Register a Limited Liability Partnership for only 5999/-* and enjoy the benefits of both a partnership firm and a limited liability company.
The Limited Liability Partnership Act, 2008 governs LLPs (Limited Liability Partnerships), which were formed after January 2009. LLP registration is strongly suggested for businesses/startups seeking higher development with little compliance.
The Limited Liability Partnership Act of 2008 gives the benefits of a partnership firm as well as limited liability protection. An LLP must have at least two partners to be formed, and the maximum number of partners has no upper limit.
The LLP must have two designated partners, one of whom must be an Indian citizen. All provisions of the LLP Act of 2008, as well as those listed in the LLP agreement, are directly liable for compliance by the partners.
Startups and entrepreneurs could incorporate their businesses with an LLP registration to benefit from restricted liability and lower compliance costs. We, Knapadvisory.com, assist business owners/entrepreneurs in registering LLP online with the help of our seasoned professionals and skilled staff.
Here is the detailed procedure of LLP registration online in India. Following steps are required to be followed for hassle free registration process-
A Limited Liability Partnership may be incorporated as per the checklist explained below:
All designated partners of the proposed LLP shall obtain “Designated Partner Identification Number (DPIN) / Director Identification Number (DIN)”.
Partner/Designated partner of LLP/proposed LLP has to obtain class 2 or class 3 Digital Signature Certificate (DSC) from any authorized certifying agency.
Free name search facility (of existing companies / LLPs) is available on MCA portal.The system will provide the list of similar/closely resembling names of existing companies/LLPs based on the search criteria filled up.
Form 3 and Form-4 may be filed with the prescribed fee simultaneously at the time of filing Form-2 or within 30 days of the date of incorporation or within 30 days of such subsequent changes.
Identity and address proofs of potential designated partners/partners are needed documents for registering an LLP in India. The documents acceptable by MCA for online LLP registration are listed below.
Foreign nationals must have a translated and notarized copy of their passport. Residence documentation, such as utility bills and bank statements, should not be more than two months old. All of the documents listed above must be self-attested.
For Online LLP Registration in India, the LLP must have a registered office in India, which can be either home or commercial. You must supply the following documents :-
Only individuals can be named partners. Among the members of a Limited Liability Partnership, two or more partners might be designated as Designated Partners. In any LLP, at least one Designated Partner must be an Indian Resident.
A limited liability partnership (LLP) agreement is a contract between participants or designated partners and the LLP. It establishes the partners' liabilities, rights, and responsibilities to other partners and the LLPs. LLPs must file this agreement with MCA within 30 days of registration.
The MCA assigns designated partners identity numbers known as DPINs (Designated Partners Identification Numbers). It is given to them in order for them to be identified among the partners.
It must have at least two designated partners, with no upper restriction on the number of partners. Designated partners are responsible for the operation and regulation of the LLPs.
A limited liability partnership (LLP) is a partnership in which each member is exclusively responsible for their own acts. All partners are welcome to participate in management operations.
A general partnership is a business collaboration with multiple partners. They do share profits and obligations, but they have infinite liability.
While an LLP is a sort of partnership in which each member is entirely responsible for his or her own activities. All partners are welcome to participate in management operations.
FDI is permitted through the automatic route in LLPs operating in sectors or activities where 100 percent FDI is permitted through the automatic route and there are no FDI-linked performance restrictions.
Each partner in an LLP is only responsible for his agreed-upon contribution. Individual partners are also shielded from joint liability resulting from another partner's unlawful activities or misbehaviour, because no partner is held liable for the autonomous or un-authorized actions of other partners.
The benefits of LLP registration are-
● Less cost of compliances
● No minimum capital required
● Registration cost is low
● No audit is required until a certain turnover limit or contribution
The Partner's liability is restricted entirely to the Partnership Agreement. The Designated Partners are accountable for the day-to-day operations and obligations outlined in the LLP Agreement.
There is no minimum capital requirement for an LLP. An LLP can be formed for the least amount of money possible.
Only LLPs having a turnover of more than Rs.40 lakhs or capital of more than Rs.25 lakhs must have their accounts audited by a Chartered Accountant.
To reserve a name for an LLP, you must apply for the RUN-LLP service through the MCA portal. You must come up with at least two names for it. It must be a unique name that does not conflict with the name of an existing entity.
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