Limited Liability Partnership is a special type of Partnership firm that has limited liability. Limited liability Partnership offers the benefit of limited liability to its owners and at the same time needs minimal maintenance. LLP is favoured by Professionals, Micro and Small businesses that are family-owned or closely-held. An LLP also gives limited liability protection for the owners from the debts of the LLP. Accordingly, all partners in an LLP enjoy a kind of limited liability protection for every individual’s protection within the partnership, related to that of the shareholders of a private limited company.
1. Minimum 2 Persons: A Limited Liability Partnership (LLP) can be registered by at least two persons, who shall act as the designated partners of the LLP. There is no cap on the maximum number of partners in an LLP form of business.
2. No Minimum Capital: Limited Liability Partnership (LLP) can be incorporated with any amount of capital as per your business requirements; there is no maximum limit on the capital which can be invested in the LLP. However, the minimum capital cannot be less than Rs. 10,000/-
3. Resident Director: Any one of the Designated Partners of the LLP must be a Resident in India. A person is said to be resident if he or she stays in India for at least 182 days during the preceding financial year, irrespective of their citizenship.
1. It has a separate legal entity.
2. The liability and responsibility of every partner are limited to the contribution made by the partner.
3. LLP has Perpetual succession.
4. The cost of forming an LLP is low compared to any other Form of Business.
5. Fewer agreements and regulations in the formation of LLP.
6. No terms for minimum capital contribution.
7. The ownership of an LLP can be easily shifted to another person.
The Services which are included in our package are as Follows:
✅ Digital Signatures
✅ DPIN Of Two Directors
✅Name Search and Approval
✅Filing of Form Fillip along with Pan and TAN
✅LLP Agreement
✅Provisional PF ESI Registration
✅GST Registration
✅MSME Registration
1. Copy of PAN Card of partners
2. Passport-size photograph of partners
3. Copy of Aadhaar Card/ Voter identity card/ Driver’s license of Partners
4. Current Bank Statement/ any Utility Bill of Partners
5. Current Electric Bill for Registered Office of the Company
6. Passport Size Photograph of all Partners
7. Rent Agreement if Applicable
Step -1 Arrange all Required Documents: The first step is to arrange all the documents and send the same over email / WhatsApp to us. Once all the Documents are received, we will start the Further Process.
Step -2 DSC and Name Availability: The Next Step is to start the Further Process of Digital Signature and checking the Name availability.
Step 3: Preparation of Documents: The Next Step is the Preparation of Documents to be Submitted to the Department.
Step-4: Filing of the Fillip Form: The Next Step is the Submission of the Fillip Form to the Department.
Step-5: Drafting and Filing of LLP Agreement: The Next step is drafting and filing of the LLP Agreement at the ROC.
Step 6: Apply for Pan and Tan: The Next Step is to apply for Pan and Tan.
RUN- LLP Reserve Unique Name- Limited Liability Partnership- A form for reserving a name for the LLP
FiLLiP- A Form for incorporation of LLP
Form 5- Notice for change of name
Form 17- Application and statement for the conversion of a firm into an LLP
Form 18- Application and Statement for conversion of a private company or unlisted public company into LLP.
1. Statement of Account & Solvency
2. LLP Annual Return
3. Income Tax Return
1. Is there any minimum capital requirement to register an LLP in India?
No, there is no minimum capital requirement for a Limited Liability Partnership. Any person can incorporate an LLP with a capital of their choice. If you have a capital crunch, then LLP registration is the best option for you.
2. What do you mean by designated partners? And who can become a partner in an LLP?
Designated Partners are the partners who are responsible for the whole conduct of the LLP. Designated partners are like directors in the company. They have been appointed since incorporation to take care of the LLP's functioning. Each designated partner is allotted a DPIN, which is another name for DIN . Any person, including a body corporate, can become the designated partner.
3. Is an audit of LLP mandatory as per the LLP Act?
No, the audit of LLP is not mandatory from zero turnovers. However, it becomes mandatory if the total contribution by partners is more than 25 lakh or the total turnover is more than 40 lakhs.
4. Can an existing partnership firm be converted to an LLP?
Yes, an existing partnership firm can be converted into an LLP by complying with the Provisions of clause 58 and Schedule II of the LLP Act. Form 17 needs to be filed along with Form 2 for such conversion and incorporation of an LLP.
5. If any partner wants to leave from LLP. How can he do so?
As per the clause mentioned in the LLP agreement, a person may leave the organization. A supplemental deed is required to be formed at the time of any changes in the constitution of the LLP. Whenever any person ceases to be a partner or any changes occur, they have to inform the ROC by filing the prescribed forms.
6. How can a person become the partner of an LLP?
The person who subscribes to the subscriber sheet at the time of formation of the LLP will be considered a partner in the LLP. After incorporation, a new person can be added as a partner as per the clause mentioned in the LLP agreement.
