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Limited Liability Partnership (LLP) combines the benefits of a
partnership with that of a limited liability company. In India, it took shape after January 2009
and was an instant success with startups and professional services.
The idea behind LLP was to provide a form of business that is easy to
maintain and benefit owners with limited liability.
The members of an LLP are only liable for a small
amount of debt incurred by the firm.
In case of bankruptcy, the personal assets of the partners will
not be taken into account.
On the other hand, for proprietorships and partnerships, the
personal assets of directors and partners will be seized if the business goes bankrupt.
An LLP is a separate legal entity from the
partners in it.
It has an uninterrupted existence that follows perpetual
succession, i.e., the partners might leave, but the business remains.
The terms of dissolution have to be mutually agreed upon for
the firm to dissolve.
Transferring the ownership of an LLP is also
simple. A person can easily be inducted as a designated partner and the ownership is
transferred to them.
LLPs having a
capital amount less than ₹25 lakhs and turnover below ₹40 lakhs per year do not require any
formal audits. This makes registering as an LLP beneficial for small businesses and
startups.
To be eligible for LLP company registration in india, one should meet the following criteria:
At least two partners are required to form an LLP
(no upper limit).
If a body corporate is a partner, a natural person must be
nominated to represent it.
Each partner must have an agreed contribution towards the
shared capital.
At least one designated partner should be an Indian resident.
The following LLP registration requirements has to submitted while registering the firm:
PAN card or passport (foreign nationals or NRIs);
Blank document with specimen signature.
Aadhar card/ voter’s ID/ passport/ driving license;
Latest bank statement/ telephone bill/ mobile bill/
electricity bill/ gas bill;
Passport-size photograph;
The partners has to provide the following documents:
Utility bills;
Notarized rental agreement in English;
No-objection certificate from the property owner;
Sale deed/property deed in English (in case of owned property).
You can register LLP online through One Call Tax. While we make LLP registration a simple 3-step process for you, the actual registration process is elaborate and is explained below for your knowledge:
All the forms that need to be submitted online require the
director's DSC. So, the first step in the process is to get DSCs and DINs for 2
partners. We collect the necessary information from you and file it on your behalf.
Simultaneously, we check if the name you want
to register under is available and reserve it for your LLP. You can check for name
availability in the MCA portal.
The approval of the name will be made by the
registrar only if the central government does not deem it undesirable.
The name should not hold any resemblance to
any of the existing partnership firms, LLPs, trademarks, or body corporates.
The next step is to draft the LLP agreement and other documents
for registration.
An LLP agreement is very crucial in a limited liability
partnership as it determines the mutual rights and duties amongst the partners, and
between the LLP and the partners.
Thus, our experts take utmost care in drafting this agreement.
The partners enter into the LLP agreement upon registering the
LLP by filing Form 3 online on the MCA portal.
This procedure has to be done within 30 days of the date of
incorporation.
Our team will file the necessary forms and documents with the
registrar.
Once the registrar approves all the forms and documents, you
get your LLP incorporation certificate and are almost set for running your business.
As soon as you get the incorporation certificate, we will apply
for the PAN, TAN, and bank account for your LLP.
The following are included in One Call Tax LLP Registration in India package:
DSCs for 2 directors
DINs for 2 directors
Drafting of MoA & AoA
Drafting partnership agreement
.
Registration fees and stamp duty
LLP incorporation certificate
PAN and TAN registration.
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