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Limited Liability Partnership Registration

A limited liability partnership (LLP) is a partnership in which some or all partners have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence.

Minimum Requirement for Limited Liability Partnership:

 A minimum number of two Designated partners who are adults.

 One of the partners of a Limited Liability Partnership has to be an Indian Citizen and Indian Resident.

 The other partner(s) can be a Foreign National.

 The partners can be natural persons or an artificial legal entity.

Advantages of Limited Liability Partnership Registration

Separate Legal Entity

A Limited Liability Partnership is a body corporate having separate legal entity and it may own property on its own name and can sue and be sued through its own name.

Limited Liability of Members

The liability of partners is limited to the contribution made by them.

Lesser Compliances

A LLP has to comply with less legal compliances than a Private limited company and a public company.

Flexibility

The opreation of partnership and Distribution of Profits are determined by a written Agreement between partners. This may allow a greater flexibility in the management of the business.

Documents required to register a Limited Liability Partnership

Documents from Partners / Designated Partners

Identity Proof

 Permanent Account Number (PAN) Card

 Aadhaar Card / Passport / Driving License / Voter Identity Card

Address Proof

 Telephone Bill / Mobile Bill

 Electricity Bill / Water Bill

 Bank Statement /Bank Passbook with latest transaction

*(Any one of the Document not older than 2 months)

Passport size Photographs

Notes:

 All the Copies of documents must be Self-Attested by the applicant.

 Telephone Bill / Mobile Bill/Electricity Bill / Bank Account Statement must be in the name of applicant and should not be older than 2 months.

 In case of NRI or Foreign National, documents of partner(s) must be apostilled.

Registered Office – Address

 No-Objection letter from the Owner of Address to use the address of the registered office of the Company.

 Address Proof – In the name of the Owner:
Electricity Bill, Telephone Bill (Fixed Line Only), Gas Bill or Water Bill (Not older than 2 months);- To be signed by the of the Owner of Premises.

 Rent Agreement (if rented)

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Steps for registration of a Limited Liability Partnership:

Preliminary Requirements

 Select a suitable package.

 Provide basic details & documents required for Incorporation.

 Make Payment through Secured Payment Gateway

Registration

 Application for DSC.

 Application for Name approval

 Drafting of LLP deed

Registered on MCA*

 Application for PAN

 Certificate of LLP

 LLP will be registered with 12-15 working days subject to the MCA processing and approval.

Process for registration of Limited Liability Partnership:

Day 1-3:

 Provide basic details & documents required for registration.

 Application for DSCs.

 Name approval application through RUN LLP

Day 4:

 Drafting of Documents

Day 5-8:

 Filing LLP registration application through FiLLiP

Day 9-12:

 MCA processing time

 Issuance of Certificate of LLP

Day 13-15:

 Application of PAN

Comparison of different forms of organization

Particulars Sole Proprietorship Partnership Firm Private Company Public Company Limited Liability Partnership One Person Company
Act No specified Act Indian Partnership Act, 1932 Companies Act, 2013 Companies Act, 2013 Limited Liability Partnership Act, 2008 Companies Act, 2013
No. of Members Only one Minimum 2 to Maximum 50 Minimum 2 to Maximum 50 Minimum 7 to Unlimited Minimum 2 to Unlimited Only One
Registration NO Optional Mandatory Mandatory Mandatory Mandatory
Perpetual Succession NO No, if less than 2 partner Yes Yes Yes Yes
Management Control Sole owner Active Partners Board of Directors Board of Directors Designated Partners Sole member
Distribution of Profits Profit of owner Distributable as per deed As per subscribed capital proportion Distributable as dividend to Members Distributable as deed Profit of Sole owner
Liability Unlimited Unlimited Limited Limited Limited Limited
Minimum Capital Requirement Not specified Not specified No minimum capital is required 5 Lakhs Rs. 1/- No minimum capital is required
Taxation Slab Rates 30% 22% 22% 30% 22%
Compliances Less Compliance Moderate Moderate High Moderate Moderate
Formation Process Easy to Form Easy to Form Moderate Complex Moderate Moderate
Foreign Direct Investment Not allowed Not allowed Allowed Allowed Allowed Allowed