Limited Liability Partnership Registration
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What Is A Limited Liability Partnership?
Limited Liability Partnership Act of 2008 launched the LLP business form in India. The biggest advantage of a LLP is that one partner is not accountable for other partner’s negligence or wrongdoing.
The promoters of a LLP have limited liability toward debts of the LLP business. If there is an evasion, banks are not free to sell the personal assets of directors and can only sell the assets of the LLP. Therefore, all partners appreciate a form financial security while operating as a LLP.
LLP is best for Medium/ Small businesses and professional firms, family-owned or otherwise. As there is minimum maintenance cost involved.
LLP agreement is prepared once LLP is registered. LLP agreement is the most important document for its funcitoning. You can run LLP in any way possible and for that purpose you need to draft LLP agreement accordingly.
However, if you want to start a startup and pitch for funding, then we will recommend you to go for a private limited company because only private limited company is authorized to raise capital in exchange of equity share capital (equity). In Limited liability partnerships (LLP), you cannot raise funding as there is no concept of equity in LLP.
Basic Requirements For A Limited Liability Partnership Registration!
No Minimum Capital
Invest as per the needs of your business and there is no minimum capital requirement in a Limited Liability Paartnership. However the capital commitment has to be deposited in the bank account of the company. Normally people start with a minimum capital of INR. 10,000/-
It is vital that at least one of the designated partners of the LLP is an Indian resident.A person is considered resident in India if his/her stay in India was for at least 182 days during the previous financial year. Stay can be at a stretch or in phases. Citizenship of the individual is immaterial.
Minimum Two Promoters
A LLP have minimum two people who act as ‘designated partners’ of the LLP. There is no limit on the maximum number of partners.
NAME OF THE LLP
The name of the proposed company should not resemble any existing company or LLP. Further, the same should not match with any registered or applied trademark in India
Stepwise Proceedure For A Limited Liability Partnership Registration!
Applying digital signatures & DIN of all promoters.
Obtaining name approval of the LLP.
Filing incorporation along with PAN and TAN.
Follow up with registrar of companies (ROC).
LLP is ready with COI, PAN & TAN.
Filing LLP Agreement..
Documents Required For A Limited Liability Partnership Registration!
(Scanned Copies Will Do)
FOR REGISTERED OFFICE
Note: LLP Agreement is required to be made, format of which will be shared once name approval of the company is received.
Frequently Asked Questions (FAQ’s)
- Opening bank account of the company
- Appointment of statutory auditors
- Deposition of capital contribution
The whole process of LLP registration is online and there is no need for you to be present at our office or any other office for that matter. You just need to send us a scanned copy of the required documents through mail and you will get the LLP incorporation certificate from MCA via email.
No, there is no requirement to have an actual office. One can even start a limited liability partnership from their residence if they have proper documents as mentioned on the website.
If it is properly mentioned in LLP agreement and approved by the registrar, multiple businesses can be carried out by a company.
A person who is 18+ years of age and has a valid PAN card can become a partner in LLP. Even organisations/ foreigners/ NRIs can become a partner in LLP.
Yes, a salaried person can become a partner of the LLP
Limited Liability means that the partners are not personally liable to pay debts of the LLP.
Foreign Direct Investment is permitted in a limited liability partnership in India but with limitations and conditions. One need to consult his advisor/ chartered accountant to know the case about his particular buisness.
Yes, once they receive their DIN/DPIN, NRIs/Foreign nationals can become a designated Partner in LLP. But, a minimum of one designated partner in the LLP must be an Indian Resident. The foreign partner can even enjoy majority profit share in the LLP.
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