Limited Liability Partnership Firm Registration
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LLP Registration Online
LLP Registration was imported in India by way of the Limited Liability Partnership Firm Registration Act, 2008. The basic place behind the introduction of LLP is to need a form of the business body that is simple to manage while providing limited liability to the owners. Since, its introduction in 2010, LLP have been well accepted with over 1 lakhs registrations so far until September 2014. The main benefit of a Limited Liability Partnership over a usual partnership stable is that in a LLP, one partner is not concern or liable for another partner's misbehave or carelessness. A LLP also supplies limited liability security for the owners from the credits of the LLP. Therefore, all partners in a LLP enjoy a form of limited liability security for each individual's security within the partnership, the same way to that of the shareholders of a Private Limited Company. However, Different from Private Limited Company shareholder, the partners of a LLP have the right to manage the business directly. LLP is one of the simplest forms of business to include and maintain in India. With an easy include process and simple compliance procedure, LLP is approved by Professionals, Micro and Small businesses that are family purchased or closely-held. Since LLPs are not able of issuing integrity shares, LLP should be used for any trade that has plans to boost impartiality funds during its lifecycle
Documents Required for LLP Registration
Aadhaar Card (All Director / Partner)
PAN Card (All Director / Partner)
Electricity Bill / GAS Bill / Telephone Bill / Sell Deed
Rent Agreement (If Office is Rented)
All Director / Partner Photo
Bank Statement of All Director / Partner
Detail Required For LLP Registration
Firm name / Company name
All Partner name / All Director name
Firm / Company address with pin code
Email id (All Directors / Partners)
Mobile number (All Directors / Partners)
Top 5 products / Top 5 services name
Reasons for Limited Liability Partnership Firm Registration
- Separate Legal Body: A LLP is a legal body and a juristic person traditional under the deed. Therefore, a LLP has wide legal quantity and can own property and also incur credits. However, the Partners of a LLP have no liability to the receivers of a LLP for the credits of the LLP.
- Uninterrupted Presence: A LLP has 'perpetual succession', that is constant or uninterrupted presence until it is legally dissolved. A LLP is a unique legal person, is unchanged by the death or other departure of any Partner. Hence, a LLP continues to be in presence regardless of the changes in ownership.
- Easy Transferability: The control of a LLP can be simply transferred to another person by initiating them as a Partner of the LLP. LLP is an aisolated legal body separate from its Partners, so by changing the Partners, the ownership of the LLP can be alternated.
- Audit NOT Required: A LLP does not need audit if it has less than Rs. 40 lakhs of turnover and less than Rs.25 lakhs of capital share. Therefore, LLPs are identical for startups and small trade that are just starting their operations and want to have minimal regulatory agreement related formalities.
What process for LLP Registration
- Arrangement done of basic documents of Partners
- Fill an online form with actual information
- Apply for Digital Signature and DIN of all Partners
- Prepare all legal documents
- Apply to name availability of the projected of LLP
- Clarification of all documents and forms by government
- File Including Document with ROC
- Get LLP Including Certificate
- Drafting of LLP Agreement have done
- Filing of LLP Agreement is processed
STEP 1: OBTAINING DIGITAL SIGNATURE CERTIFICATE AND DIN
The first step is to obtain DIGITAL SIGNATURE CERTIFICATE of the requested partners of this Partnership. The reason for this is that all the forms need to acknowledge online and require the directors' digital signatures.The law also needs that all directors file for a DIN number.
STEP 2: APPLICATION FOR NAME APPROVAL
This process includes registering the LLP. Before you do this, you would require to see if the name is already taken. You can check on the free searchability on the MCA portal. The registrar only verifies LLP names that are not taken before.
STEP 3: LLP AGREEMENT
LLP agreement is very critical in a limited liability partnership as it completes the shared rights and duties amongst the partners, and between the LLP. The partners enter into the Limited liability agreement upon the LLP registration by filing form 3 online on the MCA portal. This process has to be done within 30 days of the date of incorporation.
STEP 4: LLP INCORPORATION CERTIFICATE
Once the registrar accepts your MOA and AOA, you step closer to get your LLP registered. The next step is to have the LLP Incorporation Certificate. You can do it by acknowledging all documents to the registrar. The time is between 2- 12 days.
STEP 5: APPLY FOR PAN & TAN & BANK ACCOUNT
As soon as you get the including certificate, you need to cover for your company PAN & TAN. The cost for this process is less than Rs.200 and it takes around three weeks.