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LIMITED LIABILITY PARTNERSHIP (LLP) REGISTRATION

Register your new startup as Limited Liability Partnership (LLP) with ✓2 DSC & DIN ✓Name Approval ✓COI ✓Drafting of LLP Agreement,✓PAN ✓TAN & Bank A/c opening support. 100% Online Process of placing order and document submission, Call now to get started

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introduction

INTRODUCTION

• 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 combines the advantages of both the Company and Partnership into a single form of organization and 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.
• However, unlike corporate shareholders, the partners have the right to manage the business directly. An LLP also limits the personal liability of a partner for the errors, omissions, incompetence, or negligence of the LLP's employees or other agents. LLP is one of the easiest form of business to incorporate and manage.

advantage

BENEFITS

Required_Documents

DOCUMENTS REQUIRED

Our Packages for Limited Liability Partnership

packages

BASIC

All Inclusive Fees

7,899

PRO

All Inclusive Fees

9,699

PREMIUM

All Inclusive Fees

17,599

How is an LLP different from Partnership firm and Company

CategoryPartnershipCompany LLP
Name of Entity Any name as per choice Unique Name Unique Name
Perpetual Succession It does not have perpetual succession as this depends upon the will of partners It has perpetual succession and members may come and go. It has perpetual succession and partners may come and go
Legal Proceedings Only registered partnership can sue third party A company is a legal entity which can sue and be sued A LLP is a legal entity can sue and be sued
Liability of Partners/Members Unlimited Limited to the amount required to be paid up on each share. Limited, to the extent their contribution towards LLP
Cost of Formation The Cost of Formation is negligible Minimum Statutory fee for incorporation of Company is Relatively High The cost of Formation is comparatively lesser than the cost of formation of Company.
Formalities of Incorporation In case of registration, Partnership Deed along with form / affidavit required to be filed with Registrar of firms along with requisite filing fee Various e-forms along the Memorandum & Articles of Association are filed with Registrar of Companies with prescribed fees Various e-forms are filed with Registrar of LLP with prescribed fees
Annual Filing No return is required to be filed with Registrar of Firms Annual Financial Statement and Return are required to be filed with the ROC every year. Annual Statement of accounts and Solvency & Annual Return is required to be filed with ROC every year.
Audit of accounts Partnership firm is only required to have tax audit of their accounts if the Turnover exceed Rs. 2 Crores Companies are compulsorily required to get their accounts audited annually. LLP are compulsorily required to get their accounts audited if turnover exceeds Rs. 40 or its contribution exceeds Rs. 25 Crores.
DIN / DPIN The partners are not required to obtain any identification number Each director is required to have a Director Identification Number. Each Designated Partners is required to have a DPIN.
Number of Members Minimum 2 and Maximum 20 2 to 50 members in case of Private Company and Minimum 7 members in case of Public Company. Minimum 2 partners and there is no limitation of maximum number of partners.
Charter Document in which scope is defined Partnership Deed Memorandum and Article of Association LLP Agreement

FAQ

Most frequent questions and answers
faq

Two partners are required to form an LLP.

Yes, an existing partnership firm can be converted into LLP by complying with the Provisions of clause 58 and Schedule II of the LLP Act. Form 17 needs to be filed along with Form 2 for such conversion and incorporation of LLP.

Yes, any existing private company or existing unlisted public company can be converted into LLP by complying with the Provisions of clause 58 and Schedule III and IV of the LLP Act. Form 18 needs to be filed with the registrar along with Form 2 for such conversion.

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

Yes, but only after he has been assigned with DIN/DPIN. However, at least one designated partner in LLP must be a Resident of India. In fact, the foreign director can also be a majority shareholder in the company.

No, name of the LLP shall end with either ‘Limited Liability Partnership’ or ‘LLP’. Word ‘limited’ shall be allowed in name only within ‘Limited Liability Partnership’.

Yes, you can register your LLP at your residential address. It is perfectly legal to start the company at your home or in your garage. MCA team typically doesn’t visit your office. You just have to provide your home address proof such as rent agreement or electricity bill.

Every partner shall inform the LLP of any change in his name or address within a period of fifteen days of such change. The LLP, in turn, would be under obligation to file such details with the Registrar within thirty days of such change in Form 4.

No, Appointment of at least two “Designated Partners” shall be mandatory for all LLPs.Every LLP shall be required to have atleast two Designated Partners who shall be individuals and at least one of the Designated Partner shall be a resident of India. In case of a LLP in which all the partners are bodies corporate or in which one or more partners are individuals and bodies corporate, at least two individuals who are partners of such LLP or nominees of such bodies corporate shall act as designated partners.

Yes, it mandatory to execute and file LLP Agreement in view of Section 2(0) & (q) , 22 and 23 of the Act.
As per provisions of the LLP Act, in the absence of agreement as to any matter, the mutual rights and liabilities shall be as provided for under Schedule I to the Act. Therefore, in case any LLP proposes to exclude provisions/requirements of Schedule I to the Act, it would have to enter into an LLP Agreement, specifically excluding applicability of any or all paragraphs of Schedule I

LLP is required to file LLP Form 8 (Statement of Account & Solvency) and LLP Form 11 (Annual Return) annually. The ‘Annual Return’ is required to be filed within 60 days of close of the financial year and ‘Statement of Accounts & Solvency’ shall be filed within 30 days from the end of six months of the financial year to which it relates. Every LLP has to maintain uniform financial year ending on 31st March of a year.

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