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Provide basic details & documents required for registration
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Procurement of DSC and DIN
Application for Name Reservation
Certificate of Incorporation
PAN Card and TAN
Documents drafting including LLP Agreement
Your LLP is Incorporated!
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Main Advantages of Registering a Limited Liability Partnership
Lowest Registration Cost to get entry into Corporate World Centralised registration allowing transparency of Transactions Assures flexibility of Partnership & benefits of Private Company
Management and administration as agreed by LLP Agreement Liability of Partners Limited to the extent of capital Various types of Returns to the partners Easy Transfer of Ownership with or without diluting share of Profit
Uninterrupted Existence irrespective of change in Partners Lower Compliance Requirements compared to other corporates One Partner not liable for actions of other Partner
Frequently Asked Questions
For registration of LLP in India, the DSC (Digital Signature Certificate) and DIN (Director identification Number) of all the Designated Partners are to be acquired. The Registered Office shall also be in existence for LLP formation in India.
Digital Signature Certificate is provided in a token form and issued by Certified Authorities. Any form filed for incorporation of Limited Liability Partnership (LLP) online shall be submitted after affixing the DSC of an Applicant. Also, the directors will require DSC for DIN application and the subscribers to MOA shall possess DSC for submitting e-forms.
Director Identification Number is a unique number assigned by the Ministry of Corporate Affairs to Individuals on application made, which allows any individual to be Director in any Company or Designated Partner in LLP. Further, the concept of DPIN (Designated Partner Identification Number) does not persist any more with respect to incorporation of LLP.
A Limited Liability Partnership can be started with any amount of capital contribution by the Partners as there is no minimum requirement prescribed in this regard. The Partners can contribute in any amount agreed and in any form being tangible (cash, premise) or intangible (goodwill, intellectual property). The amount of cash agreed to be contributed is required to be deposited in the account of LLP after incorporation and not later than 1 year. Further, capital mentioned while name application cannot be changed till filing of LLP agreement.
To incorporate a Limited Liability Partnership in India, at least 2 Designated Partners shall be appointed where both are individuals and at least one being resident in India.
Yes, a body corporate can be a Partner in an LLP. However, to fulfil the requirement of minimum Designated Partner, any of the\ two Partners or the nominee of the Body Corporate shall act as Designated Partner in the LLP.
There are no limitations in terms of citizenship or residency to be a Partner. Therefore, the LLP Act, 2008 allows Foreign Nationals including Foreign Companies & LLPs to incorporate a LLP in India provided at least one Designated Partner is resident of India. However, the person should be 18 or above i.e. not a minor and competent to enter into contract. Also, the proposed Designated Partner shall have DIN (as explained above).
The name for the proposed LLP needs to be applied online in e-form before making an application for LLP Incorpoartion, where one can provide maximum 6 names in single application along with the significance of the name provided. The approval of the name applied is 100% discretion of the MCA, where the name application gets rejected, a fresh application shall be filed with new names. Fore more information, please go through our blog at http://www.legalwiz.in/blogs/choose-your-llp-name-wisely-here-are-some-pointers/.
One or more activities can be carried on under on roof of LLP, however these activities must be related to and of near industry. Diversified activities cannot be carried on under same LLP. The activities of the LLP shall be added in the LLP Agreement after LLP incorporation. The activities to be added in LLP Agreement shall be in accordance with the description given while Name Application.
No, one of the essential requirements for setting up LLP is 'carrying on a lawful business with a view to profit'. Therefore, LLP cannot be incorporated for undertaking "Not-For-Profit" activities.
Identity proof and address proof is mandatory for all the proposed Designated Partners and Partners of the Limited Liability Partnership. PAN Card is mandatory for Indian Nationals. In addition, the landlord of the registered office premises must provide a No Objection Certificate for having the registered office in his/her premises. For more detail please visit http://www.legalwiz.in/blogs/documents-required-for-limited-liability-partnership-llp-formation/
Identity proof and address proof is mandatory for all the proposed Designated Partners and Partners of the Limited Liability Partnership for LLP Formation in India. PAN Card is mandatory for Indian Nationals. In addition, the landlord of the registered office premises must provide a No Objection Certificate for having the registered office in his/her premises. For more detail please visit http://www.legalwiz.in/blogs/documents-required-for-limited-liability-partnership-llp-formation/
The LLP agreement shall be mention the activities to be carried on by the LLP in detail, the capital contribution and profit sharing ratio of the partners. Further, the LLP agreement shall be filed within 30 days from the date of LLP incorporation after payment of stamp duty to the respective Government.
