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Limited Liability Partnership Registration (LLP)

Summary Documents Procedures Characteristics

Summary

We at VGC can help you register your company LLP.

Limited Liability Partnership (LLP) has become a preferred form of organization among entrepreneurs in India. An LLP is a partnership firm established by a minimum of two partners who enter into an LLP agreement. The concept of the Limited Liability Partnership (LLP) was introduced in India in 2008. The Limited Liability Partnership Act, 2008 regulates the LLPs in India. Minimum two partners are required to incorporate an LLP.

There should be a minimum of two designated partners who must be natural persons, and at least one of them should be resident in India. The rights and duties of designated partners are governed by the LLP agreement. It is very easy to manage and incorporate a Limited Liability Partnership in India.

Limited Liability Partnership Firm is a corporate form of partnership firm. Limited Liability Partnership is also known as LLP. Limited Liability Partnership can be formed by 2 or more partners.

In an LLP, one partner is not responsible or liable for the misbehavior or carelessness of another partner.

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Documents

Documents required for Limited Liability Partnership Registration

A) IDENTITY PROOF AND ADDRESS PROOF

Identity Proof and Address proof is required for all the partners/designated partners Identity proof will be pan card in case of Indian nationals and passport in case of foreign nationals with voter id, passport, driving license. One address proof is required from following latest bank statement, telephone or mobile bill electricity or gas bill.

B. CONTACT DETAILS

E-mail id and mobile number are required of proposed company. Further, mobile no. and e-mail id are also required of all partners/designated partners. The mobile no. and e-mail id of directors should be their personal mail and mobile number.

C. REGISTERED OFFICE

No Objection Certificate (NOC) from the owner, Utility bill (should not be older than two months) and Notarized Rent agreement (in case of rented property)/ Registry Proof or House Tax Receipt (in case of owned property).

D) Registered Office

A recent copy of latest bank statement/telephone or mobile bill/electricity or gas bill. A rental agreement in English or sale deed/property deed with no objection certificate from the property owner.

F) Draft Documents for incorporation of LLP

Based on the other documents provided we prepare the draft documents as per LLP Act 2008 and their applicable laws which are required to be submitted to MCA. You are not required to visit any place and we will complete the company registration procedure at the comfort of your home as the process is completely online. We make it as simple Company Registration process for you.

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Procedures

Procedure for incorporation of LLP

1. Before initiating the process of registration, you must apply for the digital signature of the designated partners of the proposed LLP. This is because all the documents for LLP are filed online and are required to be digitally signed. So, the designated partner must obtain their digital signature certificates from government recognized certifying agencies.

2. You have to apply for the DIN of all the designated partners or those intending to be designated partner of the proposed LLP. The application for allotment of DIN has to be made in Form DIR-3.

3. LLP-RUN (Limited Liability Partnership-Reserve Unique Name) is filed for the reservation of the name of the proposed LLP which shall be processed by the Central Registration Centre under Non-STP. But before quoting the name in the form, it is recommended that you use the free name search facility on MCA portal.

4. The form used for incorporation is FiLLiP (Form for incorporation of Limited Liability Partnership) which shall be filed with the Registrar who has jurisdiction over the state in which the registered office of the LLP is situated. The form will be an integrated form

5. File Limited Liability Partnership (LLP) Agreement. LLP agreement governs the mutual rights and duties amongst the partners and also between the LLP and its partners. The LLP Agreement has to be printed on Stamp Paper. The value of Stamp Paper is different for every state.

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Characteristics

BENEFITS AND CHARACTERISTICS OF PRIVATE LIMITED COMPANY

1. Limited liability of the partners

The partners of the LLP have limited liability. The liability of the partners is limited to the contributions made by them. This means that they are liable to pay only the amount of contributions made by them and are not personally liable for any loss in the business. If an LLP becomes insolvent at the time of winding up, only the LLP assets are liable for clearing its debts. The partners have no personal liabilities, and thus they are free to operate as credible businessmen.

2. Separate legal entity

An LLP has a separate legal entity, just like companies. The LLP is distinct from its partners. An LLP can sue and be sued in its own name. The contracts are signed in the name of the LLP, which helps to gain the trust of various stakeholders and gives the customers and suppliers a sense of confidence in the business.

3. No requirement of minimum capital contribution

The LLP can be formed without any minimum capital. There is no requirement of having a minimum paid-up capital before going for incorporation. It can be formed with any amount of capital contributed by the partners.

4. Low cost and less compliance

The cost of forming an LLP is low compared to the cost of incorporating a public or private limited company. The compliances to be followed by the LLP is also low. The LLP needs to file only two statements annually, i.e. Annual Return and a Statement of Accounts and Solvency.

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