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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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Procedure For LLP Registration

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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