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Get your LLP Registration in 3 Simple Steps

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1. Fill Form

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LLP REGISTRATION : A STEP BY STEP GUIDE

Limited Liability Partnership (LLP) has emerged as a preferred form of organization among entrepreneurs due to its simplicity and flexibility. This post aims to provide an in-depth guide on LLP registration in India, covering various aspects from the registration process, fees, required documents, to its benefits. We'll also delve into the differences between LLP and other forms of business entities like Pvt. Ltd., OPC, and traditional partnerships. Furthermore, we'll explore why Startupwala stands out as a leading LLP registration consultant.

HOW TO REGISTER A LLP IN INDIA?

Before diving into the LLP registration process, it's crucial to understand what an LLP is. An LLP, or Limited Liability Partnership, in India is a business entity combining the features of a partnership and a company. It offers the benefits of limited liability to its partners while maintaining the flexibility of a partnership structure.

STEPS FOR ONLINE LLP REGISTRATION

Let’s check the complete online LLP Registration process & steps. Registering a Limited Liability Partnership in India involves a different legal process that can be broken down into the following steps:


  1. Fill and Submit: the above .
  2. Watch a detailed Video on LLP formation
  3. Submit a one page LLP registration questionnaire
  4. Startupwala expert will clear your queries
  5. Arrange for Partner Id and address proofs
  6. Sign incorporation documents
  7. Drafting main object and Name application
  8. Filing of Incorporation forms with MCA
  9. Getting the Incorporation Certificate
  10. Filing of LLP Agreement

BENEFITS OF LLP INCORPORATION

Registering a LLP offers many advantages:

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Limited Liability Protection to Partner's personal assets

Many times startups need to borrow money and take things on credit. In case of normal Partnerships, Partners personal savings and property would be at risk incase business is not able to repay its loans. In an LLP, only investment to start a business is lost, personal assets of the Partners are safe.

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Better image and credibility in Market

Limited Liability Partnership (LLP) is a popular and well known business structure in the world. Corporate Customers, Vendors and Govt. Agencies prefer to deal with LLP instead of proprietorship or normal partnerships.


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No Audit Requirement & Minimal Compliances

LLP is easy to manage and statutory audit is not required for Limited Liability Partnership. LLP is most ideal for small enterprises. Tax Audit is also not required for LLPs with capital less than Rs. 25 lac and turnover not exceeding Rs. 40 lac.

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Continuity of Business

LLP continues to exist beyond the existence of its Partners. This is not possible in traditional partnership firms.

MINIMUM REQUIREMENTS FOR LLP REGISTRATION


  1. Minimum 2 Partners
  2. DIN (Director Identification Number) for all the Designated Partners
  3. If a body corporate is a Partner, it has to nominate a natural person as its Nominee
  4. DSC (Digital Signature Certificate) for all the Designated Partners
  5. There is no concept of share capital, but each Partner has to contribute towards capital of LLP
  6. Address proof for office of LLP

DOCUMENTS REQUIRED FOR LLP REGISTRATION

The following documents are needed for registering a Pvt Ltd company in India:


  1. Partner's PAN Card: For identity verification.
  2. Address Proof of Partners: Aadhar Card, Voter ID, etc.
  3. Registered Office Proof: Electricity bill/water bill of the proposed registered office.
  4. No Objection Certificate (NOC): If rented, NOC from the owner of the registered office premises
  5. Passport-size Photographs of the partners

LLP REGISTRATION FEES, COST & CHARGES

LLP registration costs vary based on capital contribution and the state of incorporation. Generally, it includes:


  1. DSC Fee: The cost of obtaining DSC for partners.
  2. DIN Fee: Applicable fees for obtaining DIN.
  3. Name Approval Fee: Charges for name reservation.
  4. Registration Fee: Varies as per capital contribution.
  5. Professional Charges: for legal support and facilitation.

