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Limited Liability Partnership Registration

A Limited Liability Partnership is the most popular type of corporate entity in India. It is registered as per the compliance and regulatory guidelines of the Ministry of Corporate Affairs (MCA).

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Limited Liability Partnership (LLP) -An Overview

A limited liability partnership (LLP) is a partnership in which all partners have limited liabilities. It is registered under Ministry of Corporate Affairs. Reason why it has evolved is because of its simplicity in a formation and easy maintenance.

Limited Liability Partnership (LLP) in India came into picture after January 2009, people found it easy to incorporate and run it. Limited Liability Partnership Registration is governed by the Limited Liability Partnership Act, 2008 It combines the benefits of a partnership with that of a limited liability company.

For a Limited Liability Partnership registration in India, Complyhappy is one of the most affordable and quick service providers.

After deciding on your business, it’s important to choose between the entities by understanding their differences and advantages they have, so as to choose what’s best for your business.

The most important reason for registering as LLP is the limited liability. It protects the partner’s personal assets from the liabilities of the business. LLP’s are a separate legal entity to the partners. This is entirely different from proprietorship and partnership where the personal assets of directors and partners are not protected if the business becomes bankrupt.

Features of LLP

Separate Legal Entity:
LLP is a separate legal entity from the partners. Each partner can sue the other in case a situation arises.

It has an uninterrupted existence that follows perpetual succession, i.e., the partners might leave, but the business remains. A term of dissolution has to be mutually agreed on for the firm to dissolve.

Flexible Agreement:
Transferring the ownership of LLP is very simple. A person can quickly be inducted in as a designated partner and the ownership switches to them.

No mandatory Audits:
LLPs having a capital amount less than 25 lakhs and turnover below 40 lakhs per year do not require any formal audits. It makes registering as LLP beneficial for small businesses and startups.

 

Quick and easy steps to register LLP in India - A detailed process

At ComplyHappy we make the process of LLP registration easy and hassle-free.

Step 1: Obtaining DSC And DIN
The first step is to obtain DSC of the desired partners of the Limited Liability Partnership. The reason for this is that all the forms need to be submitted online and require the directors’ digital signatures.

The law also requires that all directors file for a DIN number. The application has to be made in Form DIR- 3.

Step 2: Application For Name Approval
This process involves registering the LLP. Before you do this, you would need to see if the name is already taken. You can check on the free search facility on the MCA portal. The registrar only approves LLP names that are not taken before.

The approval of the name will be made by the Registrar only if the Central Government does not deem it undesirable. The name should also not hold any resemblance to any of the existing partnership firms, LLPs, trademarks, or body corporates.

Step 3: LLP Agreement
LLP agreement is very crucial in a limited liability partnership as it determines the mutual rights and duties amongst the partners, and between the LLP and the partners. The partners enter into the LLP agreement upon the LLP registration by filing form 3 online on the MCA portal. This procedure has to be done within 30 days of the date of incorporation.

Step 4: LLP Incorporation Certificate
Once the registrar approves your MOA and AOA, you’re steps closer to getting your LLP registered. The next step is to get the LLP Incorporation Certificate. You can do by submitting all documents to the registrar. The time frame is between 2- 12 days. Once you get your LLP Incorporation Certificate, you’re ready to go.

Step 5: Apply For PAN & TAN & Bank Account
As soon as you get the incorporation certificate, you need to apply for your company PAN & TAN with the NSDL. The cost for this procedure is less than Rs.200 and it takes around three weeks to get done.

Documents required

To Be Submitted By Partners
Scanned copy of PAN Card or passport (Foreign Nationals & NRIs)
Scanned copy of Adhar Card/ Voter’s ID/Passport/Driver’s License
Scanned copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill
Scanned passport-sized photograph Specimen signature (blank document with signature [partners only])

Note: Any one of the partners must self-attest the first three documents. In the case of foreign nationals and NRIs, all the documents must be notarized (if currently in India or a non-Commonwealth country) or apostilled (if in a Commonwealth country).

For The Registered Office
Scanned copy of latest bank statement/telephone or mobile bill/electricity or gas Bill
Scanned copy of No-objection Certificate from the property owner
Scanned copy of Sale Deed/Property Deed in English (in case of owned property)

Note: Your registered office need not be a commercial space; it can be your residence, too.

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