Limited Liability Partnership (LLP) Registration

LLP Registration

Market Price : Rs. 12,000

Offer Price : Rs. 8,400

Discount : Rs. 3,600 (30%)

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What is a LLP?

A Limited Liability Partnership (LLP) is a hybrid business entity that amalgamates the characteristics of both a partnership firm and a company. It is regulated by the Limited Liability Partnership Act, 2008, and provides the advantages of limited liability to the partners but enables them to control the business directly.

Salient Features of a LLP

Separate Legal Entity: An LLP is a distinct legal entity from the partners, i.e., it can sue and be sued in its own name, and can own property in its own name.

Limited Liability: The partners' liability is limited up to the level of contribution made to the LLP. The partners' personal assets are safe from the LLP's liability.

Flexible Management: Partners may run the LLP directly without the necessity of a board of directors. There are no mandatory board meetings or resolutions required.

No Minimum Capital Requirement: There is no minimum capital requirement to establish an LLP. Partners may contribute any amount as decided in the LLP agreement.

Number of Partners: A minimum of two partners must be there in an LLP. There is no maximum number of partners in an LLP.

Perpetual Succession: The LLP remains permanent irrespective of any change in the partnership. Death, insolvency, or retirement of partners will not disturb the continuity of the LLP.

LLP Agreement: The LLP functions on an agreement among the partners, which specifies the rights, responsibilities, and obligations of the partners. This agreement is vital for the internal administration of the LLP.

Taxation: LLPs are treated as partnership firms in India. They benefit from pass-through taxation, i.e., profits are taxed only in the hands of the partners and not otherwise, thus evading double taxation.

Advantages of LLP

Limited Liability: Liability of partners is capped at their contribution, safeguarding personal assets.

Separate Legal Entity: LLP enjoys a separate legal entity status, offering credibility and continuity.

Operational Flexibility: More management flexibility and lower compliance burden than a company.

Tax Benefits: LLPs have certain tax benefits and are exempt from dividend distribution tax.

Perpetual Succession: The LLP survives even in the event of changes in the partnership.

Procedure of Registration of LLP

Get Digital Signature Certificate (DSC): The intended designated partners have to procure DSCs.

Get Director Identification Number (DIN): Apply for DIN/DPIN for the intended designated partners.

Name Approval: Apply for name approval via the Ministry of Corporate Affairs (MCA) portal.

Prepare Incorporation Documents: Prepare the LLP Agreement, which outlines the rights and obligations of the partners.

File Incorporation Form: File Form FiLLiP (Incorporation form of LLP) along with documents to the Registrar of Companies (ROC).

Certificate of Incorporation: On verification and approval, the ROC issues a Certificate of Incorporation.

File LLP Agreement: File the LLP Agreement within 30 days of incorporation on Form 3

Documents Needed for Registration of LLP

Proof of Identity of Designated Partners: PAN card, passport, driving license, or Aadhaar card.

Address Proof of Designated Partners: Electricity bill, telephone bill, or bank statement.

Proof of Registered Office Address: Rent agreement, utility bill, or document of property ownership along with an NOC from the owner.

LLP Agreement: Specifies the duties and rights of the partners and how business will be carried out.

Subscriber's Sheet: Has information about the partners and their contribution to the LLP.

Consent to Act as Designated Partner: Consent letters from all the designated partners.

Professional Certification: Certification from a Chartered Accountant, Company Secretary, or Cost Accountant.

Corporate Verdict: Your Partner in LLP Registration

Corporate Verdict is a panel of experienced experts committed to supporting entrepreneurs in successful and cost-effective formation of LLP. We appreciate the intricacies of the process of registration and make the procedure as smooth-sailing as possible for our customers. Our expertise involves:

Expert Advice: Offering in-depth advice on the feasibility and advantages of setting up an LLP.

Document Help: Helping with the preparation and filing of documents.

Regulatory Compliance: Ensuring your LLP complies with all regulatory needs.

Reasonable Charges: Providing reasonably priced solutions without sacrificing quality.

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