LLP Registration
LLP Registration
INR 15000/-
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Simplify the process of starting your business with our comprehensive LLP registration services
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LLP Registration
A Limited Liability Partnership (LLP) is a contemporary and advantageous business structure. Blending the strengths of partnership dynamics and the security of limited liability, an LLP offers a versatile platform for entrepreneurs to collaborate and innovate confidently.
At ASK Associates, we specialize in making the LLP registration process in India straightforward and efficient. Our team of experts will guide you through the online registration process from beginning to end. It’s the fastest and most cost-effective way to register your LLP. Start now and set yourself up for a successful business future with LLP registration.
What is an LLP?
A Limited Liability Partnership (LLP) is a unique type of business setup that blends a partnership’s and a company’s features. In an LLP, partners enjoy limited liability, similar to shareholders in a company, while also benefiting from the flexibility and simplicity of a partnership. This arrangement grants the LLP its legal identity, allowing it to take legal actions and be subject to legal actions separately from its partners.
LLPs have become popular among entrepreneurs in various industries because they shield partners’ assets and have more straightforward regulatory requirements than traditional corporations. The concept of LLP was introduced in India in 2008 and is governed by the Limited Liability Partnership Act, offering a dependable and adaptable option for businesses of all sizes.
LLP Registration Prerequisites and Eligibility Conditions
To qualify for the registration of an LLP company in India, you must adhere to the following criteria:
- Minimum of Two Partners: Establishing a Limited Liability Partnership in India necessitates a minimum of two partners, with no upper threshold on the maximum number of partners.
- Designated Partners: Within the partnership framework, at least two designated partners are obligatory, and they must be natural individuals. At least one of these designated partners must also maintain residency in India.
- Nomination for Body Corporate Partner: If a body corporate assumes the role of a partner, the designation of a natural person must act as its representative.
- Agreed Contribution: Each partner is required to contribute the shared capital of the LLP, as stipulated and agreed upon.
- Minimum Authorized Capital: The LLP is mandated to possess an authorized capital of at least Rs.1 lakh.
- Indian Resident Designated Partner: At least one designated partner of the LLP must hold a resident status in India.
By satisfying these prerequisites, you can progress with the registration of an LLP in India and avail of the advantages bestowed by this business structure.
Characteristics of LLP
- Legal Identity: An LLP has a separate legal identity, meaning it is seen as its own “person” regarding rights and responsibilities, separate from those who own it.
- At Least Two Partners: An LLP needs at least two people to start it, facilitating teamwork in setting up the business.
- No Partner Limit: There’s no upper limit on the number of partners an LLP can have, making it easy to grow and bring in more partners.
- Two Designated Partners: An LLP must have at least two designated partners, who must be real individuals, with at least one residing in India.
- Limited Responsibility: Partners are only responsible for what they invest, protecting personal assets from business liabilities.
- Cost-Effective Start: Starting an LLP costs less than setting up a big company, making it a great option for smaller businesses.
- Less Regulatory Compliance: LLPs have fewer regulatory requirements compared to large corporations, reducing paperwork and administrative burdens.
- No Minimum Capital Requirement: There’s no fixed amount required to start an LLP, allowing partners to invest as per their capacity.
Advantages of LLP
- Own Legal Identity: An LLP is treated as a separate entity, enhancing credibility and allowing it to enter into contracts independently.
- Less Risk for Partners: Partners are only liable for their investment in the LLP, protecting their personal assets from business liabilities.
- Cost and Time Efficient: The formation and maintenance of an LLP involve fewer costs and compliance requirements than larger corporations.
- No Fixed Capital Requirement: There is no minimum capital requirement, allowing partners to start with a modest investment.
Disadvantages of LLP
- Penalties for Non-Compliance: LLPs face significant fines for non-compliance, even if no business activities are conducted in a financial year.
- Mandatory Dissolution: An LLP must dissolve if it has fewer than two partners for six months or if it cannot pay its debts.
- Challenges in Raising Capital: Unlike corporations, LLPs cannot issue shares, making it difficult to raise substantial capital from investors.
