Limited Liability Partnership Registration

    - Ideal for starting a medium sized business and service providers
    - Get your LLP Registration online @ just Rs 2,999/- + Government Fees.
    - Hassle free, online LLP registration process provided by professionals.
    - Get the work done within 15 working days

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LLP Registration

Limited Liability Partnership (LLP) registration, popularly known as LLP registration is an alternative business vehicle to carry out business which combines the characteristics of a private company and a conventional partnership. LLP formation provides limited liability company status to its partners and offers the flexibility of internal arrangement through an LLP agreement between the partners. This combination will give entrepreneurs and businessmen a more structured business vehicle compared to a sole proprietorship or a conventional partnership. LLP registration provides the flexibility of controlling the business operation in accordance with the partnership agreement whilst enjoying the limited liability status compared to a company which is subject to strict compliance requirements under the Companies Act 2013 in most of its affairs. The major advantage of setting up a LLP registration in India is that it has a separate legal entity from its partners and combines the advantages of both the Company and Partnership into a single form of organization. In Limited Liability Partnership (LLP) registration, one partner is not responsible or liable for another partner’s misconduct or negligence, this is an important difference from that of a unlimited partnership. LLP formation offers simple and flexible procedures in terms of incorporation of LLP and management and has less number of compliances in comparison to other entities. In an LLP, all partners have a form of limited liability company for each individual’s protection within the partnership, similar to that of the shareholders of a corporation. Limited Liability Partnership is managed as per the LLP Agreement, however in the absence of such agreement the LLP would be governed by the framework provided under Limited Liability Partnership Act, 2008 (LLP act). LLP registration process is less complex than other form of business. Unilex being the professionally managed firm provides LLP registration online within 15 working days, subject to government processing time. Our professionals help in estimating the LLP registration cost, documents required for LLP registration and hassle free procedure for Limited Liability Partnership (LLP) registration. Advantages of LLP Registration :

Advantages of Limited liability partnership

LIMITED LIABILITY

Legal protection and a limited liability to the shareholders are the main reason why business registration seek online company registration route.

CONTINUITY OF EXISTENCE

pvt ltd company registration would exist in succession fashion as the governmental body treats it as a separate entity in terms of law.

BUSINESS CREDIBILITY

Unlike normal Partnership firms, LLP firms, company registration more recognition as they are regulated in company point of view by law.

UNLIMITED PARTNERS -

The primary reason of many prefering to stick to LLP registration is the obvious point of having no limit to the partners involved the set business.

FLEXIBLE -

The company rules are flexible and they can be effective as long as they are present in the partnership deed that would be agreed by all the partners.

TAXATION BENEFITS -

The company can enjoy the benefits of tax and can claim for expenses like Salary to Directors, Professional Fees, Audit fees, Rent and Depreciation on its Assets.

Documentation for LLP registration

Passport size Photograph

Copy of PAN Card

Copy of Electricity Bil

Sale Deed (if owned)

Copy of Aadhar Card

Address Proof (Bank Statement/Mobile/Telephone Bill)

Copy of rent agreement (if rented)

NOC

Packages



Note:


Process involved in registering a Limited Liability Partnership Registration

1

Obtain digital signature for the partners.

2

Apply for the DIN (Director Identification Number) which is necessary to become a partner in the LLP.

3

Apply for the name approval for the LLP registration.

4

Registrar of Companies issues the Certificate of Incorporation which is the proof for the registration.

5

File for a Permanent Account Number (PAN)

6

File LLP agreements and open a current bank account.

