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    Limited Liability Partnership [LLP]

    Limited Liability Partnership has been introduced in India by way of Limited Liability Partnership Act, 2008. The basic premise behind the introduction of Limited Liability Partnership (LLP) is to provide a form of business organization that is simple to maintain while at the same time providing limited liability to the owners.

     

    A Limited Liability Partnership [LLP] combines the advantages of both the Company and Partnership into a single form of organization and it is suitable for small, medium-sized businesses or professionals. In LLP, one partner is not responsible or liable for another partner’s misconduct or negligence. Therefore, all partners have a form of limited liability for each individual’s protection within the partnership, similar to that of the shareholders of a corporation.

     

    ComplianceIndia can be your legal and professional partner in India to help you understand how to register Limited liability Partnership [LLP] in India quickly and cost-effectively.

    Advantages of Limited Liability Partnership

    Limited Liability

    Limited Liability

    Separate Legal Entity

    Separate Legal Entity

    No Maximum Limit of Members

    No Maximum Limit of Members

    Operating Flexibility

    Operating Flexibility

    Pre-defined Object or Period

    Pre-defined Object or Period

    Various Financial Returns to the Partners

    Various Financial Returns to the Partners

    Better Tax Planning

    Better Tax Planning

    Owing Property

    Owing Property

    Lower Registration Cost

    Lower Registration Cost

    Minimum Compliance requirement

    Minimum Compliance requirement

    Eligibility to form a Limited Liability Partnership

    – At least Two Partners required to form an LLP
    – Legal Representative/Nominee in case of Body Corporate as Partner
    – Unique Name is required.
    – Atleast one Partner must be an Indian Resident.

    How we Work?

    Step 1

    Fill-up our Contact Form and Submit

    Step 2

    Our Expert/ Legal Professional will contact you and provide brief guidance into the related context

    Step 3

    All Required Documents and Details to be provided as discussed with our Expert

    Step 4

    Our Expert will start Drafting of required documents for registration process

    Step 5

    Drafting of LLP agreement

    Step 6

    Application for DSC of the Designated Partners

    Step 7

    Once all required documents are prepared, Our Expert will file required Form with ROC.

    Step 8

    On Successful filing of Form with ROC, Certification of Incorporation will be issued to you by ROC.

    Packages

    Consultation Charges

    Nil

    Complete assistance by Experts or Professionals indicating Process, Documents required, Benefits, Tax compliance, Legal Compliance, etc.

    Start-up Plan

    Start-up Plan Rs. 3999/-

    • – Registration of your LLP with MCA
    • – LLP Agreement
    • – Allotment of DIN of Designated Partners
    • – PAN and TAN Registration
    • – Expert advice from Experts/ Legal Professionals

    Advance Plan

    Rs. 9,999/-

    • – Registration of your LLP with MCA
    • – LLP Agreement
    • – Allotment of DIN of the Designated Partners
    • – PAN and TAN Registration
    • – GST Registration
    • – Current Account Opening in your nearest Branch
    • – Legal Drafting of documents
    • – MCA Annual Filing of Form 11LLP & 8LLP
    • – DIR-3 KYC filing
    • – Expert advice from Experts/ Legal Professionals

    Ultimate Plan

    From Rs. 19,999/-

    • – Registration of your LLP with MCA
    • – LLP Agreement
    • – Allotment of DIN of the Designated Partners
    • – PAN and TAN Registration
    • – GST Registration
    • – Current Account Opening in your nearest Branch
    • – Legal Drafting of documents
    • – MCA Annual Filing of Form 11LLP & 8LLP
    • – DIR-3 KYC filing
    • – Trademark Application
    • – Income Tax Return filing of Company and its two Designated Partners
    • – Financial Statements preparation
    • – GST Return filing for 12 months
    • – Expert advice from Experts/ Legal Professionals

    Documents Required for LLP Registration

    Photograph

    Latest passport size photograph in jpg format of Designated Partners/ Shareholders and Nominees.

