llp-registration

LLP was launched in India by way of the Limited Liability Partnership Act, 2008. The main edge of a Limited Liability Partnership is one partner is not liable for another partnerâ€™s misconduct or negligence. LLP is favoured by Professionals, Micro and Small businesses that are family-owned or closely-held.

Limited Liability partnership offers the benefit of limited liability to its owners and at the same time needs minimal maintenance. The owners of a private limited company have limited liability to creditors. In case of default, banks/creditors can only sell the companyâ€™s assets and not the personal assets of directors.

An LLP also gives limited liability protection for the owners from the debts of the LLP. Accordingly, all partners in an LLP enjoy a kind of limited liability protection for every individualâ€™s protection within the partnership, related to that of the shareholders of a private limited company

Procedure for LLP Registration

Once a name for the company is decided, the following steps have to be taken by the applicant

Apply for DSC (Digital Signature Certificate) and DIN (Director Identification Number)

Apply for the name availability

File application for Incorporation of LLP

Prepare LLP Agreemnt

Submit LLP Agreement to Ministry of Company affairs

Open a current bank account on the LLP

F.A.Q

What is Limited Liability Partnership (LLP)?

Limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner's misconduct or negligence. A Limited Liability Partnership, popularly known as LLP combines the advantages of both the Company and Partnership into a single form of organization. Limited Liability Partnership is managed as per the LLP Agreement.
How many people are required to start a LLP?

To incorporate a Limited Liability Partnership, a minimum of two people are required. A Limited Liability Partnership must have a minimum of two Partners and can have a maximum of any number of Partners.
What are the requirements to be a partner in a LLP?

The Designated Partners needs to be over 18 years of age and must be a natural person. There are no limitations in terms of citizenship or residency. 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.
What is the capital required to start a LLP?

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.
Is an office required for starting Limited Liability Partnership?

An address in India where the registered office of the LLP will be situated is required. The premises can be a commercial / industrial / residential where communication from the MCA will be received.
What are the annual compliances requirement for a LLP?

LLPs are required to file an annual filing with the Registrar each year. 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.

Welcome to K J S and Associates

LLP Company - Registration

Choose LLP because

Dual advantages- Company and a Partnership

No partner will be responsible for other partnerâ€™s misconduct

Cheaper to incorporate than a private limited company

Limits the liabilities of its partners

Procedure for LLP Registration

Documents required to register a LLP Company

PAN Card

Identity Proof

Directorâ€™s Address Proof

Photograph

Business Address Proof

NOC from owner

Rent Agreement

F.A.Q

Contact

Our Address

Email Us

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