda which take care about all things.

 

20) What are the mandatory annual compliance for an LLP ?

LLP Annual Return or Statement of Accounts are mandatory filing with the Income tax. Audit is not required in case of LLP till the 40 lakh rupees turnover.

 

21) Can I Convert our LLP into the Private limited Company or other entity ?

Conversion from LLP to another entity is not practical or possible till the date. you can read here about CONVERT LLP TO PRIVATE LIMITED COMPANY.

 

22) Apart from the LLP Registration do i need any other license ?

Yes, its all depend on your nature of business. you need GST Registration mainly, apart from this if you want to secure your brand then you can go with the Logo Registration. if you have food related business then you can go with the FSSAI Registration or if you want to do import export then you can go with the IEC Code Registration.