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Limited Liability Partnership

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Packages
Registration Process
Why Limited Liability Partnership
FAQs

PACKAGES

    • Startup

    • 7999 /- All inclusive

      • LLP Incorporation

    • Growth

    • 11999 /- All inclusive

      • LLP Incorporation

        +

        One Year TDS Filing

    • Advanced

    • 16999 /- All inclusive

      • LLP Incorporation

        +

        One Year TDS Filing

        +

        Trademark Registration

Limited Liability Partnership

Limited Liability Partnerships, LLP is a unique and new form of business that combines the advantages of both 'Company' and 'Partnership' in a single business entity. This business form was introduced in India in the Year 2008 with the approval of the Limited Liability Partnership Act, 2008.

LLP is a superior form to partnership. The partnership is often discouraged to use because of its unlimited liability feature, i.e. your personal assets may also be held up in case all the dues are not cleared. Hence, it is very risky to use this form of business. So, to overcome this problem, a most important feature of limited liability of company is added to the partnership, which results in Limited Liability Partnership.

LLP is a separate entity, which can be formed in India by a minimum of two persons coming together with a motive of earning profit. Unlike a Private Limited Company, an LLP is easy to manage. It is subjected to minimal post registration compliances.

Some of the demerits of an LLP are, one doesn’t have the option of generating equity in an LLP which decreases the chances of raising funds from the investors in case of a startup, as investors are mostly expected to take up some percentage of the profit shares from the company.

Although, if a startup is not keen on raising funds and wants less stress on the compliances filing part, then they can opt for LLP type of partnership.

An LLP in India has following features:

  • Liability of Partners in LLP is limited to their capital contribution.
  • Flexibility in business operation because partners can decide how they will individual contribute to the business operations.
  • Now, LLP can access to foreign equity funds under the automatic route. No RBI approval is required.
  • No tax is levied on a distribution of profits amongst the partners.
  • No restrictions on a maximum number of partners.

PROCESS

DIN , DSC & Name Approval

DIN , DSC & Name Approval

1 to 7 Days

Submission of Form 2

Submission of Form 2

8 to 12 Days

Certificate Of Incorporation

Certificate Of Incorporation

12 to 15 Days

Submission of Form 3 & 4

Submission of Form 3 & 4

16 to 22 Days

WHY LIMITED LIABILITY PARTNERSHIP?

Easy to Form

It is very easy to form LLP, as the process is very simple as compared to Companies and does not involve much formality. Compared to other forms of starting business, LLP has been found as the easiest form of incorporating a company and requires fewer hassles.

Body Corporate

Just like a Company, LLP is also a body corporate, which means it has its own existence as compared to a partnership. LLP and its Partners are a distinct entity in the eyes of the law. An LLP is known by its own name and not by the name of its partners.

Limited Liability

An LLP exists as a separate legal entity from its partners. Liability for repayment of debts and lawsuits incurred by the LLP lies on it and not on Partners. Forming an LLP is a good way to protect your personal assets from your company's liabilities.

Easy Transferable Ownership

It is easy to become a Partner or leave an LLP or otherwise it is easier to transfer the ownership in accordance with the terms of the LLP Agreement. It is relatively easy to transfer the ownership of an LLP to another person as compared to other business forms.

No Audit Requirement

Under LLP, only in case of business, where the annual turnover/contribution exceeds Rs 40 Lacs /Rs 25 Lacs are required to get their account audited annually by a chartered accountant. This provides great relief to small businessmen.

Compliance

Compared to a Private Limited Company, A Limited Liability Partnership tends to have less compliance to follow.

Capital Requirement

There is no minimum capital required to form an LLP.

Tax Advantages

There are some important advantages over the private limited company. For example, Dividend Distribution Tax and tax surcharge don't apply. Loans to partners are also not taxable as income

GREATER FLEXIBILITY

Limited liability partnerships offer partners flexibility in business ownership. Partners have the authority to decide how they will individually contribute to business operations.

