Limited Liability Partnership
Streamline operations and protect assets with our comprehensive LLP registration and compliance services
Home >Limited Liability Partnership (LLP)
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Streamline operations and protect assets with our comprehensive LLP registration and compliance services
A Limited Liability Partnership (LLP) is a business structure that combines limited liability protection with partnership dynamics, proving particularly advantageous for small businesses.
Unlike traditional partnerships, LLP partners maintain individual liability for their actions, safeguarding them from mutual liability. This innovative structure amalgamates partnership attributes with corporate benefits.
An LLP offers partners limited liability safeguards alongside streamlined compliance, facilitating internal structural organization akin to traditional partnerships. Operating as a legal entity, the LLP’s liability aligns with its assets, while partners’ individual liabilities remain restricted. In essence, LLP represents a unique fusion of corporate and partnership characteristics.
Businesses looking to expand or scale operations Startups looking to raise capital and issue ESOPs
Government & Professional Fees
Digital Signature for 2 Partners
DPIN for 2 Partners
Name
Approval
LLP Agreement
PAN & TAN
Distinct Legal Identity: LLPs possess a separate legal entity, distinct from partnership firms, ensuring clearer business identity.
Limited Liability: Every partner's liability is confined to their contributed amount, safeguarding personal assets.
Perpetual Succession: LLPs enjoy 'perpetual succession,' with extended survival until mutual agreement concludes it
Smooth Ownership Transition: Ownership transfer is straightforward; recruiting a new Designated Partner facilitates seamless transition.
Cost - Effective Formation: LLP formation incurs lower costs, making it an economical choice.
Minimal Audit Requirements: LLPs, predominantly small and medium businesses, have reduced regular compliance demands, minimizing formalities
Simplified Formation: LLPs entail fewer agreements and regulations during establishment.
Flexible Capital Contribution: No mandatory minimum capital requirement, offering flexibility in investment.
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DSC & DPIN Application: Begin by applying for Digital Signatures PIN(DPIN). Digital signatures serve as online signatures for filings, while DPIN is a Director’s pin number issued by MCA. If directors already possess DSC and DPIN, this step can be skipped.
Name approval :Provide three unique and indicative company name options to MCA. Choose a name that’s both distinct and reflective of your business.
Fillip Form Submission: Upon name approval, submit partner KYC documents, office address proof, owner’s NOC, and a critical agreement. We’ll prepare and share agreement of your review.
Incorporation Certificate: In about 10-15 days, your LLP will be formed, and you’ll receive the incorporation certificate as proof.
LLP Agreement Registration: The LLP agreement governs LLP-partner relations. It must be registered using Form 3 within 30 days of incorporation.
PAN, TAN & Bank Account Application: Apply for PAN and TAN, utilizing the incorporation certificate, LLP Agreement, and PAN for opening your bank account.
Preparation of documents – 2 days
DSC Application – 2 days
Name Approval through RUN – 3 days
Filing of form – 3 days
Approval – 5 days
Copy of PAN Card of directors
Passport size photograph of directors
Copy of Aadhaar Card/ Voter identity card of directors
Copy of Rent agreement (If rented property)
Electricity/ Water bill (Business Place)
Copy of Property papers(If owned property)
Landlord No Objection Certificate (NOC ) (Format will be provided)
Minimum 2 Shareholders
Minimum 2 Directors are required
Minimum Rs. 1 Lac Share Capital
DIN for all the Directors
Atleast one Director should be an Indian Resident
Registrar of Companies (RoC) Naming Guidelines:
Relevance and Branding: Ensure your LLP’s name resonantes with your business and aligns with its branding. For instance, “Lilliput” suits a kid’s clothing brand.
Concise and Memorable: Keep the LLP name short for easy recall and pronunciation, making it memorable at first instance.
Uniqueness is Key: Avoid identical or similar names to existing companies or trademarks. Verify at search.legalraasta.com. Steer clear of plural versions or minor alternatives.
Avoid Blacklisted Terms: Stay away from abstract, adjectives, and generic words. Terms like bank, exchange, and stock exchange are restricted.
Trademark Check: Ensure no identical certified trademark exists on IP India Website. If one does, acquire a NOC from its owner to use it.
End with “LLP”: Conclude your LLP name with the “LLP” suffix to denote limited liability partnership
Descriptive Use: Scientific terms like “research” suit technical businesses, not food chains.
Legal and Respectful: Choose a name aligned with laws, respectful of customs, beliefs, and devoid of offense.
Income Tax at 30% + 4% Cess + Applicable Surcharge.
Required Returns:
Statement of Account & Solvency(Form 8)
LLP Annual Return(Form 11)
Income Tax Return(ITR-5)
As Per LLP Act 2008, failure to register Form 8 and Form 11 for financial statements and annual return results in penalties. Rs. 100 per day per unregistered agreement, without maximum limit.
Every LLP must file Income Tax Return with Annual filing by September 30th. Late filing attracts fees: Rs. 5,000 until December 31st, and Rs. 10,000 until March 31st
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.
It has been provided in the Act that a document may be served on a LLP or a partner or designated partner by sending it by post or by any other mode (to be prescribed under Rules) at the registered office and any other address specifically declared by the LLP for the purpose in such form and manner as may be prescribed (in the rules).Thus, an LLP shall have option to declare one more address (other than the registered office) for getting statutory notices/letters etc. from Registrar.
An LLP shall be under obligation to maintain annual accounts reflecting true and fair view of its state of affairs. A “Statement of Accounts and Solvency” in prescribed form shall be filed by every LLP with the Registrar every year.
Yes, any Partner can use his residential address as registered address for registration of LLP.
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