Limited Liability Partnership Registration

Documents Required for Limited Liability Partnership Registration

  • 1. PAN ( Permanent Account Number) of all Partners (Minimum 2)
  • 2. Address Proof ( Voter Id, Passport, Driving License, Aadhar Card) of all partners
  • 3. Latest passport size Photographs of all partners
  • 4. Registered Office Address Proof – Electricty Bill along with Rent Agreement / ownership proof of proposed registered office.
  • 5. Copy of Mobile bill, telephone bill, electricity bill or Bank Statement of all directors / promoters with Present address (could be different from permanent address).

ADVANTAGES OF LIMITED LIABILITY PARTNERSHIP

A LLP is a legal entity and a juristic person established under the Act. Therefore a LLP form of organization has wide legal capacity and can own property and also incur debts. The Partners of a LLP have no liability to the creditors of a LLP for such debts.
A LLP has ‘perpetual succession’, that is continued or uninterrupted existence until it is legally dissolved. A LLP, being a separate legal person, is unaffected by the death or other departure of any Partner but continues to be in existence irrespective of the changes in Partnership.
A LLP does not require audit if it has less than Rs. 40 lakhs of turnover and less than Rs.25 lakhs of capital contribution. Therefore, LLPs are ideal for startups and small businesses that are just starting their operations and want to have minimal regulatory compliance related formalities.
The ownership of a LLP can be easily transferred to another person by inducting them as a Designated Partner of the LLP. LLP is a separate legal entity separate from its Managing Partners, so by changing the Managing Partners, the ownership of the LLP can be changed.
A LLP being a juristic person, can acquire, own, enjoy and alienate, property in its own name. No Partner can make any claim upon the property of the LLP so long as the LLP is a going concern.
Limited Liability means the status of being legally responsible only to a limited amount for debts of a LLP. Unlike proprietorships and partnerships, in a LLP the liability of the members in respect of the LLP’s debts is limited.

FREQUENTLY ASKED QUESTIONS

LLP is an alternative corporate business form that gives the benefits of limited liability of a COMPANY and the flexibility of a PARTNERSHIP. Since LLP contains elements of both ‘a corporate structure’ as well as ‘a partnership firm structure’ LLP is called a hybrid between a company and a partnership.
A basic difference between an LLP and a joint stock company lies in that the internal governance structure of a company is regulated by statute (i.e. Companies Act, 2013) whereas for an LLP it would be by a contractual agreement between partners. LLP will have more flexibility as compared to a company and lesser compliance requirements.
Yes, any existing private company or existing unlisted public company can be converted into LLP by complying with the Provisions of clause 58 and Schedule III and IV of the LLP Act. Form 18 needs to be filed with the registrar along with Form 2 for such conversion.
Under “traditional partnership firm”, every partner is liable, jointly with all the other partners and also severally for all acts of the firm done while he is a partner. Under LLP structure, liability of the partner is limited to his agreed contribution. Further, no partner is liable on account of the independent or un-authorized acts of other partners, and registered with Ministry of Corporate Affairs just like company.
You can start a Limited Liability Partnership with any amount of capital. There is no requirement to show proof of capital invested during the incorporation process. Partner’s contribution may consist of both tangible and/or intangible property and any other benefit to the LLP.
It will be dealt under the Income Tax and other tax laws separately, prima facie a LLP is taxed as a partnership. The internal structure of the LLP is similar to that of a partnership. The members provide working capital and share any profits. Income derived by the members from the LLP will be closer to that of a partnership than to the dividends paid by companies.

Upfront Pricing, Simple Plans, & Superior Service


7999/Only Per/Year

Basic

  • LLP registration with DSC, DIN, LLP deed drafting, name approval, PAN, TAN and government fees for incorporation.
11999/Only Per/Year

Standerd

  • LLP registration with DSC, DIN, LLP deed drafting, name approval, PAN, TAN, government fees for incorporation and one year TDS return filing.
19999/Only Per/Year

Premium

  • LLP registration with DSC, DIN, LLP deed drafting, name approval, PAN, TAN, government fees for incorporation, one year TDS return filing and trademark registration.