LLP Registration in India

 

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Registration of Limited Liability Partnership (LLP) in India

Online Limited Liability Partnership (LLP) Company Registration  


Online Registration of Limited Liability Partnership (LLP) is now easy with Tax Robo's simple LLP Company Registration Process. Register today!

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What is a Limited Liability Partnership (LLP)?


It is an enhanced version of a partnership firm.

As the name suggests, Partners or "Members" as they are sometimes called, are shielded with "Limited Liability".

A Limited Liability Partnership (LLP) represents an evolved and flexible form of business organization, offering a unique blend of partnership benefits with limited liability protection.

As the name suggests, partners, often referred to as "members," enjoy the advantage of limited liability. This means that their personal assets are shielded from the debts and liabilities of the LLP, limiting their financial exposure to the extent of their capital contribution to the business.

Operating as an LLP combines the benefits of traditional partnerships with the added security of limited liability. This structure allows partners to enjoy the flexibility and autonomy of a partnership while mitigating personal risk in the event of business losses or legal liabilities.

Why Choose an LLP Company for Registration?

  1. Limited Liability: One of the key benefits of an LLP is limited liability protection. Partners are shielded from personal liability for the debts and liabilities of the business. This means that their personal assets are protected, and they are only liable up to the extent of their capital contribution to the LLP.

  2. Flexibility: LLPs offer flexibility in terms of management and operations. Partners have the autonomy to structure the LLP according to their needs and preferences, without the rigid formalities associated with other business structures like corporations.

  3. Ease of Formation: Forming an LLP is relatively straightforward compared to other business entities such as corporations. The registration process is simpler, with fewer regulatory requirements and less paperwork involved.

  4. Pass-Through Taxation: LLPs are taxed as pass-through entities, meaning that profits and losses are passed through to the individual partners and taxed at their personal income tax rates. This can result in tax savings for partners compared to corporate taxation.

  5. Separate Legal Entity: Like corporations, LLPs are considered separate legal entities distinct from their partners. This provides credibility and legal protection for the business, enhancing its ability to enter into contracts, acquire assets, and engage in business transactions.

  6. No Minimum Capital Requirement: Unlike some other business structures, LLPs do not have a minimum capital requirement for formation. This makes it easier for startups with limited initial capital to establish themselves as legal entities.

  7. Professional Services: LLPs are particularly well-suited for professional services firms such as law firms, accounting firms, and consulting businesses. They allow professionals to collaborate and share resources while enjoying limited liability protection.

  8. Continuity of Existence: The death, retirement, or withdrawal of a partner does not affect the continuity of the LLP. The business can continue to operate seamlessly with the remaining partners, ensuring continuity and stability for the startup.

  Advantage Of LLP Registration

✓ Limited Liability: An LLP is a legal body that is separate from its partners. This means if the company issued for debts, the partners aren't personally responsible for losses.

✓ No limit on the Number of Partners: With a minimum requirement of two partners, an LLP can have an unlimited number of partners, thus more people/companies can become partners and invest in Business.

✓ No Minimum Capital Requirement: There is no need for a fixed capital to open an LLP. Also, a member is free to invest either in money or support via intangible property.

✓ Uninterrupted Existence: Since An LLP is a separate legal entity, it will continue to exist and function even if a partner decides to leave, or dies.

✓ No need for compulsory Audits: It is mandatory for every private or public company to get their accounts audited but not for an LLP. A limited liability partnership firm needs Tax auditing only if
        The contributions of the LLP exceeds Rs. 25 Lakhs, or
        The annual turnover of the LLP exceeds Rs. 40 Lakhs.

✓  Absence of dividend distribution Taxes: Members of an LLP are protected from paying dividend distribution Tax, which is Tax paid by a corporation when sharing profits among members. Partners in an LLP are required to pay only Income Tax.

How to Choose a Unique Name  for Company Registration as per MCA Guidance

  1. Understand MCA Guidelines: Familiarize yourself with the MCA guidelines for company names. These guidelines specify rules and restrictions regarding the use of certain words, phrases, symbols, and formats for company names. Some common guidelines include:

    • Avoiding offensive or obscene words.
    • Not using words that imply government affiliation without proper authorization.
    • Ensuring that the proposed name is not identical or too similar to existing company names or trademarks.
    • Including a unique component that distinguishes the name from others in the same industry.
  2. Brainstorm Potential Names: Generate a list of potential names that align with your business vision, values, and offerings. Consider using keywords related to your industry, unique brand elements, or combinations of words that reflect your company's identity.

  3. Check Name Availability: Use the MCA's online portal to check the availability of your chosen name. The portal provides a search feature that allows you to verify if the name is already registered by another company. Additionally, consider conducting a domain name search to ensure the availability of a corresponding website domain.

  4. Ensure Compliance: Verify that the proposed name complies with all MCA guidelines and restrictions. Ensure that it does not contain prohibited words or phrases, does not infringe on existing trademarks, and is not misleading or deceptive in any way.

  5. Include Unique Element: Incorporate a unique element into the name to make it distinctive and memorable. This could include a brand-specific word, acronym, location, or industry-specific term that sets your company apart from others.

  6. Avoid Generic Terms: Avoid using generic or overly descriptive terms that do not differentiate your company from competitors. Instead, opt for a name that is original and creative, yet relevant to your business niche.

  7. Seek Legal Advice if Necessary: If you're unsure about the legality or availability of a particular name, consider seeking legal advice from a qualified professional. A legal expert can help you navigate the complexities of company naming and ensure compliance with all regulatory requirements.


How to Incorporation of Limited Liability Partnership (LLP) Company in India

Here are the easy steps one can follow to register a Limited Liability Partnership (LLP) Company. Since the entire process is now online, you don't need to be physically present for any formalities. One Person Company can be formulated in just 10-12 working days.


