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Limited Liability Partnership Registration (LLP)

Meaning Limited Liability Partnership (LLP)?

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LLP or Limited Liability Partnership is an alternative business form that provides the advantages of a limited liability company and the flexibility like that of a partnership firm. This innovative and most awaited form of company was introduced into the Indian corporate world in 2009 by the Limited Liability Partnership act of 2008.
Minimum two partners can incorporate an LLP; there is no upper limit as such. In an LLP one partner is not responsible for the other partner’s misconduct or negligence.

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Benefits of Registering a Limited Liability partnership – LLP

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01

Lower Compliance Requirement

A key benefit of registering an LLP over a private company is lesser compliance requirement. It doesn’t have a mandatory audit requirement until a certain level of turnover or contribution. Unlike companies, compliances related to board meetings, statutory meetings, etc. do not apply to LLPs. Professional services for compliance are typically available at cheaper rates than that for companies, making it cost effective to maintain an LLP.
02

Separate Legal Existence

Registration of LLP creates a separate legal identity than its partners. Governed by the LLP Act of 2008, it allows the business to contract with other entities, take legal action, own assets and borrow funds in the name of an LLP itself. It is a major advantage that is not available to a regular partnership firm
03

Operational Flexibility

LLP Agreement, deed among partners of an LLP, clarifies operating structure including rights and responsibilities of the partners. Typically, LLP would select a “Designated Member” who would control day-to-day operations. It can have individuals or existing businesses as members. Further, this structure allows to clearly define roles of the partners and their respective responsibilities. It could also help in protecting partner’s interest in case of loss because of an unlawful act of any other partner.
04

Limited Liability of Partners

Because an LLP can enter into a contractual relationship in its own capacity, it offers a great advantage to the partners for limiting their personal risk. Liability of financial contribution of any partner is restricted to the capital contribution as per the LLP agreement. Many new age businesses prefer LLP registration over partnership so that their personal assets remain safe in case of loss, or even insolvency. Further, one partner is not held responsible for the actions of negligence or misconduct of any other partner.

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Documents required for registration of an LLP

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Limited Liability Partnership LLP
  • PAN Card: PAN Card of all partners Foreign nationals may provide passport
  • Partners Address Proof: Aadhar Card/ Voter ID/ Passport/ Driving License of all partners
  • Photograph: Latest Passport size photograph of all partners
  • Business Address Proof: Latest Electricity Bill/ Telephone Bill of the registered office address
  • NOC from owner: No Objection Certificate to be obtained from the owner of registered office
  • Rent Agreement: Rent Agreement of the registered office should be provided, if any
  • Note: In case of NRI or Foreign National, documents of the partner must be notarized or apostilled

Step By Step Process Guide to Registration of A Company

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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.
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.

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Procedure For LLP Registration

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01
Complete our LLP Form
You need to fill our simple LLP online questionnaire and submit all the relevant “LLP documents”.
02
Obtain DSC and DPIN for LLP
After submitting your documents we will provide you with both “DSC and DPIN”
03
LLP Verification & Name Approval
Details provided by you will be verified & then we shall apply for LLP name approval.
04
LLP Document Submission
We will create all the required documents (MOA & AOA) and file them with ROC for your LLP.

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How Much i Need to Pay for Registering A LLP Firm?

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The Cost of Incorporation / Registration a LLP Firm would vary from INR 6499/- to INR 24999/- (GST Excluded) depending upon the plan you choose.

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Accounts

Free Trial

Projects

SSL

Storage

Domains

Sub-domains

BASIC

Rs 6499/-

* Inclusive all govt fee 

2 Digital Signature Certificate

2 Director Identification Numbers 

1 Name Approval

Incorporation Certificate

LLP Agreement

PAN & TAN

Bank Account Opening Documents

STANDARD

Rs 10999/-

* Inclusive all govt fee

2 Digital Signature Certificate

2 Director Identification Numbers 

1 Name Approval

Incorporation Certificate

LLP Agreement

PAN & TAN

Bank Account Opening Documents

GST Registration

Ledger Accounting Software 

First 3 Month GST Filling

PREMIUME

Rs 16499/-

* Inclusive all govt fee

2 Digital Signature Certificate

2 Director Identification Numbers 

1 Name Approval

Incorporation Certificate

LLP Agreement

PAN & TAN

Bank Account Opening Documents

GST Registration

Ledger Accounting Software 

1 year GST Filling

Form 8 & 11 Filling 

ITR Filling