WHAT ALL YOU GET


  1. DIN for 2 Partners
  2. Digital Signature for 1 Partner
  3. Incorporation Certificate
  4. LLP PAN Card
  5. LLP TAN/TDS
  6. Domain + Web Hosting + 10 E-mail ids for 1 year
  7. Bank A/C Opening Support
  8. Master File of all docs filed for Incorporation
  9. Surprise Benefits for 2 Partners for Rs. 2 Lac each
  10. LLP Agreement
  11. Dedicated Service Manager

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Startupwala Client Review

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There was a little bit of anxiety and doubt when I contacted them as I was from one side of the country and they were from other side and I was new to online filing and documentation process. But the service I got from them was marvelous. These guys are so professional, that I never felt to be new to them. The execution of papers, documentation and processing was first class. They finished the assignment before committed time and pricing is absolutely affordable and value for money.

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LET'S CLEAR ALL THE DOUBTS!

1. What is an LLP in India?

An LLP or Limited Liability Partnership in India is a business entity combining the features of a partnership and a company. It offers the benefits of limited liability to its partners while maintaining the flexibility of a partnership structure.

2. How is an LLP different from a traditional partnership?

Unlike a traditional partnership, an LLP in India provides its partners with limited liability, meaning their personal assets are protected in case of business liabilities. This is not the case in traditional partnerships.

3. What are the advantages of forming an LLP in India?

Benefits include limited liability protection for partners, fewer compliance requirements than a private limited company, no minimum capital requirement, and the flexibility of a partnership.

4. What are the disadvantages of an LLP in India?

Disadvantages include mandatory audit requirements if turnover exceeds certain limits, less investor appeal compared to a private limited company, and restrictions on raising capital.

5. Who can form an LLP in India?

Any two or more individuals or entities, can form an LLP in India, provided at least one designated partner is resident in India.

6. What is the minimum capital requirement for LLP registration in India?

There is no minimum capital requirement for registering an LLP in India, making it a favorable option for small and medium-sized enterprises.

7. How is an LLP taxed in India?

An LLP in India is taxed like a partnership firm. It is subject to income tax, and the share of profits distributed to partners is exempt from tax.

8. Can an existing business be converted to an LLP in India?

Yes, existing businesses, including private limited companies and unregistered partnerships, can be converted into LLPs subject to compliance with Limited Liability Partnership Act 2008 and its rules.

9. What documents are required for LLP registration in India?

Essential documents include partner’s PAN, address proof, residence proof, office address proof, and digital signatures of the partners.

10. How long does it take to register an LLP in India?

Typically, LLP registration in India can take around 15-20 days, depending on the submission of correct documents and the pace of government processing.

11. What is the process of LLP registration in India?

The process includes obtaining DSC (Digital Signature Certificate), DIN (Director Identification Number), approval of the LLP's name, filing incorporation documents, and filing the LLP Agreement with in 30 days of LLP incorporation.

12. Is it mandatory to have a written LLP agreement?

Yes, it is mandatory to have a written LLP Agreement in India, outlining the rights, duties, and shares of each partner. It should be filed within 30 days of incorporation.

13. What is the minimum number of partners required for an LLP?

A minimum of two partners is required to form an LLP in India, and there is no upper limit on the maximum number of partners.

14. Can an LLP have a corporate partner?

Yes, an LLP in India can have corporate entities as partners.

15. What is the role of a designated partner in an LLP?

Designated partners are responsible for compliance with legal requirements, representing the LLP, and doing all acts for carrying out the aims of the LLP.

16. What are the responsibilities of designated partners in an LLP?

Designated partners are responsible for legal compliances, filing of documents with authorities, maintaining records, and representing the LLP in legal matters.

17. Can a salaried person be a partner in an LLP?

Yes, a salaried person can become a partner in an LLP, subject to the terms of his employment agreement and the LLP agreement.

18. Can an LLP own property in India?

Yes, an LLP in India can own property in its name since it is recognized as a separate legal entity from its partners.

