FEATURES OF LLP
Registering Limited Liability Partnership
Limited Liability Partnership (LLP) is governed by the Limited Liability Partnership Act, 2008. The basic thought to incorporate a LLP is that it provides the owners the advantage of limited liability. LLP is an alternative business forms which limits the liability of the owners to company’s assets and not their personal assets.
LLP is a registered form of business, every LLP is registered with ROC per provisions as mentioned under the act. LLP is one amongst easy forms of business to be incorporated and managed per se in India as it involves minimal maintenance as compared to other forms of business.
Process to Register
- Reservation of Name in e-form 1.
- Incorporate via filing of e- form 2 after reserving the name.
- LLP Agreement is required to be filed through e- form 3 within 30 days of receipt of Incorporation certificate.
- Identity Proof of Partners (PAN card, Voter ID Card, Driving License, Passport)
- Address Proof of Partners (Bank statement, Electricity bill, Mobile bill, Telephone bill)
- Proof for Registered office (rental agreement), NOC (where property is rented)
- Signed Incorporation documents
Frequently Asked Questions
There is no minimum capital required to incorporate a LLP as like in case of private and public limited company where the minimum limit is Rs. 100,000 and 500,000 respectively as per Companies Act, 2013. The contribution can be in any form tangible/ intangible, movable/ immovable property or any other benefit to the LLP.
LLP can be registered with a minimum of 2 partners, moreover there is no limit to the maximum number of partners in a LLP unlike a traditional/ normal partnership firm where it can have maximum 20 partners.
The name can be reserved by taking approval in Form 1 by ROC, for a period of 3 months from the date of intimation by the Registrar. However, for Foreign LLP/Companies there is an option to reserve the existing names for a period of 3 years through which they are already operating from outside India, which can be further renewed on application to Registrar in Form 25.
Yes, per provisions as mentioned under LLP Act, if one of the partner is Resident in India any foreigner can be designated as partner to that LLP
No, audit of accounts is mandatory for only those whose turnover exceeds, in any financial year, forty lakh rupees, or whose contribution exceeds twenty five lakh rupees. Still, if the partners of such limited liability partnership contemplates/decides to get the respective account of such LLP audited, the accounts shall be audited only in accordance with such rule.
Yes, LLP’s are required to file an annual return in prescribed Form 11 with Registrar in a time of 60 days from the date of closure of the respective financial year.
Besides the limit of partners, LLP’s are registered with MCA just like any other limited company. There is a requirement of filing up of annual forms unlike a traditional partnership firm.
Packages on Offering
- Registration of LLP with DSC, DIN, Deed Drafting, Name Approval, PAN, TAN and government fees for incorporation. Inclusive of government fee and GST.
- Registration of LLP with DSC, DIN, Deed Drafting, Name Approval, PAN, TAN and government fees for incorporation, GST Registration Inclusive of government fee and GST.
- Registration of LLP with DSC, DIN, Deed Drafting, Name Approval, PAN, TAN and government fees for incorporation, GST Registration & Trademark Filing Inclusive of government fee and GST.