While online LLP Registration, the stamp duty on the Agreement according to the capital contribution of the Partners in the LLP. The rate of Stamp Duty varies based on State where the Registered Office of the LLP is situated. Further the Notary on the Agreement is not statutory requirement and not required by the MCA. Notary can be required by the bank officials but is not mandatory for incorporation of an LLP.
The PAN and TAN of the LLP can be applied after the receipt of the Certificate of Incorporation of the Limited Liability Partnership. The physical copy of the PAN will be received at the Registered Office only after being dispatched by the Income Tax Department.
The LLP can be incorporated and registered within 15 - 18 working days. However, in case of State of Maharashtra the online LLP Registration take at least one month. The incorporation process is subject to MCA approvals.
To incorporate an LLP quickly, make sure the proposed name for the registration of LLP is very unique. Names that are similar to an existing private limited company / limited liability partnership / trademark can be rejected and additional time will be required for resubmission of names. Further, all the documents with respect to the Partners as well as Registered Office shall be as per the requirement.
An LLP shall comply with the annual compliance requirements after LLP Incorporation. However, if the LLP has a turnover of less than Rs.40 lakhs and/or has a capital contribution of less than Rs.25 lakhs, the financial statements do not have to be audited. Further, requirement of statutory audit shall be complied once crossing the prescribed Limit. To know more details, please read http://www.legalwiz.in/blogs/mandatory-compliances-limited-liability-partnership-llp/
The requirement of Mandatory Audit will be levied when the Turnover of the LLP exceeds Rs 40 Lakh or the contribution of Partners exceeds Rs 25 Lakh.
Alike every other entity, there are certain criteria laid down for mandatory registration under GST. Following are few general criteria for mandatory registration:
- An aggregate turnover exceeding Rs. 20 lakh in a financial year mandates registration for a dealer or service provider under this law. However, for dealers conducting business in north-eastern states of India, an aggregate turnover exceeding Rs. 10 lakh mandates a registration.
- Any online platform operator.
- LLP engaged in inter-state supply of Goods.
No, it is not necessary to make an application of Trademark Registration for LLP Name. The name of the company itself is unique and the same name is not allotted to any other body-corporate being any company or LLP as their name. However, you can voluntarily apply for the Trademark registration to protect name as brand name and form unauthorised usage by Sole Proprietor and Partnership Firms, etc.
Yes, Foreign Direct Investment (FDI) is allowed in LLP under the automatic route in sectors allowed by the Foreign Investments Promotion Board (FIPB). However, Foreign Institutional Investors (Flls) and Foreign Venture Capital Investors (FVCIs) will not be permitted to invest in LLPs. LLPs will also not be permitted to avail External Commercial Borrowings (ECBs.)
Yes, an existing partnership firm or a company (unlisted) can be converted into LLP. There are many advantages of converting a partnership firm into a LLP; however, the same doesn't apply for the conversion of a Company to a LLP.
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Limited Liability Partnership Registration Online
A Limited Liability Partnership is the Business Structure introduced to combine the benefits of Partnership and Limited Liability. The LLP is considered as the hybrid version of both entities, which ensures flexibility of the Partnership and Corporate Status of Private Limited Company. Limited Liability Act, 2008 regulates the procedure of LLP incorporation and allied matters including administration of LLP and its operations. LLP Incorporation is made easy by LegalWiz.in, a leading online service provider. Experts of LW can help you to set up tour Business with Limited Liability Partnership (LLP) Registration Services at affordable prices with no hassle and quick turn around time. The centralised registration system for LLP formation in India provides the platform for LLP Registration through e-portal. At LegalWiz.in, we cater to customers who are looking for a better, faster and affordable online LLP Registration Services. We guarantee highest quality standard backed by 100% customer satisfaction. Our team of expert chartered accountants, company secretaries and a network of qualified professionals take care of the procedure for LLP Incorporation in India as per Limited Liability Partnership Act, 2008. To incorporate a Limited Liability Partnership online, you need to spare only 15 minutes to provide details of your proposed business activities and requirements. All you need to do is answer few simple questions and share documents related to your business and rest will be taken care by the experienced team of LegalWiz.in. Experts on subject matter are available on call or via email to answer your queries. We also provide a full spectrum of post online LLP Registration Services including Accounting and Bookkeeping Services, Annual Compliance for Limited Liability Partnership, GST Registration, Tax Registration and filings, Change in Partners and change in Business, Trademark Registration, Copyright Registration, Personalized Legal Document Drafting and more. We offer services through an online model and a network of trusted affiliates across all major cities in India including Mumbai, Delhi, Ahmedabad, Rajkot, Surat, Pune, Bangalore, Hyderabad, Vadodara, Kolkata, Chennai, Noida, Gurgaon and pan India.