19. Are LLPs required to maintain books of accounts?

Yes, LLPs in India must maintain proper books of accounts. They must also adhere to the statutory audit requirements if their turnover or contribution exceeds certain thresholds.

20. How can a partner withdraw from an LLP in India?

A partner can withdraw from an LLP in accordance with the terms of the LLP agreement or, in the absence of such terms, by giving notice to the other partners.

21. What is the liability of partners in an LLP?

The liability of partners in an LLP is limited to their agreed contribution to the LLP, except in cases of unauthorized actions, fraud, or negligence.

22. What are the annual compliance requirements for an LLP in India?

Annual compliances include filing of Annual Return (Form 11), Statement of Accounts & Solvency (Form 8), and income tax returns.

23. Is it mandatory for an LLP to file a tax return in India?

Yes, it is mandatory for an LLP to file a tax return annually, regardless of whether it has commenced business activities or not.

24. Can an LLP be converted into a private limited company?

Yes, the conversion of an LLP into a private limited company in India is allowed under the Companies Act, 2013.

25. What are the penalties for non-compliance in an LLP?

Penalties for non-compliance in an LLP include fines, which can be imposed on the LLP and its partners, varying according to the nature of the violation.

26. How to change the designated partners in an LLP?

Change in designated partners involves obtaining DIN (if not already available), consent of the incoming partner, updating the LLP agreement, and filing relevant forms with the MCA.

27. What is the process for appointing a new partner in an LLP?

Appointing a new partner involves amending the LLP Agreement, obtaining the consent of existing partners, and filing the required forms with the MCA.

28. How can an LLP raise funds in India?

An LLP can raise funds through partner contributions, loans from partners or third parties, and other means not involving issuing of shares to the public.

29. What is the process for changing the name of an LLP?

Changing the name of an LLP involves passing a resolution, checking name availability, and filing the change with the MCA along with the necessary fees.

30. Can an LLP be listed on the stock exchange in India?

Currently, an LLP cannot be listed on any stock exchange in India as it is not recognized as a company under the Companies Act.

31. What happens if an LLP fails to file its annual returns?

Failing to file annual returns can result in heavy penalties for the LLP and its partners, and in extreme cases, the LLP can be struck off the register.

32. What are the tax benefits of an LLP over a private limited company?

Tax benefits of an LLP include no dividend distribution tax and the partners’ share of profit being exempt from tax, unlike in a private limited company.

33. Difference between LLP & Pvt. Ltd. Incorporation in India

LLP and Pvt. Ltd. company registration in India differ in ownership structure and liability. LLP offers shared liability among partners and flexibility, while Pvt. Ltd. ensures limited liability protection and easier access to funding but with stricter compliance requirements.

34. Difference between LLP & OPC Registration in India

One Person Company (OPC) registration is another form of business entity where there is only one member, while an LLP requires a minimum of two partners. OPC is more suitable for solo entrepreneurs while LLP is ideal for businesses that plan to expand their partnership.

35. Difference between LLP & Partnership Registration in India

The key difference lies in liability. In traditional partnerships, partners have unlimited liability, whereas in an LLP, it's limited to their contribution. This makes LLP a safer option for partners

36. What is the process for changing the registered office of an LLP?

Changing the registered office involves intimating the ROC within a specified period and updating the LLP Agreement if necessary, followed by filing the required forms.

37. How is profit distributed in an LLP?

Profit distribution in an LLP is governed by the terms of the LLP Agreement. If the agreement does not specify, profits are distributed equally among partners.

38. Can a partner in an LLP be held personally liable?

Generally, partners in an LLP are not personally liable for the debts of the LLP. Personal liability may arise in cases of fraud or negligence.

39. Is an LLP a good choice for Startups?

An LLP can be a good choice for startups, particularly for those seeking flexibility and limited liability without the need for extensive regulatory compliance. However, private limited registration may be more suitable for the Startups planning to raise funds from external sources.

