All about Limited Liability Partnership Registration
LLP or Limited liability governs form Limited liability act 2008, partnership deed and different rules of companies department commonly named mca (ministry of corporate affairs). Any LLP who wants to run business must follow these three. Limited Liability Partnership (LLP) is a new way of partnership firm having an advantage of limited liability in partnership firm. In limited liability partnership firm the liability of partners are limited up to the extent of capital contribution and the available profits in firm. Apart from above the liability of gross negligence, misrepresentation, misdeeds etc are up to on that partner who willfully any such act. There are also some similarities in Limited liability partnership firm with general partnership firm like it govern with partnership deed, the adding and resignation of partner are done with amendment in partnership firm, the dissolution of firm done through dissolution deed, minimum no of partner required is two, and nobody can add in to the firm with the consent of other partners
Many of us are confused to choose between Limited liability partnership firm or Private limited company, but if you want to choose a lesser compliance and cheap annual compliance option then limited liability would be best option to work with limited liability and it’s also hybrid of Private limited and Partnership firm.
Now the another question arise weather we can convert over old partnership firm in to Limited liability partnership firm , the answers is yes but after comply the regulation prescribed in the act.
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Documents Required for LLP Registration
1. Pan Card
Individual PAN card and pictures is required for registration.
2. Aadhaar Card
For proprietorship registration we need Adhaar card of individual ( Some time Voter ID may work ) for address of individual.
3. Saving Bank Details
Bank account details is required for registration. We need Passbook first page and latest statement. Also provide us Bank account number, IFSC code and Branch ( statement is not older than 2 months)name
4. address proof
For business address proof we need Electricity bill, rent agreement or any other government utility bill.(not older than 2 months)
5. LLP Agreement
LLP Agreements for the proof of LLP Registration
Reasons for Limited Liability Partnership registration
1. Limited Liability
In LLP, all the partners have limited liability, so in case of any dispute or discrepancy, only amount invested in the business will be lost and all personal property would be safe.
2. Reduced Compliance
If LLP has a turnover of greater than Rs.40 lakh or capital contribution of over Rs.25 lakh than only LLP requires audited annual returns to be filed.
3. Tax Advantages
Since, Dividend Distribution Tax and tax surcharge don’t apply on LLP, this results in Tax Advantage. However income tax rate is same as normal partnership firm.
4. Separate Legal Entity
LLP means separate entity from its partners, LLP create with the process of law and end with the process of law.
5. Market credibility
In India people use to take serious if you are doing business with the name of LLP, the simple reason behind this is the Indian government takes close check of every LLP.
REGISTRATION PROCESS of LLP
Step-1
Obtain Digital Signature Certificate
Individual DSC is required for registration. In LLP.
Step-2
Apply for DIN
DIN is required for all directors individually for registration of LLP
Step-3
Name Approval
Next step is NAME APPROVAL for your LLP
Step-4
Incorporation of LLP
Next step is incorporation of LLP on government portal
Step-5
Filling of LLP Agreement
Filling your LLP agreement on government portal is the last step in the incorporation of your LLP
How Ovakil help with Limited Liability Partnership Registration?
Ovakil helps you for registering Proprietorship business, it usually take 2-3 days for all process.
1. Name Approval
For proprietorship registration there are many type of registrations. Shop establishment one of them, the process of this registration is different in every state of India
2. Incorporation of LLp
This registration will take 2-3 days and GST registration is sufficient to open current account for business.
3. Filling LLP agreement
Udyog Aadhaar is a registration for all micro, small and medium sized businesses. This registration along with a GST registration can be used for opening of bank account.
FAQs
A partner in relation to an LLP means any person who becomes a partner in the liability partnership in accordance with the LLP agreement.
An individual (who is capable of entering in to an agreement) or a body corporate can become a partner in an LLP. A body corporate means an LLP registered under the LLP Act, limited company registered under the Companies Act, a registered legal entity in any country registered under relevant laws of that country. However, it does not include a society or a corporation sole.
A designated partner of an LLP means the partner who is responsible for carrying out all acts and things that are required for the functioning of the LLP in respect of compliance of provisions, filing of documents/returns/statements under the LLP Act and things as may be specified in the LLP agreement.
An LLP should have a minimum of two designated partners who are individuals and at least one of them should be resident in India.
Foreign Direct Investment (FDI) is permitted in LLPs under automatic route subject to the sectoral cap regulations. FDI in LLPs will not be allowed in sectors such as agricultural/plantation activity, print media or real estate business.
LLPIN is a 7-digit alpha numeric registration number allotted by Ministry of Corporate Affairs, Government of India, to an LLP.
For example, AAA-0002 is the number allotted by the Ministry of Corporate Affairs to CompaniesInn Consulting LLP, the first LLP registered online in India.
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