    PAN card

    PAN card copy of Designated Partners/ Shareholders and Nominees.

    Identity Proof

    Aadhaar Card/ Voter ID/ Passport/ Driving License of Designated Partners/ Shareholders and Nominees.

    Designated Partner Address Proof

    Aadhaar Card/ Voter ID/ Passport/ Driving License or Bank Statement/ Utility Bills not older than 2 Months in the name of Designated Partners.

    DSC

    In case not having a valid DSC, then for obtaining DSC of Designated Partners, alongwith above documents, DSC Application Form and Video Verification as per the latest guidelines of DSC issued by CCA is required.

    Office Address Proof

    Copy of Electricity bill or Sale Deed or rent agreement and latest self- attested electricity bill in case of rented accommodation not older than 2 months.

    NOC from owner

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

    Unique Name

    Four-Five Unique names in Preference order indicating the business of the Proposed LLP.

    Business

    Description of main business activity intended to perform

    Note – In case of Foreign Nationals or NRIs, all documents need to be notarised and apostilled from the Country where the Foreign Nationals or NRI is presently residing or by the Indian Embassy in the Country where such person is presently residing.

    Comparison with other forms of Business

    Form of Business Limited Liability Partnership Private Limited Company One Person Company Partnership Firm Proprietorship Firm
    Act Limited Liability Partnership Act, 2008 Companies Act, 2013 Companies Act, 2013 Indian Partnership Act, 1932 No specified Act
    Registration Requirement Mandatory Mandatory Mandatory Optional No
    Minimum Number of members 2 2 Only 1 2 Only 1
    Maximum Number of Members Unlimited 200 50
    Number of Directors/Partners 2 – Unlimited 2 – 15 1 – 15 2 – 50 Only 1
    Separate Legal Entity Yes Yes Yes No No
    Liability Protection Limited Limited Limited Unlimited Unlimited
    Statutory Audit Dependent Mandatory Mandatory Not Mandatory Not Mandatory
    Ownership Transfer ability Yes Restricted No No No
    Uninterrupted Existence Yes Yes Yes No No
    Foreign Participation Allowed Allowed Not Allowed Not Allowed Allowed
    Tax Rates High Moderate Moderate High Low
    Statutory Compliance Moderate High Moderate Less Less
    GET STARTED KNOW MORE KNOW MORE KNOW MORE KNOW MORE

    Frequently Asked Questions

    1. What is the full form of LLP?

    The full form of LLP is a Limited Liability Partnership.

    2. How many people are required to incorporate a Limited Liability Partnership?

    To incorporate a Limited Liability Partnership, a minimum of two people are required. A Limited Liability Partnership must have a minimum of two Partners and can have a maximum of any number of Partners.

    3. What are the requirements to be a Designated Partner in a LLP?

    The Designated Partners needs to be over 18 years of age and must be a natural person. There are no limitations in terms of citizenship or residency. Therefore, the LLP Act 2008 allows Foreign Nationals including Foreign Companies & LLPs to incorporate a LLP in India provided at least one designated partner is resident of India.

    4. What is the capital required to start a Limited Liability Partnership?

    You can start a Limited Liability Partnership with any amount of capital. There is no requirement to show proof of capital invested during the incorporation process. Partner’s contribution may consist of both tangible and/or intangible property and any other benefit to the LLP.

    5. Can a LLP be incorporated for undertaking “Not-For-Profit” activities?

    No, one of the essential requirements for setting LLP is ‘carrying on a lawful business with a view to profit’. Therefore, LLP cannot be incorporated for undertaking “Not-For-Profit” activities.

    6. Is an office required for starting a Limited Liability Partnership?

    An address in India where the registered office of the LLP will be situated is required. The premises can be a commercial / industrial / residential where communication from the MCA will be received.

    7. Do I have to be present in person to incorporate a LLP?

    No, you will not have to be present at our office or appear at any office for the incorporation of a Limited Liability Partnership. All the documents can be scanned and sent through email to our office. Some documents will also have to be couriered to our office.