40. How to resolve disputes among partners in an LLP?

Disputes among partners in an LLP should be resolved as per the dispute resolution mechanism outlined in the LLP Agreement, which may include mediation or arbitration.

41. Can an LLP issue shares?

An LLP cannot issue shares. It is structured as a partnership where partners contribute capital according to the LLP Agreement.

42. How can the ownership in an LLP be transferred?

Ownership in an LLP can be transferred by bringing in new partners or changing the capital contribution of existing partners as per the LLP Agreement.

43. Is audit compulsory for all LLPs in India?

Audit is not compulsory for all LLPs. It's mandatory only if the turnover exceeds ₹40 lakhs or if the contribution exceeds ₹25 lakhs.

44. Can LLPs carry out non-profit activities in India?

LLPs in India are primarily designed for carrying out commercial activities. Engaging in non-profit activities does not align with the LLP structure.

45. How are foreign investments in LLPs regulated in India?

Foreign investments in LLPs are regulated by RBI guidelines and FDI policy. Prior government approval may be required for sectors with restrictions.

46. What are the KYC requirements for LLP partners in India?

KYC requirements for LLP partners include submitting PAN, Aadhaar, address proof, and other identification documents as per regulatory guidelines.

47. How can a minor become a partner in an LLP?

A minor cannot become a partner in an LLP directly due to contractual incapacity. However, benefits of partnership can be extended to a minor.

48. Can LLPs undertake manufacturing activities in India?

Yes, LLPs can undertake manufacturing activities, subject to relevant industrial and environmental regulations.

49. How is decision-making carried out in an LLP?

Decision-making in an LLP is usually as per the terms of the LLP Agreement, which may specify voting rights and procedures for decision-making.

50. Can an LLP partner also be a creditor of the LLP?

Yes, a partner can also lend money to the LLP and act as a creditor, with the terms of such transactions governed by the LLP Agreement.

51. Is it necessary to have a physical office to register an LLP?

Yes, having a physical office address in India is necessary for registering an LLP as it serves as the registered office for official communication.

52. Can an LLP be formed for professional services in India?

Yes, LLPs are commonly used for professional services like law, accounting, and consulting, offering a blend of partnership flexibility and corporate features.

53. How can an LLP Agreement be amended?

An LLP Agreement can be amended by the consent of all partners, and the amendments must be filed with the ROC within 30 days.

54. How is the performance of an LLP evaluated?

The performance of an LLP is evaluated through its financial statements, compliance status, operational efficiency, and achievement of business objectives.

55. Can an LLP merge with another company or LLP?

As per current regulations, an LLP can merge with another LLP but not with a company. The process involves legal procedures and approval from authorities.

56. What are the borrowing limits for an LLP?

There are no specified borrowing limits for an LLP, but any borrowing should align with the LLP Agreement and business objectives.

57. Can an LLP be involved in multiple businesses?

Yes, an LLP can be involved in multiple businesses if it is permitted under its LLP Agreement and complies with relevant laws.

58. What are the annual filing fees for an LLP?

Annual filing fees for an LLP vary based on its capital contribution and range from nominal fees to higher amounts for larger LLPs.

59. How can conflicts of interest be managed in an LLP?

Conflicts of interest in an LLP should be managed through clear policies in the LLP Agreement and transparent decision-making processes.

60. What are the consequences of vacancy in the post or not appointing a designated partner?

Such situation may arise after the demise or resignation of all the designated partners. Not appointing a designated partner can lead to penalties and legal complications since designated partners are essential for compliance and representation.

61. Can an LLP invest in stocks and mutual funds?

Yes, an LLP can invest in stocks and mutual funds as part of its business activities, subject to its LLP Agreement and investment policies.

62. How to ensure legal compliance in an LLP?

Legal compliance in an LLP can be ensured by regular audits, adhering to statutory filings, keeping updated records, and seeking legal advice when needed.

