LLP Registration

Ideal business structure for Small and Medium sized Enterprises going for Partnership

What Is Included In Our LLP Registration Package?

DPIN, Digital Signature, Name Search, LLP, ROC

LLP Registration

What is LLP or Limited Liability Partnership?

LLP refers to limited legal responsibility partnership and is governed by using restricted legal responsibility Partnership Act 2008. restrained legal responsibility partnership affords a bonus of confined liability to its owners and at the same time calls for minimal maintenance. The administrators of a personal restricted corporation have restrained liability to creditors. In case of default, banks/lenders can best sell organisation’s assets and not personal property of administrators.

Advantages of LLP

An LLP is a legal entity and a juristic person established under the Act. The partners are distinct from the entity and both can sue each other and get sued in the process.

An LLP has ‘perpetual succession’, that is continued existence until it is brought on the terms of the dissolution by mutual agreement within the partners. Partners may come and go, but an LLP goes on.

Entrepreneurs incomes a turnover of fewer than 40 Lakhs and a capital contribution of less than 25 Lakh need not get their debts audited. therefore, LLPs are ideal for startups and small businesses which can be simply beginning their operations and need to have minimal regulatory compliance related formalities.

The ownership of an LLP can be easily transferred to another person. All you need is to induct them as a Designated Partner of the LLP. LLP is a separate legal entity separate from its Managing Partners, so by changing the Managing Partners, the ownership of the LLP can be changed.

An LLP is a juristic person, can acquire, own and enjoy the property in its own name. And this is entirely distinct from its partners. No Partner can make any claim upon the property of the LLP so long as the LLP is a going concern.

the biggest advantage is a restrained liability, this means that the popularity of being legally responsible best for a limited quantity of money owed of an LLP. unlike proprietorships and partnerships, in an LLP the legal responsibility of the individuals in appreciate of the LLP’s money owed is restrained. The non-public property of the administrators is secure if the business enterprise goes bankrupt.So it’s totally a win-win situation for you if you plan to step to move forward with a suffix LLP.

Steps Involved in LLP Registration

Our very first step in this direction would be getting Digital Signature Certificate (DSC) and Designated Partner Identification Number (DPIN) for the proposed Partners of the LLP. Within a timeframe of 5 to 7 working days, DPIN and DSC can be obtained for the proposed Partners. If the partners already have DSC and DPIN, then this step can be skipped.

A minimum of one and a maximum of six proposed names are required to be given to the MCA. Subject to availability, naming guidelines and MCA processing time, we will get back to you with the Name approval within 5 to 7 working days. Names provided should ideally be unique and suggestive of company business.

Once a name is approved, one needs to draft Memorandum of association and Articles of Associate. Both MOA and AOA are filed with the MCA with the subscription statement.

Incorporation documents can be submitted to the MCA along with an application for incorporation. MCA will usually approve the application for incorporation in 5 to 7 days, subject to their processing time. Incorporation certification is a proof that company has been created. It also includes your CIN number.

Then you need to apply for pan and TAN. PAN and TAN are received within 7 working days. Post this, you can submit the Incorporation certificate, MOA, AOA and PAN with a bank to open your bank account.

Frequently Asked Questions?

At least two partners are required for LLP registration. The maximum partners can be 200. If you are the sole owner, you can register as a One Person Company.

No, it is an complete online process regardless of your location of business. You simply have to send us all the scanned copies of the required documents to initiate the process.

For LLP, no minimum capital is required to invest unlike in PVT or OPC companies.

SALAHKARI TEAM can incorporate a Limited Liability Partnership in 10-12 days. Though, it may depend on submission of relevant documents by the client and speed of Government Approvals.

a. For Partners- Pan Card for Indian Nationals. b. ID proof- Any one (Voter ID/Aadhar Card/Driving License/Passport) c. Address Proof- Any one (Electricity Bill/Telephone Bill/Mobile Bill/Bank Statement) d. In addition, the landlord of the registered office premises must provide a No Objection Certificate (NOC) for having the registered office in his premises and must submit his identity proof and address proof.

It is a 7 digit number alpha-numeric registration number allotted by Ministry of Corporate Affairs, Government of India to an LLP.

Yes, a Digital Signature is required for all Designated Partner of a proposed LLP.

Designated Partner Identification Number is a unique identification number assigned to all existing and proposed Designated Partner of a LLP. It is mandatory for all present or proposed Designated Partners to have a Designated Partner Identification Number (DPIN). Designated Partner Identification Number never expires and a person can have only one DPIN

LLPs are required to file an annual filing with the Registrar of Companies each year.

Yes, an existing partnership firm can be converted into LLP.