Step 1

Gather all necessary documents of all the partners such as PAN Card, Proof of Address (Passport, Driver's license / Voter ID / Aadhar), and Proof of Residence (Bank Statement/Utility Bill, etc.)


Step 2

Apply for your LLP company's name approval under the Ministry of Corporate Affairs with up to 2 names of your choice. In case they are rejected, you can apply once more with 2 suitable names.


Step 3

Obtain DSC (Digital Signature Certificate) and DPIN (Designated Partner Identification Number)


Step 4

Fill up the FiLLiP Form for incorporation application with the Ministry of Corporate Affairs (MCA) SPICE stands for Simplified Proforma for Incorporating Company Electronically.


Step 5

File for PAN, TAN, and open Bank Account. Once you get an Incorporation certificate, your LLP Company becomes officially active. Now you need to acquire the Company's PAN, and TAN, and open a Bank Account for trading activities.


Basic Package

₹6999 .00

* All Exclusive

  • LLP Registration
  • LLP Deed Drafting
  • Digital Signature Certificate 2 Years Validity (2 Persons)
  • Name Approval
  • PAN & TAN
  • GST Consulting
  • Incorporation Certificate
  • Appoint First Auditor of the Company
  • Free Bank Account Opening
  • Free 3 Months "Accounts Robo" ERP Software.

Family Auditor

₹13999 .00

* All Exclusive

  • LLP Registration
  • LLP Deed Drafting
  • Digital Signature Certificate 2 Years Validity (2 Persons)
  • Name Approval
  • PAN & TAN
  • GST Registration
  • PF & ESI Registration
  • Incorporation Certificate
  • Appoint First Auditor of the Company
  • Free Bank Account Opening
  • Free GST Monthly Return 1 Month
  • Free Tax Consulting  
  • Free 3 Months "Accounts Robo" ERP Software.
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How to Choose a Unique Name for Company Registration as per MCA Guidance

Familiarize yourself with the MCA guidelines for company names. These guidelines specify rules and restrictions regarding the use of certain words, phrases, symbols, and formats for company names. Some common guidelines include:

  • Avoiding offensive or obscene words.
  • Not using words that imply government affiliation without proper authorization.
  • Ensuring that the proposed name is not identical or too similar to existing company names or trademarks.
  • Including a unique component that distinguishes the name from others in the same industry.

Generate a list of potential names that align with your business vision, values, and offerings. Consider using keywords related to your industry, unique brand elements, or combinations of words that reflect your company's identity.

Use the MCA's online portal to check the availability of your chosen name. The portal provides a search feature that allows you to verify if the name is already registered by another company. Additionally, consider conducting a domain name search to ensure the availability of a corresponding website domain.

Verify that the proposed name complies with all MCA guidelines and restrictions. Ensure that it does not contain prohibited words or phrases, does not infringe on existing trademarks, and is not misleading or deceptive in any way.

Incorporate a unique element into the name to make it distinctive and memorable. This could include a brand-specific word, acronym, location, or industry-specific term that sets your company apart from others.

Avoid using generic or overly descriptive terms that do not differentiate your company from competitors. Instead, opt for a name that is original and creative, yet relevant to your business niche.

Seek Legal Advice if Necessary

If you're unsure about the legality or availability of a particular name, consider seeking legal advice from a qualified professional. A legal expert can help you navigate the complexities of company naming and ensure compliance with all regulatory requirements.

Knowledge of the Business

✓ Do you have previous experience in the same Business? how many years?

✓ Product analysis with the questions of whether the product is under any restricted sales in India eg. Cement, Steel.

Marketing Strategy

✓ Marketing strategy is available with target customers.

✓ Pricing of products and margin available in the product.

Growth of the Business

✓ Growth of the Business in India for the next 5 to 10 years.

✓ Feasibility report of the Business and products.

✓ Business plans and projected Financial Product for 5 years.

Funds – Working Capital

✓ Sufficient working capital required for running the Business for a minimum period of 3 months. The funds can be own funds or Bank funds.

✓ How many months of Investment in the Business have required, returns on investments, and working capital funds available for fixed expense months?

Limited Liability Partnership (LLP) Registration Process Online - Simple Steps

Step 1

Obtain Dsc for Director And Apply Name Approval (After Check Company Name Availability)

Step 2

Incorporation Of Documents (Draft Sent To You For Confirmation)

Step 3

File Spice + Forms

Step 4

Get Incorporation Certificate, Pan, TAN & Bank Accounts

Documents Required For Incorporation Of a Limited Liability Partnership (LLP) Company


ID Proof

Scanned copy of PAN Card, Voter ID, Passport , Driving License

Registered Office Proof

No Objection Certificate (NOC) from the owner, Utility bill (should not be older than two months) and Notarized Rent agreement (in case of rented property) / Registry Proof or House Tax Receipt (in case of owned property)

Address Proof

Latest Bank statement/ Utility bill in the name of director which should not be older than two months

Photo

Latest passport size photograph

Compliance After Incorporation Of a Limited Liability Partnership (LLP) Company


Statutory Obligations

✓ File GST return every month without delay

✓ PF & ESI return filing

✓ TDS Payments & Return filings

✓ Advance Tax payments

✓ File Income Tax return by every year before due date

Compliances

✓ GST registration

✓ PF & ESI Registration if applicable

✓ Profession Tax registration

✓ Import & Export Code registration

✓ STPI Registration / SEZ registration

✓ Secretarial compliance required for passing resolutions, Change in Management, entering contracts, loan obligations etc

Accounts & Operations

✓ Open a Bank account with one Private Bank and one scheduled Bank

✓ Get one accounting software with GST facility

Performance

✓ Review Financial Products performance by every 3 months

✓ Compare the budget amount with actual Financial Products results