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Limited Liability Partnership

Home > Setup > Limited Liability Partnership

Market Price : ₹ 8500/-

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Complete By* : 18 December 2022

A Limited Liability Partnership (LLP) is a partnership firm formed under the Limited Liability Partnership Act, 2008. The LLP has features of a partnership firm with the benefit of Limited Liability which is the biggest drawback of the regular partnership firm. The LLP enables its partners to benefit from both the advantages of a company and a partnership firm. In LLP the written agreement between the partners is executed under the law and filed with the Registrar of Companies. This type of start-up is famous among professionals because of its flexibility in organizing internal structures. We assist you to set up a Limited Liability Partnership online in less than 15 days at a very affordable price. Don't wait, start your dream business today.

Overview

A Limited Liability Partnership (LLP) is a partnership firm formed under the Limited Liability Partnership Act, 2008. The LLP has features of a partnership firm with the benefit of Limited Liability which is the biggest drawback of the regular partnership firm. The LLP enables its partners to benefit from both the advantages of a company and a partnership firm. In LLP the written agreement between the partners is executed under the law and filed with the Registrar of Companies. This type of start-up is famous among professionals because of its flexibility in organizing internal structures.

Benefits

  • A LLP continues its existence despite the Death, Bankruptcy, and Change in ownership of the LLP;
  • It has its own legal right and existence;
  • It has a separate entity from the owners or the persons who are managing and controlling it;
  • The Liability of the partners in case of financial loss is limited to the extent of their contribution;
  • Personal assets of partners are not subject to liability;
  • It saves costs from another form of business start-up due to lesser compliance costs;
  • No maximum limit on the admission of partners;
  • No minimum capital is required to form LLP;
  • The partners in LLP share the profit as a normal partnership firm and can decide their profit ratio on their own accord;
  • LLP must have a minimum of 2;
  • Partners are not liable for misconduct and negligence of other partners;
  • Dividend Distribution Tax (DDT) is exempt for LLP;
  • It is also easy to transfer ownership of LLP.
  • Compulsory Audit is not required in small businesses; and
  • A LLP can be easily converted into a Private Company.

Documents Required

Documents and Information required:

  • Photo of all the Proposed Designated Partner;
  • Self-Certified PAN and Address proof (Aadhaar/Voter ID/ Passport etc.) of all the Proposed Designated Partner;
  • Active Mobile Number and Email ID of all the Proposed Designated Partner;
  • Latest Bank Statement /Utility Bill (Mobile/Gas/Electricity Bill) {This should not be older than 2 months of all the Proposed Designated Partner;
  • Educational qualifications and staying period at the present address of all the Proposed Designated Partner;
  • Rent Agreement along with Rent Receipts & No Objection Certificate of the Proposed LLP;
  • Ownership proof (Conveyance/Sale/Lease Deed) of proposed registered office;
  • Copies of the utility bills like telephone, gas, electricity, etc. (not older than two months) of the Proposed LLP;
  • A proof; that proposed applicants are permitted to use the address as the registered office of the LLP if the same is owned by any other entity/ Person (not taken on lease by the LLP);
  • Unique name and objects of the proposed LLP;
  • Total contribution and sharing ratio of the proposed LLP.

Note: Passport is mandatory if the Proposed Designated Partner is a Foreign National and all the documents should be apostille.

Registration Process

Step 1: Digital Signature Certificate (DSC).

The persons intending to incorporate the LLP must have a DSC to file e-forms under the Companies Act. It can be applied by us if you do not possess the same.

Step 2: Designated Partner Identification Number (DPIN)

As per the governing law, the persons who are proposing to form an LLP must have a valid DPIN. If the person doesn’t have the same, this can be applied when filing incorporation forms.

Step 3: File Form RUN-LLP for Name Availability of the LLP

The LLP's proposed name would be filed with the Ministry of Corporate Affairs (MCA) in the form RUN-LLP along with a fee of ₹200/-. The proposed designated partner would propose 2 names for the LLP in the mentioned form. The form RUN-LLP can be filed either individually or with the form FiLLip along with incorporation documents.

Step 4: Form FiLLip (Formation of Limited Liability Partnership) for Incorporation of the LLP

FiLLip is an integrated form, wherein we can file the reservation of the name of the LLP, DPIN allotment, incorporation document, and registered office address of the LLP altogether. The form is filed on the MCA website to that Registrar, with whom jurisdiction, the LLP is going to incorporate. The fees of the form would depend on the basis of the capital contribution.

The Registrar after satisfaction of documents and information will provide the incorporation certificate to the LLP.

Step 5: Form LLP Agreement

The LLP has to file the LLP agreement within 30 days from the incorporation of the LLP in web-based LLP Form 3. The Agreement must be prepared on the stamp paper and the value of the stamp paper may differ on the state to state basis. The fees of the form would depend on the basis of the capital contribution.

Step6: PAN/TAN

As per the new rule, the Certificate of Incorporation of the LLP mentioned the PAN/TAN of the LLP. This is mandatory to apply when filing incorporation documents under the FiLLip form.

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