Requirements for online LLP registration

    - DPIN and DSC of all the Directors
    - DPIN and DSC of all the Directors
    - There should be some amount as contribution
    - At least one Indian resident Designated Partner out of two.
    - Registered office address in India
    - Execution of LLP agreement between the partners

Sl. No. Particulars Partnership Private Limited LLP
1 Foreign Participation Foreign National cannot be the partners in a Partnership firm. Foreign national can be a member in a Company. Foreign National can be a partner in a LLP.
2 Tax Liability Taxed at 30% plus surcharge and cess as applicable. Taxed at a rate of 30% plus Surcharged education cess Taxed at a rate of 30% plus education cess
3 Transfer of Shares Not Applicable Ownership is easily transferable by the way of transfer of shares. Transfer are governed by the LLP agreement.
4 Annual Filing No return is required to be filed. Returns is required to be filed with ROC every year. Returns is required to be filed every year.
5 Audit of accounts Required to have tax audit of their accounts. Required to get their accounts audited annually. Having turnover less than 40lacs or contribution less than 25 lac in financial year required to get their accounts audited annually.
6 Rights/Duties/ Rights/Duties/ obligation of the partners/Managing Partners/ Directors Governed by Partnership deed. Governed by AOA and resolutions passed by shareholders or Directors. Governed by LLP agreement.
7 Registration Registration is optional. Registration with ROC is required. Registration with ROC is required.
8 Cost of formation Nominal cost of creating a firm. Minimum government fee for incorporation of private company is 6,000-7,000 approx/- The cost of formation of LLP is lesser than the formation of company.

Important clauses of a LLP agreement :

  • - The actual time frame of the existence of the LLP.
  • - The profit sharing model between the partners.
  • - The roles and powers to be defined for individual partner basis.
  • - Other points such as admission, expulsion, retirement, remuneration of partners.

Mandatory Compliances of a LLP every year

  • - Form 8- Statement of accounts on or before 30th, October every year
  • - Form 11-Annual return on or before 31st, march every year
  • - Statutory audit by a chartered accountant above turnover Rs 40 lac or contribution Rs 25 lac
  • - Filing of ITR

Unique Features of Limited liability partnership

    - 1. LLP firms are very flexible in terms of internal organization structure as they are simpler in nature.
    - 2. There is no limit that has been mentioned regarding the number of partners.
    - 3. Funds raising and utilization can only be done under the norms of ACT 2013.
    - 4. LLP firm is not in need to pay Dividend Distribution Tax as they are an exception by rules.
    - 5. White collar job people generally go with LLP for the flexibility it offers.
    - 6. Audit is not in LLP mandatory unlike private or public incorporations.

FAQs About Limited liability company

How can a person become a partner of an LLP?
Persons, who subscribed to the “Incorporation Document” at the time of incorporation of LLP, shall be partners of LLP. Subsequent to incorporation, new partners can be admitted in the LLP as per conditions and requirements of LLP Agreement.
Can a NRI be a partner in LLP?
Yes, absolutely provided they have valid documents but, at least one of the partner should be from India and should be residing here.
Whether audit of all LLPs would be mandatory?
Audit of LLPs shall be mandatory. However a more simplified compliance regime for small LLPs is being proposed by exempting such LLPs from the requirement of audit by exemption through notification by the Central Government.
Can two LLP’s merge eventually?
Yes, it is absolutely possible for 2 companies of set rules can merge under the Provisions of clauses 60 to 62 of the Act.
Is it possible for a charity to register as an LLP company?
Nope, not at all possible as the LLP only provides rules for companies that are intended to generate profit.
What are benefits and expectations of LLP in India?
1. From taxation point of view a LLP incorporation is treated like other partnership firms. 2. The company is limited to the agreement deed between the partners. 3. The partners are protected against joint liability if such situations occur, they are responsible and liable for their own actions. 4. LLP has separate legal entity where the company and the partners are treated individually. 5. There is no rule where the minimum capital are defined. 6. Audit is not a mandatory unlike private or public incorporations.
What are the guidelines for selecting the name of a LLP ?
1. The actual name and the object of the company can differ and there are no rules that specify that they should be targeted for the same consonance. 2. The partners have the option of using their initials as the name of the company which also could be abbreviated 3. The company name can be standard and is not required to change with the change in business. 4. No NOC is required.

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