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LLP Registration
What is a Limited Liability Partnership?
A Limited Liability Partnership (LLP) is a unique business structure that combines the flexibility of a partnership with the benefits of limited liability for its partners. Introduced in India through the LLP Act, 2008, this structure is ideal for small and medium-sized businesses, professional firms, and startups looking for a legal entity that offers operational flexibility without the burden of unlimited liability.
Prerequisites and Eligibility Conditions
Minimum Two Partners: At least two designated partners are required, one of whom must be an Indian resident.
Designated Partner Identification Number (DPIN): Mandatory for all designated partners.
Registered Office: Must have a valid registered office address in India.
Unique Name: The LLP name must be unique, not resembling any existing company or LLP.
LLP Agreement: A legal document defining the rights and duties of partners.
Key Benefits of LLP Registration
Limited Liability Protection: Partners’ personal assets are protected from business debts and liabilities.
Separate Legal Entity: The LLP is a distinct legal entity, separate from its partners.
Flexible Management: No rigid structure like companies; partners can decide internal management.
No Minimum Capital Requirement: You can start an LLP with any amount of capital.
Tax Benefits: LLPs enjoy tax advantages such as no dividend distribution tax.
Easy Compliance: Lower compliance costs and fewer regulatory requirements compared to private limited companies.
Disadvantages of LLP
Limited Growth Opportunities: LLPs cannot raise equity funding from venture capitalists.
Penalties for Non-Compliance: Heavy penalties even for minor compliance lapses.
Restricted to India: Difficulties in expanding globally as compared to companies.
Complex Dissolution Process: Winding up an LLP can be complicated and time-consuming.
LLP Registration Procedure
Obtain Digital Signature Certificate (DSC): Required for all designated partners.
Apply for Director Identification Number (DIN): Essential for partner identification.
Name Reservation: File Form RUN-LLP to reserve your LLP name with the Ministry of Corporate Affairs (MCA).
Incorporation Filing: Submit Form FiLLiP (Form for incorporation of LLP) with required documents.
LLP Agreement Drafting: Prepare and file the LLP agreement within 30 days of incorporation using Form 3.
Certificate of Incorporation: Issued by the Registrar of Companies (ROC) upon approval.
PAN & TAN Application: Apply for PAN and TAN to manage taxation.
Open a Bank Account: Set up a current account in the LLP’s name.
Why Choose Humsabka Advisor for LLP Registration?
Expert Consultation: Personalized guidance for seamless registration.
Quick Processing: Fast-track documentation and filing.
Affordable Pricing: Cost-effective LLP registration packages.
End-to-End Support: From name reservation to post-registration compliance.
Get your LLP registered with ease. Contact Humsabka Advisor today!
Documents & Information required for LLP
- PAN Card of Partners
- Aadhar Card of Partners
- Bank Details of Partners
- Address Proof (Like Rent Agreement)
- Mobile No. of Partners
- Email id of Partners
- Photo of Partners
- Utility Bill (like Electricity Bill)
Comparison: Sole Proprietorship vs Partnership vs LLP vs Company
LLP Registration FAQ’s
What is the minimum number of partners required to form an LLP?
At least two designated partners are required to form an LLP, and one must be a resident of India.
Is there any minimum capital requirement for LLP registration?
No, there is no minimum capital requirement. You can start an LLP with any amount of capital.
Can an LLP be converted into a private limited company?
No, LLPs cannot be directly converted into private limited companies. You would need to incorporate a new company and transfer assets accordingly.
Is it mandatory to have an LLP Agreement?
Yes, an LLP Agreement is mandatory and must be filed within 30 days of incorporation. It defines the roles, responsibilities, and profit-sharing ratios among partners.
How long does it take to register an LLP in India?
The registration process typically takes 10-15 working days, depending on the availability of documents and government approvals.
Can foreign nationals be partners in an LLP?
Yes, foreign nationals can become partners in an LLP, provided at least one designated partner is a resident of India.
What are the annual compliance requirements for an LLP?
LLPs must file Annual Return (Form 11) and Statement of Accounts & Solvency (Form 8) with the ROC. Additionally, LLPs must comply with income tax filings and GST (if applicable).
Can an LLP have more than two designated partners?
Yes, an LLP can have any number of designated partners. There is no upper limit.
Is an LLP required to conduct an audit?
LLPs with an annual turnover exceeding Rs. 40 lakh or a capital contribution exceeding Rs. 25 lakh must get their accounts audited.
Can an LLP be registered at a residential address?
Yes, an LLP can be registered at a residential address, provided valid address proof and NOC from the property owner are submitted.