Limited Liability Partnership(LLP) Registration
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What is Limited Liability Partnership(LLP)?
The Limited Liability Partnership Act of 2008 established one of the most simple organisational structures: the Limited Liability Partnership (LLP). This type of corporate structure is easy to operate and limits the liability of the owners. Because of its simple incorporation process and low regulatory requirements, this business structure is quite popular among professionals, microbusinesses, and small businesses. A limited liability partnership’s participants are not personally liable to the company’s creditors. In the event of a business continuity, creditors/banks can only sell the company’s assets, not the director’s personal possessions.
One partner is not liable for the negligence or misbehaviour of the other in this type of business organisation. The cost of forming an LLP is cheaper than that of forming a private limited company. If you expect to raise equity funding from venture capitalists, angel investors, or private equity firms, you should not form an LLP as your business entity.
Why Limited Liability Partnership(LLP)?
- No minimum capital required
- Less expensive registration
- No necessity for a mandatory audit
- Cost savings due to a reduced compliance burden
- Neither partner will be held liable for the other’s wrongdoing.
- Its partners’ liabilities are limited
- It offers the “dual benefits” of both a “Company” and a “Partnership.”
Eligibility Criteria
To be eligible for registering as an LLP, the following criteria must be met:
- At least two partners are required to form an LLP (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.
- At least one designated partner should be an Indian resident.
Registration that can be taken by Limited Liability Partnership(LLP) Firm:
- PAN/TAN Registration
- MSME/SSI Registration
- ESI Registration
- PF Registration
- DSC Registration
- Import Export Code Registration
- ISO Registration
- GST Registration
- Start Up India Registration
Documents Required For LLP Registration
- Copy of PAN Card of partners
- Passport size photograph of partners
- Copy of Aadhaar Card/ Voter identity card/ Driver’s license as address proof
- Electricity/ Water bill/ Telphone bill/ Latest bank statement as proof of Registered Office (Business Place)
- Copy of Sale Deed/Property Deed (If owned property)
- Landlord NOC (Format will be provided)
- Passport (in case of Foreign Nationals/ NRIs)
- Digital Signature Certificate
- Copy of Notarised Rental Agreement
- Copy of NOC from the property owner
Factors to Consider While Selecting an LLP Name
The name of a firm is crucial for every organisation. For your stakeholders, suppliers, and buyers, it is the initial impression. The business name should be brief, appealing, and relevant. When naming your limited liability partnership, you must consider a number of aspects.
- Simple and short : Your company’s name should be simple and short. People should be able to pronounce the name easily and remember it as soon as they read or hear it.
- Relevant : Your company name should be relevant to your industry. It should increase the market value of your brand.
- Not offensive or unlawful :Your company’s name should not be offensive or illegal. It should not be abusive or contrary to any religion’s or group’s beliefs and customs.
- Suffix : In the event of a limited liability partnership, the suffix “LLP” should be added to the end of the firm name. For instance, the name of a private limited company ends with the suffix “Private Ltd.”
- Unique name : Your company name should not be the same as or similar to a trademark or a firm that already exists.
- Blacklist : Abstracts, adjectives, and general prizes are not accepted. The usage of terminology like bank, exchange, and stock exchange is also prohibited.
Frequently Asked Questions (FAQ’s)
How many partners does a Limited Liability Partnership require to get started?
An LLP must have at least two partners in order to be registered. The maximum number of partners is unlimited. You can register as a OnePerson Company if you are the sole proprietor.
Who can join an LLP as a partner?
Any individual or organisation, including foreigners and non-resident Indians, can become a partner in an LLP. An individual must, however, be over the age of 18 and possess a valid PAN card.
Do I have to be present in person to form an LLP?
Our procedure is 100% online which means that, there is no compulsion for you to be present at our office physically. Send us a scanned copy of your documents via email, and we’ll take care of the rest. MCA will deliver the company incorporation certificate to your business address by courier.
Is there any additional form of payment required after I pay for the incorporation before I receive the Incorporation Certificate?
There are no hidden fees or charges with us. Our system is entirely open to the public. Following your payment, we will send you an all-inclusive invoice with no hidden fees. Our team will provide you with all of the assistance you require until you receive your LLP bank account.
What is LLP Agreement?
An LLP agreement is made between the partners and the LLP regarding the relationship between the individual partners in the LLP. An LLP agreement usually consists of management policies, the inclusion of new partners, policy-making strategies, and so on.
Can NRIs/Foreign Nationals be a Designated Partner in LLP?
Yes, but only after an NRI/a Foreign National, has been assigned with the “DIN/DPIN”. However, at least one designated partner in an LLP must be an Indian Citizen. In fact, the foreign director can also be a majority shareholder in the company.
Can I register the LLP at my home address?
Yes, you can register your LLP at your residential address. It is perfectly legal to start the company at your home. MCA team typically doesn’t visit your office. You just have to provide your home address proof such as rent agreement or electricity bill.
Can a Salaried working person also become a partner in an LLP?
Yes, as a salaried person you can become a partner in an LLP. But you need to make sure that whether your employment agreement allows for such provisions. In most cases, employers are comfortable with the fact, that their employee is a director in another company.
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