LLP Registration in Jaipur
Popularly known as the “pink city”, Jaipur is the capital city of Rajasthan. Famous for tourism and handicrafts, Jaipur is one of the primary destinations to start a small business in India, especially for businesses related to arts, crafts, textiles etc. Due to the high level of tourism in Jaipur, there is a constant inflow of cash into the city. This makes the city a great place to start a new business. While beginning a new venture, you might have a lot of questions about which business structure to opt for. Read this article to know why you should go for LLP registration for your new business in Jaipur.
Advantages of LLP registration in Jaipur
An LLP is one of the most popular business structures in India. Its easy online registration process is a huge plus, but the business structure itself has many benefits. Some of them are:
- It is very easy to start a limited liability partnership. It does not have very high registration costs involved.
- After registering a limited liability partnership there are very few complications that you have to keep up with, making maintaining an LLP quite cost-effective.
- All limited liability partnerships have an identity separate from their partners. Because of this, they enjoy perpetual succession, easy transferability and limited liability
- There is no minimum capital contribution requirement for starting an LLP.
- Every LLP partner need not invest in the LLP monetarily.
- Unlike private limited companies, LLPs have no limit on the number of members they can have.
Documents needed for new LLP Registration in Jaipur?
For incorporating a new limited liability partnership, you have to provide the following document with the relevant forms.
- Copies of the to-be partners’ PAN Cards
- Identity proof of copies of the to-be partners (Aadhar Card, Passport, Driving License, etc)
- Copies of the to-be partners’ Address Proof (Electricity bill, water bill or any other utility bill)
- DSC (Digital Signature Certificate) of two partners
Registered office-related documents:
- Proof of address for the Registered Office (Utility Bills)
- NOC (No Object Certificate) from the owner of the property if the registered office is on rent
- A copy of the Rental Agreement if the registered office is on rent
Procedure for LLP Registration online
- Firstly, you have to apply for DIN (Director identification number) or DPIN (designated partnership identification number). At Least two partners need to apply for DIN. This is because you need a minimum of two directors for LLP registration.
- Secondly, you need to apply for DSC. Once again at least two Partners need to apply for this for LLP registration.
- Fourthly, you have to apply for a name reservation for an LLP. You can do this by using the RUN service which is available on the MCA (Ministry of Corporate Affairs) website.
- After all of that, you can apply for Limited Liability Partnership incorporation via FiLLiP form which is also available on the MCA website.
- Finally, you need to draft and submit your Limited Liability Partnership agreement within 30 days of incorporation.
What is an LLP Agreement?
A limited liability partnership agreement is essentially an agreement between all the partners of the firm that specifies the rules and conditions of the partnership. Here are some things that are specified in an LLP agreement:
- The roles and responsibilities each partner will take on
- What each partner will provide
- What the name of the LLP will be
- The division of the partnership’s income
- The situations that can lead to the closing down of the LLP
- Steps to take in case of a dispute between the partners of the firm
- The location of the firm’s registered office, etc.
LLP Registration Cost
Business Package Starting from INR 8,699
- All expenses & Government fee
- 2 Class III Digital Signatures (DSC )
- Name Application under RUN LLP
- Certificate of Incorporation
- PAN Number & TAN Number
- LLP Identification Number
- 2 Director Identification Numbers (DIN)
- DSC & DIN for additional partners at extra cost
- LLP Deed Drafting along with franking
Executive Package Starting from INR 10,999
- All inclusions of the Business Package
- One additional Name Application under RUN LLP
- GST Registration Application
- MSME Registration
- Draft of Bank Account Opening Resolution
- Draft of Employment contract & NDA
- Draft of Employment & Appointment Letter
- Draft of Website Policy
- Draft of Disclaimer Policy
Premium Package Starting from INR 29,999
- All Inclusions from the Executive Package
- All expenses and Government fee
- DSC & DIN additional partners at extra cost
- Accounting up to 250 entries in the entire FY
- Annual Compliance filing with MCA for a year
- All ITR filing for the first year
- GST return (up to 100 invoices per month) for 12 months
- DIR-3 KYC for 2 DIN holders
Eligibility required to become an LLP partner
Any individual or organisation can incorporate a limited liability partnership unless they are an undischarged insolvent, have a case regarding their insolvency pending in the court, or if they have been declared to be of unsound mind by an Indian court. Additionally, a Hindu undivided family or HUF is also not allowed to become a partner in an LLP.
Other important points for LLP registration Process
- Every Limited Liability Partnership requires a minimum of 2 partners for incorporation
- At least one of the Partners needs to be Indian and residing in India.
- LLP registration takes only about 15-18 days via LegalWiz.in’s service (depending on MCA approval).
- Limited Liability Partnerships have no minimum capital requirement. However, every partner must contribute something to the LLP, be it monetary or non-monetary.
- ALL partners also have to apply for DIN (Director identification number) or DPIN (designated partnership identification number)
Frequently Asked Questions
Do you have to pay stamp duty on the drafting of the LLP agreement?
Yes, you are charged stamp duty on the drafting of an LLP agreement. The charge is calculated based on which state the LLP is being incorporated and the capital LLP.
Do LLPs have any annual compliance requirements?
Yes. Every LLP is legally required to file form 8 for their annual financial statements, form 11 for their annual returns and ITR. Forms 8 and 11 are available on the MCA website.
Can a foreign national become a partner in an Indian limited liability partnership?
Yes, foreign nationals are permitted to become partners in limited liability partnerships registered in India. However, keep in mind that every limited liability partnership registered in India needs at least one Indian citizen and one partner who resides in India.
Can you convert an LLP into a One Person company?
Yes, an LLP can be converted into a One Person Company as well as into a private limited company following Company Law’s rules and regulations.
Monjima is a lawyer and a professional content writer at LegalWiz.in. She has a keen interest in Legal technology & Legal design, and believes that content makes the world go round.
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