    8. What are the documents required for incorporation of LLP?

    Identity proof and address proof is mandatory for all the proposed Designated Partners of the LLP. PAN Card is mandatory for Indian Nationals. In addition, the landlord of the registered office premises must provide a No Objection Certificate for having the registered office in his/her premises and must submit his/her identity proof and address proof.

    9. What do I need to quickly incorporate my LLP?

    To incorporate a LLP quickly, make sure the proposed name of the Limited Liability Partnership is very unique. Names that are similar to an existing private limited company / limited liability partnership / trademark can be rejected and additional time will be required for resubmission of names.

    10. How long is the incorporation of the LLP valid for?

    Once a Limited Liability Partnership is incorporated, it will be active and in-existence as long as the annual compliances are met with regularly. In case, annual compliances are not complied with, the LLP will become a Dormant and maybe struck off from the register after a period of time.

    11. What are the annual compliance requirements for a LLP?

    LLPs are required to file an annual filing with the Registrar each year. However, if the LLP has a turnover of less than Rs.40 lakhs and/or has a capital contribution of less than Rs.25 lakhs, the financial statements do not have to be audited.

    12. When should I file my annual report with ROC of an LLP?

    LLPs in India must file its Annual Return within 60 days from the end of close of financial year and Statement of Account & Solvency within 30 days from the end of six months of close of financial year. Unlike Companies, LLPs mandatorily have to maintain their financial year, as April 1st to March 31st. Therefore, LLP annual return is due on May 30th and the Statement of Account & Solvency is due on October 30th of each financial year. In addition to the MCA annual return, LLPs must also mandatorily file an income tax return every year.

    13. Is it allowed by the CA Act 1949 to form LLP and practice?

    Yes, A Chartered Accountant can practice as CA and form an LLP. However, All members of ICAI in practice who want to constitute separate LLPs are required to follow the provisions of the Limited Liability Partnership Act, 2008

    14. What is meant by “liability of the partners is limited to their agreed contribution in the LLP” in LLP?

    An LLP is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP. Since liability of the partners is limited to their agreed contribution in the LLP. Hence, the creditors of the limited liability partnership are not the creditors of individual partners.

    15. What is a Digital Signature Certificate?

    A Digital Signature establishes the identity of the sender or signee electronically while filing documents through the Internet. The Ministry of Corporate Affairs (MCA) mandates that all Designated Partners apply with a Digital Signature for Designated Partner Identification Number. Hence, a Digital Signature is required for all Designated Partner of a proposed LLP.

    16. What is Designated Partner Identification Number (DPIN)?

    Designated Partner Identification Number is a unique identification number assigned to all existing and proposed Designated Partner of a LLP. It is mandatory for all present or proposed Designated Partner to have a Designated Partner Identification Number. Designated Partner Identification Number never expires and a person can have only one Designated Partner Identification Number.

    17. Can NRIs / Foreign Nationals be a Designated Partners in a LLP?

    Yes, NRIs / Foreign Nationals / Foreign Companies can hold shares of a Private Limited Company subject to Foreign Direct Investment (FDI) Guidelines.

    18. Is Foreign Direct Investment (FDI) allowed in LLP?

    Yes, Foreign Direct Investment (FDI) is allowed in LLP under the automatic route in sectors allowed by the Foreign Investments Promotion Board (FIPB). However, Foreign Institutional Investors (Flls) and Foreign Venture Capital Investors (FVCIs) will not be permitted to invest in LLPs. LLPs will also not be permitted to avail External Commercial Borrowings (ECBs.)

    19. 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.

    20. Can a listed company be converted to LLP?

    No, only private/ unlisted public company can be converted into LLP.

    21. How much time does it take to incorporate a LLP?

    ComplianceIndia can incorporate a LLP for in 7-10 days. The time taken for registration will depend on submission of relevant documents by the client and speed of Government Approvals. To ensure speedy registration, please choose a unique name for your Company and ensure you have all the required documents prior to starting the registration process.

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