Frequently Asked Question

WHAT IS THE DIFFERENCE BETWEEN LLP AND PRIVATE LIMITED COMPANY?
An LLP consists of partners whereas a private limited company has shareholders
WHO IS RESPONSIBLE FOR MISCONDUCT OR NEGLIGENCE IN LLP?
A Partner who has done any misconduct is responsible for his own act, not the other partners.
WHAT IS (DPIN) DESIGNATED PARTNER IDENTIFICATION NUMBER?
The Unique Number is required to allot to an Individual which remains valid for whole life of the individual and is required to become Partner of any LLP.
HOW CAN WE SELECT A NAME OF THE LLP?
Firstly we just need to find a unique name as prefix and promoters need to provide a name of the proposed LLP along with the significance of the word. Secondly, the name needs to include a word about the LLP business activity. Finally, before selecting Names it will be advisable to check on Google, MCA Portal, MCA Guidelines and Trade Mark site the availability of Name.
WHEN WE GET THE CERTIFICATE OF INCORPORATION?
After filing incorporation details, and if the details are found to be correct then ROC issue certificate of Incorporation.
HOW TO FILE LLP AGREEMENT?
An LLP agreement is filed in Form 3
IS LLP IS A BODY CORPORATE?
Yes, LLP is a body corporate.
WHAT ARE THE DOCUMENTS REQUIRED FOR LLP INCORPORATION?

Following are the documents required for LLP incorporation for each partner

  • Self attested PAN card copy.
  • Four Photographs.
  • Self attested copy of any one of the Identity Proof like Driving License, Passport, Voter ID & Aadhar Card
  • Self attested copy of any one of the Address Proof like Bank Pass Book/Bank Statement, Telephone Landline Bill, Mobile Bill & Electricity Bill.
  • LLP Address proof Electricity Bill, Telephone Bill, Mobile Bill & Gas Bill AND Rent Agreement
    (If Rented ) AND NOC for doing Business & for taking Registration.
  • LLP agreement.
WHO CAN INCORPORATE A LLP?
Any two persons who consent to become partners can incorporate an LLP
WHAT IS DIGITAL SIGNATURE CERTIFICATE AND WHY IS IT REQUIRED FOR LLP INCORPORATION?
Digital Signature Certificate (DSC) as the name suggests it is a digital signature of an individual and it is required for filling the e-forms of company incorporation electronically to Ministry of Corporate Affairs

HOW MUCH MINIMUM CAPITAL REQUIRED TO INCORPORATE A LLP?
No minimum capital is required for incorporation of LLP.
DO PARTNERS HAVE TO BE PRESENT PERSONALLY TO INCORPORATE A LLP?
No, partners are not required to present personally because documents can be filed online at any place.
HOW MUCH TIME WILL IT TAKES TO INCORPORATE A LLP?
To incorporate an LLP we required approximately 22 working days. The time taken for incorporation will depend on submission of relevant documents by the client and speed of Government Approvals. To ensure a speedy process of incorporation, please choose a unique name for your LLP and ensure you have all the required documents are provided before starting the incorporation process.
IS COST OF INCORPORATING A LLP IS LESSER THAN A PRIVATE LIMITED COMPANY?
The cost of registration is almost the same for both.
CAN A LLP OWNS PROPERTY IN ITS NAME?
An LLP can own and enjoy property in its own name, partners are not owners of the company's property.
WHAT IS CERTIFICATE OF INCORPORATION OF THE LLP?

Certificate of Incorporation is a certificate issued by the registrar of companies after due verification of the documents submitted by the proposed partners of an LLP. It is the conclusive evidence of incorporation of an LLP.

CAN A SALARIED PERSON BECOME THE PARTNER IN LLP?
Yes, a salaried person can become partner in an LLP.
CAN NRI/FOREIGNERS BECOME PARTNER OF A LLP?
Yes, an NRI/Foreigner can become a partner of an LLP.
WHAT IS THE MAXIMUM LIMIT OF PARTNERS TO FORM A LLP?
In case of Partnership firm, maximum 20 partners are permitted but for LLP there is no maximum number of partners.
CAN AN LLP BE INCORPORATED FOR NON PROFIT ACTIVITIES?
No, an LLP can't be incorporated for Non-profit activities.
WHAT ARE THE ANNUAL COMPLIANCES REQUIRED FOR LLP?
An LLP is required to file annual return and Statement of Accounts and Solvency as a part of annual compliance.
CAN AN EXISTING PARTNERSHIP FIRM OR COMPANY BE CONVERTED TO LLP?
Yes, an existing partnership firm or a company that is unlisted can be converted into LLP. There are many advantages of converting a partnership firm into a LLP; however, the same doesn't apply for the conversion of a Company to a LLP.

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