LLP Name Structure
Choose a unique name that is not used by other businesses. This makes approval easier and establishes your identity. Include words that clearly describe what your business does. End your LLP name with “LLP” or “Limited Liability Partnership” to indicate your business structure.
Documents Required for LLP Registration
To initiate the registration process for an LLP, partners are required to furnish the following documents:
- PAN Card/ID Proof of Partners: Address Proof of Partners: Voter’s ID, Passport, Driver’s License, or Aadhar Card.
- Residence Proof of Partners: Recent documents such as a bank statement, telephone bill, mobile bill, electricity bill, or gas bill from the last 2-3 months.
- Passport-size Photograph: A passport-size photograph with a white background.
- For Foreign Nationals and NRIs: Passport and proof of address, such as a driving license, bank statement, residence card, or any government-issued identity proof containing the address.
- Proof of Registered Office Address: Landlord’s rent agreement and a no-objection certificate if the office space is rented. A recent utility bill with the complete address and owner’s name (dated two months or older).
- Digital Signature Certificate (DSC): At least one designated partner must have a DSC for digitally signing documents.
Procedure for LLP Registration
The process of incorporating an LLP involves several key steps. Here is a comprehensive guide to incorporating your LLP:
Step 1: Obtain a Digital Signature Certificate (DSC)
All proposed partners must obtain a DSC since all government filings require digital signatures.
Step 2: Obtain Director Identification Number (DIN)
Partners without a DIN need to apply for one. The DIN is a unique identification number assigned to individuals aspiring to become directors or designated partners in LLPs.
Step 3: Choose a Name for the LLP
Select a unique and suitable name for your LLP, adhering to Ministry of Corporate Affairs guidelines.
Step 4: Form for Incorporation of LLP (FiLLiP)
This form collects essential information about the proposed LLP, partners, LLP agreement, and registered office address. It includes a declaration from partners consenting to act as designated partners and comply with LLP regulations.
Step 5: Draft LLP Agreement
Create the LLP Agreement outlining partner rights, duties, and obligations. This agreement must be notarized and filed with the Ministry of Corporate Affairs within 30 days of incorporation.
Step 6: Obtain a Certificate of Incorporation
Once forms and documents are filed and verified, the Registrar of Companies (RoC) will issue the Certificate of Incorporation, officially recognizing the LLP’s existence.
Step 7: Apply for PAN and TAN
After obtaining the Certificate of Incorporation, apply for the Permanent Account Number (PAN) and TAN for the LLP.
By following these steps diligently, you can successfully register your LLP and embark on your entrepreneurial venture.
Effortless LLP Registration Made Possible with ASK Associates
ASK Associates is your trusted partner throughout the entire LLP registration journey. Here’s how we can assist you:
- Experienced Professionals: Our skilled team knows the ins and outs of LLP registration, providing you with accurate information and ensuring you grasp each step.
- Name Availability: We’ll help you check if your desired LLP name is available and reserve it according to the rules.
- DSCs and DINs: We’ll assist you in obtaining Digital Signature Certificates (DSCs) and Director Identification Numbers (DINs), which are necessary for the process.
- LLP Agreement: Our experts will aid in drafting the LLP Agreement, ensuring it’s legally sound. We’ll also manage the filing of the required documents with the authorities, keeping things accurate and compliant.
- PAN and TAN Application: We’ll simplify the application process for your LLP’s Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN).
- Customer Support: We’re here for you. Our customer support team will address your questions, ensuring your journey is seamless.
- Timely Updates: You’ll receive timely updates on your LLP registration progress, keeping you informed every step of the way.
With ASK Associates as your partner, you can confidently navigate LLP registration, guided by experienced professionals who will ensure a hassle-free experience from start to finish.
Contact us now and take the first step toward building your entrepreneurial dream with ASK Associates!
Committed Team, Comprehensive Business Services
Committed Team, Comprehensive Business Services
Documents Required
- PAN Card
- Passport
- Voters Identity Card
- Ration Card
- Driving License
- Aadhaar Card
- Passport Size Photo
- Recent Utility Bill