As the name suggest,Limited liability partnership, or LLP is a kind of partnership firm wherein some or all the partners possess limited liabilities depending on the type of jurisdiction. LLPs are a flexible legal and tax entity that allows partners to benefit from economics of scale by working together while also reducing their liability for the actions of other partners. Having business partners means spreading the risk, leveraging individual skills and expertise, and establishing a division of labour.
Benefits of Limited liability partnership:
- Low cost and less compliance
- NO requirement of minimum capital contribution
- The number of partners
- Taxation Aspect on LLP.
- It is easy to start and manage a business like entrepreneurs
- The operation of the partnership and distribution of profits is determined by written agreement between the members
Procedure to register a company online:
Step 1: Fill up a form
Step 2: Make online payment
Step 3: Our executive person will process the application
Step 4: Get confirmation on mail
Step 5: Start-up a private limited company
Registration process of a Limited liability partnership online:
- Apply for digital signature certificate of the designated partners of the llp
- Apply for din of director identification number for all the designated partners
- Apply for checking name availability and applying for the name availability.
- Incorporation of Limited liability partnership
- File limited liability partnership (LLP) agreement
Documents required for registering online:
- Partners PAN Card. A valid passport is a must for foreign nationals.
- Partners Identity Proof such as Aadhar card and Voter ID / Passport / Driving License.
- Partners Address Proof of Shareholders and Directors, such as the latest Telephone Bill / Electricity Bill / Bank Account Statement.
- Partners Latest Passport size photograph.
- Partners Business Address Proofs such as latest Electricity Bill / Telephone Bill of the registered office address.
- Digital signature certificate
The concept of LLP is also encouraged by the Government as it provides various tax benefits and enables the entrepreneurs to focus on the core activities of the business. It is the type of organisation that is easy to maintain while at the same time providing limited liability to the owners. LLP is one of the simplest forms of business which is easy to incorporate and manage. Because of its nature, LLP has become very popular these days, and a number of firms and companies are now getting converted into LLPs under Limited Liability Partnership Act, 2008.
Two or more persons can associate for carrying out any lawful business with a view to profit.
They have to file incorporation document, containing prescribed details like name, proposed business, address of registered office, name and address of partners, name and address of designated partners and other information as may be prescribed by rulesIncorporation documentFor a limited liability partnership to be incorporated –(a) two or more persons associated for carrying on a lawful business with a view to profit shall subscribe their names to an incorporation document(b) the incorporation document shall be filed in such manner and with such fees, as may be prescribed with the Registrar of the State in which the registered office of the limited liability partnership in India is to be situated; and(c) there shall be filed along with the incorporation document, a statement in the prescribed form, made by either an advocate, or a Company Secretary or a Chartered Accountant or a Cost Accountant, who is engaged in the formation of the limited liability partnership and by any one who subscribed his name to the incorporation document, that all the requirements of the LLP Act and the rules made thereunder have been complied with, in respect of incorporation and matters precedent and incidental thereto – section 11(1) of LLP Act.Procedure for Incorporation of LLPTwo partners to be designated as ‘designated partners’ should apply and get DIN (Director Identification Number) from Central Government by applying electronically in form No.
7 and subsequently sending physical forms.The designated partners should obtain Digital Signature Certificate (DSC) Class II or above from a Certification Agency (CA).User registration – Register DIN and DSC with LLP by visiting www.llp.gov.in.Check name availability which is available on the aforesaid websiteApply for reservation of name in form RUN-LLP.
Alternatively, application for reservation of name can be made along with incorporation document in form FiLLiP [Form for incorporation of LLP registration online]After obtaining reservation of name, fill up form FiLLiP [Form for incorporation of Limited Liability Partnership] It has to be digitally signed by designated partner and a professional (advocate/practising CA/CS/ICWA).
Upload the form and pay fees electronically.LLP will be incorporated by ROC and registration certificate will be granted by Registrar of Companies (ROC) in form No.
16File form 3 (Information with regard to LLP Agreement) and form 4 (Notice of appointment of partner/designated partner) electronically with fees.
Limited Liability Partnership is a mixture of partnership firm and a company.
It has the features of both company and firm.
In LLP the liabilities of the partners are limited but in partnership the liabilities of partners are unlimited.
In today's time, the LLP registration is a very popular business option between small or medium organisation and professionals, because the burden of compliances is very low.
Register Experts provide all the services which are related to the LLP registration and LLP compliances.
Our charges are very reasonable for LLP registration and compliances.