63. What are the implications of a partner's death in an LLP?

The implications of a partner's death in an LLP depend on the LLP Agreement, which may lead to the reallocation of capital or dissolution of the LLP.

64. How long does it take to register an LLP in Delhi?

In Delhi, the LLP registration process typically takes 15-20 days. This includes obtaining a Digital Signature Certificate (DSC), Director Identification Number (DIN), and approval of the LLP name, followed by filing the incorporation documents.

65. What are the primary requirements for LLP registration in Mumbai?

For LLP registration in Mumbai, you need at least two partners (with no upper limit), a registered office address in Mumbai, Digital Signature Certificates for partners, and compliance with MCA guidelines.

66. Is having a registered office in Pune mandatory for LLP registration in Pune?

Yes, having a registered office in Pune is essential for LLP registration in Pune. This address is used for all official communications and must be registered with the Ministry of Corporate Affairs.

67. What are the annual compliance requirements for an LLP in Bangalore?

In Bangalore, an LLP must file an Annual Return (Form 11) and Statement of Accounts & Solvency (Form 8) with the Registrar every financial year, along with regular maintenance of financial records.

68. Are there any tax benefits for LLPs in Hyderabad?

Similar to other cities in India, LLPs in Hyderabad also enjoy certain tax advantages, such as no dividend distribution tax and no tax on profit distribution among partners.

69. What is the minimum capital requirement for LLP formation in Kolkata?

There is no minimum capital requirement for forming an LLP in Kolkata. The contribution of each partner can be tangible, intangible, movable, or immovable property or other benefits to the LLP.

70. How can I check the status of my LLP registration in Chennai?

In Chennai, you can check the status of your LLP registration online through the Ministry of Corporate Affairs i.e. MCA portal by entering your application number or LLP name.

71. What are the benefits of registering an LLP in Goa?

Registering an LLP in Goa offers benefits like limited liability protection, easy transferability of ownership, fewer compliance requirements compared to private limited companies, and tax advantages.

72. How long does it take to incorporate an LLP in Thane?

Incorporating an LLP in Thane typically takes about 15-20 days. This timeframe can vary based on document submission accuracy, government processing time, and the speed of obtaining necessary approvals like DIN and DSC.

73. What are the tax benefits of registering an LLP in Gujarat compared to a private limited company?

LLPs in Gujarat enjoy tax benefits like non-applicability of Dividend Distribution Tax (DDT) and flexibility in profit distribution among partners. However, unlike private limited companies, LLPs don't have the benefit of carrying forward and set off of losses in case of non-compliance with certain conditions.

74. Are LLPs required to hold annual meetings like companies?

No, LLPs are not required to hold annual general meetings like companies. However, the LLP agreement may stipulate meetings for decision-making purposes. The flexibility in management is one of the advantages of an LLP.

75. Can an LLP have a corporate body as a partner?

Yes, an LLP in India can have a corporate body as a partner. The corporate body must be registered and must nominate an individual to act on its behalf in the LLP.

76. What are the consequences of not adhering to the LLP Agreement?

Not adhering to the LLP Agreement can lead to internal disputes and legal challenges. It might also result in financial penalties or dissolution of the LLP in severe cases.

77. What is the role of the Registrar of Companies (ROC) in LLP registration?

The ROC plays a critical role in LLP registration, from approving the name to incorporation. They also ensure compliance with statutory requirements and maintain public records of LLPs.

78. How is the dissolution of an LLP carried out in India?

Dissolution can be voluntary or by order of the Tribunal. It involves winding up the affairs, paying off liabilities, and distributing remaining assets to partners.

79. How to close down an LLP in India?

Closing down an LLP involves voluntary winding up, settling debts, distributing assets, and filing necessary documents with the ROC for striking off the LLP’s name.

80. How to handle the insolvency of an LLP?

Insolvency of an LLP is handled through a process involving the settlement of debts, liquidation of assets, and distribution of remaining assets to partners.