Limited Liability Partnership (LLP) Registration

What is Limited Liability Partnership (LLP) Registration?

Limited Liability Partnership (LLP) is a different corporate business form that gives the advantages of the limited liability of a company and the transformation of a partnership. The Limited Liability Partnership (LLP) can continue its alive whatever of switch in partners. It can enter into contracts and hold property in its name. The Limited Liability Partnership (LLP), a separate legal entity, is liable to the full extent of its assets, but the liability of the partners is limited to their agreed contribution to the Limited Liability Partnership (LLP). Additionally, no partner is liable on account of the free or unauthorized actions of other partners. Thus, individual partners are protected from combined liability made by another partner’s wrongful business decisions or wrong doing. Mutual duties and rights of the partners within an Limited Liability Partnership (LLP) are ruled by a legal agreement between the partners and the Limited Liability Partnership (LLP) or between the partners themselves, as the case may be. The Limited Liability Partnership (LLP) is not reassured of the liability for its other obligations as a different entity. Since Limited Liability Partnership (LLP) includes elements of a corporate structure and a partnership firm composition, Limited Liability Partnership (LLP) is called a hybrid between a company and a partnership.

Who is Eligible for LLP Registration?

To be qualified for Limited Liability Partnership (LLP) company registration in India, the following requirements must be met:

• A Limited Liability Partnership (LLP) in India must have at least two partners (no upper limit).
• If a corporate body is a partner, it must be represented by a natural person.
• Each partner must agree to contribute to the pooled capital.
• At least one selected partner must be a resident of India.
• The partners must be between the ages of 18 and 65.

What is Limited Liability Partnership (LLP) Registration Benefits?

What are the Documents Required for Limited Liability Partnership (LLP) Registration?

The following documents are required for online Limited Liability Partnership (LLP) registration in India:

• Address Proof of the Partners: You must attach the partners’ address proof when filing an incorporation form. You can submit your Voter ID, Passport, Aadhar card, and driving license for the Identification of each partner. You must submit all partners’ addresses, identification proof, and the incorporation form.
• PAN Card of the Partners: A permanent account number (PAN) is the most crucial document for the incorporation of an Limited Liability Partnership (LLP) because you have to attach the document along with the incorporation form. PAN is the permanent account number issued by the income tax department of India. If you don’t have a PAN card, then you have to apply for a PAN card. You can get your permanent account number by filing online for PAN registration. A PAN card is an essential document for filing income tax and is required for opening an account in a bank.
• Utility Bill for the LLP’s intended Registered Office LLP: You have to submit the utility bill of the proposed registered office of the Limited Liability Partnership (LLP) along with the incorporation form. You can submit your electricity bill, telephone bill, or another bill to the proposed registered office of the Limited Liability Partnership (LLP). It shows that you are running a registered office of the Limited Liability Partnership (LLP).
• No-Objection Certificate from the Landlord: If you are considering starting an Limited Liability Partnership (LLP) and want to start your business at a rented place, you must submit a No-Objection certificate and an incorporation form. Suppose you don’t have a No-objection certificate. In that case, you have to take permission from your landlord and have to get a no-objection certificate in which the landlord certifies that he has no objection if you carry out any business activity in his place.
• Limited Liability Partnership (LLP) Agreement: An Limited Liability Partnership (LLP) agreement is required for the Limited Liability Partnership (LLP) because you have to submit an Limited Liability Partnership (LLP) agreement within 30 days of incorporation of your Limited Liability Partnership (LLP). You don’t have to submit this along with your incorporation form but must submit this document before 30 days of incorporation of the Limited Liability Partnership (LLP). Limited Liability Partnership (LLP) agreement is the most important document because without it is a compulsory document that needs to be submitted within in period. An Limited Liability Partnership (LLP) agreement is an agreement between all partners which contains all the terms and a condition of the Limited Liability Partnership (LLP) and the agreement includes all details of the Limited Liability Partnership (LLP). All the partners should sign it, which should be notarized and printed on stamp papers.
• Photograph: You have to stick a passport-size photograph along with the registration form, and also you have to stick a passport-size photograph on the LLP agreement.
• Rental Agreement Copy between the LLP and the Landlord: If you are considering starting an LLP in a rented place, you must submit your rental agreement copy and the LLP registration form. You can make a rental agreement on stamp paper which the landlord should sign. So, you have to submit the rental agreement copy and documents for LLP registration.
• Passport: If your firm has NRI (Non-residential Indian) partner, then you have to submit the passport of that partner along with the registration form. AN NRI can become a partner in an LLP firm, but he has to submit his document to the MCA; a passport is compulsory for an NRI partner. The work needed for LLP registration may differ depending on the state in which the LLP is registered. It would help if you spoke with a legal professional or an experienced accountant to ensure compliance with all legal requirements and document submissions.

What is the LLP Registration Formalities?

LLPs shall be recorded with the Registrar of Companies (ROC) chosen by the Companies Act, 1956) after succeeding the means specified in the LLP Act. Every LLP shall have a registered workplace. An Incorporation Document assisted by at least two partners shall have to be filed with the Registrar in an authorized form. Contents of LLP Agreement, as may be prescribed, shall also be required to be filed with Registrar online. Contents of the LLP Agreement or any small change made therein, if any, may be filed in Form 3, and details of partners/designated partners may be filed in Form 4 by LLP Rules, 2009.

What is the LLP Registration Incorporate?

• Name Reservation: The first step to include in a Limited liability partnership (LLP) is the reservation of the name of the LLP. The applicant has to file eForm-1 to confirm the availability and reservation of the name of an LLP business.
• Incorporate LLP: After reserving a name, the user has to file FILLIP form for incorporating a new Limited Liability Partnership (LLP).
• LLP Agreement: Execution of LLP Agreement is crucial as per Section 23 of the LLP Act. The LLP Agreement is mandatory to be filed with the Registrar in e Form-3 within 30 days of incorporation of the LLP.

 What is the LLP Registration Compliances?

What is the LLP Registration Time Taken?

• The time it takes to register an LLP in India is determined by several factors, including the efficiency of the Registrar of Partnerships office, the intricacy of the registration process, and the volume of applications being processed.

• An exception to this timeline is due to high office activity, documentation problems, and other administrative issues.
• The registration process can take up to 15-20 days in some situations. The length of time required to complete LLP registration varies based on the state in which the LLP is registered.
• It’s essential to know that several phases are involved in LLP registration, and each step takes time. As a result, it’s best to begin the registration process early and provide adequate time for each stage to ensure a seamless process.

What is LLP Registration Assist?

What is the LLP Registration Fees?

Are you looking for LLP Registration Fees then here the details for you. The LLP Registration cost start from ₹3500 to ₹10000 along with Government Fee ₹2500 and Professional Fee ₹1000.

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