Limited Liability Partnership Registration
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Your Limited Liability Partnership Registration With Easebis
Registering a Company is quick, easy, and can be done online with Easebis in 3 simple steps:
Online LLP Registration in India - An Overview
LLP Registration in India has become an alternative form of business that provides the advantages of a Company and the flexibility of a Partnership firm into a single organization. The Concept of LLP in India was introduced back in 2008 by the Limited Liability Partnership Act of 2008. This unique hybrid is suitable for setting small, medium-sized businesses.
It is very easy to manage and incorporate a Limited Liability Partnership in India. To register an LLP minimum of two partners are required, there is no upper limit as such. The LLP agreement states the rights and the duties of the Partners. In an LLP one partner is not responsible for the misconduct and negligence of the other partner. The partners are responsible for the compliances and all the provisions that are specified in the LLP agreement.
Benefits of Limited Liability Partnership Registration
Here are four major reasons why people tend to choose LLP as their business model:
- 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 designated partner in LLP 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.
Checklist for LLP Registration in India
As defined by the Companies Act, 2013 one must guarantee that the checklist requirements are met without fail.
Decide on the Partners:
LLP requires a minimum of two designated partners who will be responsible for the legal compliances of the LLP.
Select a Suitable Name:
Check for the availability of the desired name and ensure it complies with the LLP naming guidelines.
All designated partners must obtain a Digital Signature Certificate (DSC) for filing documents online
The designated partners must obtain a Director Identification Number (DIN) from the Ministry of Corporate Affairs (MCA)
File LLP Agreement:
Draft an LLP agreement, which includes details such as partners’ contribution, profit-sharing ratio, etc., and file it with the Registrar of Companies (ROC)
Obtain PAN and TAN:
Apply for PAN and TAN for the LLP.
File Form For Llp Incorporation:
File Form FiLLiP (Form for incorporation of LLP) with the Registrar of Companies (ROC), along with the required documents.
Register for GST:
Register the LLP for GST if the turnover is above the threshold limit.
Register For Other Taxes:
Register the LLP for other taxes such as Professional Tax, Import Export Code, etc., as per business requirements.
Obtain Necessary Licenses:
Obtain necessary licenses such as FSSAI, Trademark registration, etc., as per business requirements.
Comply with the ongoing statutory requirements such as filing of annual returns, audit, etc.
To be eligible for LLP company registration in india, one should meet the following criteria:
- At least two partners are required to form a Limited Liability Partnership in India (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
- LLP should have an authorized capital of at least ₹1 lakh
- At least one designated partner should be an Indian resident.
Documents Required for LLP Registration
The following LLP registration requirements has to submitted while registering the firm
The partners has to provide the following documents:
- PAN card or passport (foreign nationals or NRIs)
- Aadhar card/ voter’s ID/ passport/ driving license
- Latest bank statement/ telephone bill/ mobile bill/ electricity bill/ gas bill
- Passport-size photograph
- Blank document with specimen signature.
Note: One partner must self-attest the first three documents. In the case of foreign nationals or NRIs, all the documents must be notarised (if currently in India or a non-commonwealth country) or apostilled (if from a commonwealth country).
For the registered office:
- 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).
Steps For LLP Registration in India
Company registration in India benefits startups offering them an advantage over those who have not registered. The of registering your company is complex and involves many compliances. However, you needn’t worry as long as you have Easebis. Our professionals can help you with every step of the private limited company registration process.
Step 1: Obtaining DSC And DIN
All the forms that need to be submitted online require the directors’ 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.
Step 2: Application For Name Approval
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.
Step 3: LLP Agreement
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.
Step 4: LLP Incorporation Certificate
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.
Step 5: Apply for Your PAN, TAN, & Bank Account
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 Easebis’s 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
- Company incorporation certificate
- PAN and TAN registration.
We also assist with the following to register a LLP company in india:
- A first free consultation, followed by subsequent support to clear every concern you may face
- Complete support on opening a current bank account
- Comprehensive and on-time updates on ROC compliances
- Online accounting software valid for one year
- A master file that contains all the documentation needed to file the incorporation
- You will also get a zero balance current account – powered by DBS bank.
Features of LLP Registration
The key features of a Limited Liability Partnership (LLP) are:
Separate Legal Entity: LLP is a separate legal entity from its partners, which means it can own assets, borrow money, sue or be sued in its own name.
Limited Liability Protection: The liability of partners in an LLP is limited to the extent of their agreed contribution in the LLP. This means that the personal assets of the partners cannot be used to pay off the debts of the LLP.
Perpetual Succession: LLP has perpetual succession, which means that the LLP continues to exist even if the partners leave or change.
Flexible Management Structure: LLP can be managed either by the partners or by designated managers either by the partners or by designated managers. This allows for a flexible management structure.
Checklist for LLP Registration
Decide on the Partners: LLP requires a minimum of two designated partners who will be responsible for the legal compliances of the LLP.
Select a Suitable Name: Check for the availability of the desired name and ensure it complies with the LLP naming guidelines.
Obtain DSC: All designated partners must obtain a Digital Signature Certificate (DSC) for filing documents online
Obtain DIN: The designated partners must obtain a Director Identification Number (DIN) from the Ministry of Corporate Affairs (MCA)
File LLP Agreement: Draft an LLP agreement, which includes details such as partners’ contribution, profit-sharing ratio, etc., and file it with the Registrar of Companies (ROC)
Obtain PAN and TAN: Apply for PAN and TAN for the LLP.
File Form For Llp Incorporation: File Form FiLLiP (Form for incorporation of LLP) with the Registrar of Companies (ROC), along with the required documents.
Register for GST: Register the LLP for GST if the turnover is above the threshold limit.
Register For Other Taxes: Register the LLP for other taxes such as Professional Tax, Import Export Code, etc., as per business requirements.
Obtain Necessary Licenses: Obtain necessary licenses such as FSSAI, Trademark registration, etc., as per business requirements.
Maintain Compliance: Comply with the ongoing statutory requirements such as filing of annual returns, audit, etc.
Why Choose Easebis
Frequently Asked Questions (FAQs)
The registration process can take anywhere from 10 to 20 days, depending on the workload of the Registrar of Companies.
Yes, an LLP can be converted into a private limited company if the company meets the necessary criteria and follows the process for conversion.
An LLP can have any number of partners, but at least two partners are required to register an LLP.
There is no minimum capital requirement for registering as an LLP, but the company must have a designated partner who will be responsible for contributing to the capital of the LLP.
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Excellent customer service from EaseBis team. Right from the time, the business engagement starts to the completion of e-filing and tax refund (if applicable), the team at EaseBis constantly assists the customer and is proactive to resolve queries in the shortest possible time.