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LLP Registration

Depend on our quick, affordable and highly reliable service for LLP registration. Consult with an expert to start your business as a Limited Liability Partnership (LLP) today
Company Details
Act Limited Liability Partnership Act, 2008
Registration Requirement Mandatory
Number of members 2 – Unlimited
Separate Legal Entity Yes
Liability Protection Limited
Statutory Audit Dependent
Ownership Transferability Yes
Uninterrupted Existence Yes
Foreign Participation Allowed
Tax Rates High
Statutory Compliances Moderate

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Tags: llp, registration, starting, business, india

Understanding LLP Registration as a Business Structure

Limited Liability Partnership (LLP) is a balanced structure, carrying benefits conventional partnership and still limiting personal liabilities of the partners. It is regulated as a contractual agreement between the partners under the Limited Liability Partnership Act, 2008. It has quickly become a popular choice for services and professional firms like Chartered Accountants, recruiting firms, consulting businesses, etc.

LLP as Compared to Private Limited

LLPs are similar to Private Limited Companies with respect to compliance and operational requirements. Recognized as a separate legal entity from the partners, it can contract or be involved in any legal proceedings in its own name. That enables the partners of an LLP to separate business liabilities or debts being recovered from their personal assets. Compliance requirement here is greater than regular partnership firms. However, Compared to a private limited company structure, it is easier to incorporate and maintain.

As a drawback, ownership transfer of a Limited Liability Partnership is not as easy as of a company. Neither an LLP can issue ESOP. For this reason, LLP is not the most ideal choice for startups who want to hyper-grow, seek seed investor or venture capital funding, or issue share capital to their employees.

Registration of LLP is Simple with TaxClue.co.in

The process of LLP Registration in India is revamped by the Ministry of Corporate Affairs. A quicker process of LLP incorporation is made available on 2nd October 2018 as part of the ease of doing business initiative by the government. Experts at TaxClue have helped hundreds of entrepreneurs with the LLP registration process, in all major cities of India including Mumbai, Delhi, Bangalore, Pune, Hyderabad, and more. Our services have equally relevant reach within smaller cities and towns in the country.

Services Covered

PAN

TAN

Incorporation Certificate

LLP Deed

What are the advantages of registering a business as an LLP?

Limited Liability of Partners

Because an LLP can enter into a contractual relationship in its own capacity, it offers a great advantage to the partners for limiting their personal risk. Liability of financial contribution of any partner is restricted to the capital contribution as per the LLP agreement. Many new age businesses prefer LLP registration over partnership so that their personal assets remain safe in case of loss, or even insolvency. Further, one partner is not held responsible for the actions of negligence or misconduct of any other partner.

Operational Flexibility

LLP Agreement, deed among partners of an LLP, clarifies operating structure including rights and responsibilities of the partners. Typically, LLP would select a “Designated Member” who would control day-to-day operations. It can have individuals or existing businesses as members. Further, this structure allows to clearly define roles of the partners and their respective responsibilities. It could also help in protecting partner’s interest in case of loss because of an unlawful act of any other partner.

Separate Legal Existence

Registration of LLP creates a separate legal identity than its partners. Governed by the LLP Act of 2008, it allows the business to contract with other entities, take legal action, own assets and borrow funds in the name of an LLP itself. It is a major advantage that is not available to a regular partnership firm

Lower Compliance Requirement

A key benefit of registering an LLP over a private company is lesser compliance requirement. It doesn’t have a mandatory audit requirement until a certain level of turnover or contribution. Unlike companies, compliances related to board meetings, statutory meetings, etc. do not apply to LLPs. Professional services for compliance are typically available at cheaper rates than those for companies, making it cost-effective to maintain an LLP.

No Limit on Owners of Business

 An LLP requires a minimum of 2 partners while there is no limit on the maximum number of partners. This is in contrast to a private limited company wherein there is a restriction of not having more than 200 members.

No Requirement of Compulsory Audit

All limited companies, whether private or public, irrespective of their share capital, are required to get their accounts audited. But in the case of LLP, there is no such mandatory requirement. This is perceived to be a significant compliance benefit. A limited liability partnership is required to get the audit done only in the case that:

i. The contribution of the LLP exceeds Rs. 25 lakhs, or
ii. The annual turnover of the LLP exceeds Rs. 40 lakhs.

Documents required for registration of an LLP

PAN Card

PAN Card of shareholders and Directors. Foreign nationals must provide a valid passport.

Partners Address Proof

Aadhar card and Voter ID/ Passport/ Driving License of Shareholders and Directors.

Photograph

Latest Passport size photograph of Shareholders and Directors.

Business Address Proof

Latest Electricity Bill/ Telephone Bill of the registered office address

NOC from owner

No Objection Certificate to be obtained from the owner(s) of registered office

Rent Agreement

Rent Agreement of the registered office should be provided if any

Note

In case of NRI or Foreign National, documents of the partner must be notarized or apostilled

Process Flow

Start Your LLP – Quick and Easy!

1. Answer Quick Questions

  • Pick a package for LLP registration that best fits your requirements
  • It takes less than 10 minutes to fill in our questionnaires
  • Provide basic details & documents required for LLP registration
  • Make payment through secured payment gateways for LLP registration fees
  • You are assisted by our experts throughout the process

2. Relax While Team of Experts Get It All Done

  • Assigned Relationship Manager
  • Procurement of Digital Signatures (DSC)
  • Application for LLP Name Reservation
  • Certificate of LLP Incorporation
  • Application for Director Identification Number (DIN)
  • Application for PAN and TAN
  • Drafting of LLP agreement and other required documents

3. Wow! LLP Registration was Easy

  • Your business is registered, get-set-grow!
  • All it takes is 15 – 18 working days to register and incorporate your LLP in India*

How Long does It Take?

Day 1 - 2

  • Application for Digital Signature Certificate

Day 2 - 5

  • Checking LLP Name availability
  • Application for Name Reservation
  • Reservation of LLP Name

Day 6 - 10

  • Drafting the LLP incorporation document
  • Filing application for LLP registration
  • Application for DIN allotment of Designated Partners
  • Certificate of LLP Incorporation

Day 11 - 14

  • Application for PAN and TAN of LLP
  • Drafting of LLP Agreement

Day 15 - 18

  • Payment of Stamp Duty
  • Filing of LLP Agreement
  • Government processing time

LLP vs. Private Limite Company vs. Partnership
LLP Registration Private Limited Company One Person Company Registration Sole Proprietorship Firm Registration Partnership Firm Registration Section 8 Company
Act Limited Liability Partnership Act, 2008 Companies Act, 2013 Companies Act, 2013 No specified Act Indian Partnership Act, 1932 No specified Act
Registration Requirement Mandatory Mandatory Mandatory No Optional No
Number of members 2 – Unlimited 2 – 200 Only 1 Only 1 2 – 50 Only 1
Separate Legal Entity Yes Yes Yes No No No
Liability Protection Limited Limited Limited Unlimited Unlimited Unlimited
Statutory Audit Dependent Mandatory Mandatory Not mandatory Not mandatory Not mandatory
Ownership Transferability Yes Restricted No No No No
Uninterrupted Existence Yes Yes Yes No No No
Foreign Participation Allowed Allowed Not Allowed Not Allowed Not Allowed Not Allowed
Tax Rates High Moderate Moderate Low High Low
Statutory Compliances Moderate High Moderate Less Less Less
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