Online LLP Registration in India (Limited Liability Partnership)
LLP Registration in India is quick and easy with LegalWiz.in. More than 6,000 businesses trust us to register Limited Liability Partnerships and keep their businesses compliant with the law. Our team of expert CA and CS help you with the process of online registration. The end-to-end incorporation process takes about 15 business days. The fastest and most affordable way to get your LLP registration is just a click away.
Register as an LLP in India
Limited Liability Partnership, known as LLP, is a balanced structure that offers the benefits of a conventional partnership firm and a company. LLP is governed under the Limited Liability Partnership Act, 2008. With lower compliance requirements and structured roles and responsibilities like a partnership, LLP also offers key benefits of a company structure like the limited liability of the partners and separate and perpetual legal existence. For that, LLP Registration is a popular business formation among services and professional firms like Chartered Accountants, Company Secretaries, Management Consulting Businesses, Recruiting Firms, and other services-based businesses.
Why should you choose LegalWiz.in for your LLP Registration?
- Team of Expert CA, CS, and Lawyers
- Dedicated Account Manager, and 24 Hour Query Resolution Policy
- Startup Friendly Pricing, and Quick Registration
- 100% Online LLP Registration Process and Post Incorporation Support
- Thousands of Happy Customers Across All States of India
- Exclusive partner offers on web hosting, payment gateways, etc.
However, transfer of ownership and issuing ownership options to employees (ESOP) are more challenging. If you are a high-growth aspiring startup and seeking external funding, Private Limited Company Registration may be a better option for you.
Why Should You Register Your Business as a Limited Liability Partnership?
Start Your LLP – Quick and Easy!
*Subject to Government processing time
How Long does It Take?
LLP vs. Private Limite Company vs. Partnership
|Private Limited Company||One Person Company||Limited Liability Partnership||Partnership Firm||Proprietorship Firm|
|Applicable Law||Companies Act, 2013||Companies Act, 2013||Limited Liability Partnership Act, 2008||Indian Partnership Act, 1932||No specified Act|
|PLC must be registered with MCA under the Companies Act||Same as Private Limited Company||LLP must be registered with MCA under the LLP Act||Partnerships can be registerd or Unregistered, there are obvious benefits to register with the State ROF||No registration required. Registration under MSME or GST act are considered valid for Proprietor Firms|
|Number of Owners||2 – 200||Only 1||2 – Unlimited||2 – 50||Only 1|
|Minimum of 2 to maximum of 200 shareholders excluding present or former employees who are members||Only one shareholder||Minimum 2 Designated Partners are required. No limit on the number of maximum partners||Minimum 2 partners, and maximum 50 partners||The proprietor can be the only owner of the firm|
|Separate Legal Entity||Yes||Yes||Yes||No||No|
|PLC is a separate legal entity, and can enter into contracts or own assets in it’s own name||Same as Private Limited Comapany||Same as Private Limited Comapany||Partnership firm does not have any separate identity from its partners||Proprietor and business are the same, and hold same PAN number|
|Limited to the share capital subscribed (may vary if defined as limited by guarantee or unlimited liability in the MOA)||Same as Private Limited Company||Limited to the capital contribution agreed by the partner in the LLP Agreement||Partners are jointly and severally liable to pay the debts of the Partnership Firm||Paying off the liabilities of the firm is the proprietor’s responsibility|
|Statutory Audit||Mandatory||Mandatory||Based On Applicability||Not Mandatory||Not Mandatory|
|Required to appoint a statutory auditor within 30 days of company incorporation||Same as Private Limited Company||Statutory audit required when turnover exceeds INR 40 Lac or contribution exceeds INR 25 Lac||No statutory audit required. Tax audit applicable on basis of total turnover||Same as Partnership Firm|
|Ownership Transferability||Yes||Yes (Restricted)||Yes||Yes (Restricted)||No|
|Shares are easily transferable, so it makes it a most preferred option for raising capital through external investors||There is only one owner in OPC. 100% shares need to be tranferred to change ownership||Ownership can be changed with consent of other partners, by drafting a supplementary agreement||Ownership is not easily transferable. Partnership deed outlines the restriction for transfer of ownership||Ownership of the proprietorship is not transferable|
|Private Company prevails with change in ownership or management||OPC has a perpetual succession, but can only have one owner at any time||Change in Partners or Designated Partners does not affect the existence of an LLP||Change in partner leads to dissolution or formation of another partnership firm||Death or insolvency of proprietor dissolves the business|
|Foreign Ownership||Allowed||Not Allowed||Allowed||Allowed||Not Allowed|
|Foreign nationals can invest as per RBI and FEMA guidelines, usually under the Automatic Route||Member, nominee and director must be an Indian resident||Foreign nationals can invest as per RBI and FEMA guidelines, usually under the Automatic Route||Nnon Resident Indian (NRI) can be a partner in the Partnership Firm, subject to RBI regulations||Foreign Nationals cannot own proprietorship business in India|
|Lower rate of 25% for companies with gross turnover of INR 400 Crore. Additional dividend distribution tax may apply||Same as Private Limited Company||Tax rate of 30% on business profits, tax benefits to partners on profit distribution is high||Same as LLP||Tax rates for individuals apply to Proprietorship Firm, as per the Income Tax slab|
|Private company has the highest compliance requirements, both annual and event based||OPC compliance requirements are similar to PLC, except conducting an Annual General Meeting (AGM)||Annual filing and few event based filings are necessary, but lesser compliance requirements as compared to company structure||ITR of partnership needs to be filed annually, no major compliance requirements otherwise||No requirement to file a separate ITR. Very less to no compliance hassle|
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