LLP Registration

Limited Liability Partnership

Limited Liability Partnership

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This package comprises of Limited Liability Partnership Registration along with the following

  • Digital Signature Certificate
  • Director Identification Number
  • Limited Liability Partnership Deed Drafting
  • Permanent Account Number (PAN)
  • Tax Deduction and Collection Account Number (TAN)
  • GST Registration
  • LEDGERS Accounting Software

A Limited Liability Partnership is a separate legal entity that is registered under the Limited Liability Partnership Act of 2008. Similar to Private Limited Company, the liability of each partner of the Partnership is limited to the contribution of that respective partner. A Limited Liability Partnership has lesser compliance and other regulations to deal with once it is incorporated. Additionally, for the incorporation of an LLP, there are no requirements for a minimum capital contribution.

A minimum of 2 partners are required to incorporate a Limited Liability Partnership. There are no upper limits on the maximum number of partners an LLP can have. However, among the partners, there must be a minimum of two designated partners who are individuals wherein either of them is a resident of India. The LLP Agreement governs the rights and duties of the named partners. These designated partners would be directly responsible for the compliance of all the provisions prescribed in the Limited Liability Partnership Act of 2008 along with the rules specified in the LLP Agreement.

India eSeva offers a wide range of services on Company Incorporation including Private Limited Company Registration, One Person Company Registration, Section 8 Company Registration and more. Complete legal, procedural, consulting and managerial services are provided to meet your particular incorporation needs and help manage your business better.

The following are the advantages to register as a Limited Liability Partnership.

Capital Contribution:

A Limited Liability Partnership has no minimum capital requirement. An LLP may be formed with the leastcapital available. Additionally, the contribution of a Partner may consist of tangible and/ or intangible properties.

Number of Partners:

A Limited Liability Partnership requires a minimum of 2 partners in order to be incorporated. However, there is no limit on the maximum number of partners an LLP can have.

Legal Liability:

The main benefit of a Limited Liability Partnershipis limited legal liability. Their liability would be limited to the amount that they have invested in the LLP for its incorporation and functioning.

Audit Requirements:

All companies, be it private or public, are required to get their accounts audited irrespective of their share capital. However, there are no such requirements when it comes to Limited Liability Partnership. Hence, this is a significant compliance benefit. LLPs are required to get their tax audit only if their contributions exceed the threshold of INR 25 Lakhs or if their annual turnover is over INR 40 Lakhs.

Taxation:

Limited Liability Partnerships are treated similar to Partnership Firms. Therefore, LLP Partners are only required to pay their own personal income taxes, while the LLP would not be taxed as a business entity.

Where director and subscriber are Indian Nationals

  • An Affidavit on a Stamp Paper is to be given by all the subscribers of the Company to state their willingness to become the shareholders of the Company.
  • Proof of office address: Rental Agreement
  • Copies of utility bills that are not older than two months.
  • Copy of approval in case the proposed name of the company contains any word(s) or expression(s) that require approval from central government.
  • If the proposed name is based on a registered trademark or is subject matter of an application pending for registration under the Trade Marks Act, then it is mandatory to attach the trademark registration certificate or trademark application copy.
  • NOC from the owner of the property.
  • In case of subscribers/ Director does not have a DIN, it is mandatory to attach, proof of identity and address proof of the subscribers.

Where director and subscriber is a Foreign National

  • Passport.
  • Address proof: It may be a driver’s license, residence card, bank statement, Government issued form of identification containing an address.
  • Registered office proof: It can be registered document which shows the title of the premises in the name of the company or notarized copy of lease deed or rental agreement.
Partnership Deed Drafting

A Partnership Deed shall be drafted considering the provisions prescribed under the Indian Partnership Act, 1932. Any clauses as required for the Business of the proposed Partnership Firm have to be incorporated in the Partnership Deed.The deed shall be duly executed by payment of stamp duty as applicable for the concerned State and notarisation of same.

PAN Application

The application for allotment of Permanent Account Number has to be made before the Registration of Partnership Firm. The application of PAN allotment shall be supported by copy of the Partnership Deed.

Partnership Deed Registration

The authority concerned with theregistration of apartnership Firm is the Registrar of Firms (RoF) of a particular jurisdiction. The application for registration of Partnership Firm shall contain the name of the firm, name of the Partners and their addresses, place of Business, duration or time of Business and so on.

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