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Limited Liability Partnership (LLP) Registration

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Limited Liability Partnership (LLP) Registration

A limited liability partnership is a partnership in which some or all partners have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner’s misconduct or negligence.

There is no upper limit on the maximum number of partners of LLP. The minimum number of partners to incorporate an LLP is 2. Among the partners, there should be minimum of two designated partners who shall be individuals, and at least one of them should be residents in India. The rights and duties of designated partners are governed by the LLP agreement. They are directly responsible for the compliance of all the provisions of LLP Act 2008 and provisions specified in LLP agreement.

LLP registration in India is governed under The LLP Act,2008. It is regulated by MCA (Ministry of corporate affairs). LLP is registered with the ROC (Registrar of Companies).

LLP Registration Required Documents
LLP-Registration Process

Advantages & Benefits Of LLP Company

  • Limited Liability
  • Uninterrupted Existence
  • Audit not required
  • Separate Legal Entity
  • Easy Transfer-ability
  • Owning Property

FAQ’S

  • How much time is needed for setting up a LLP company in India?

    LLP formation starting from obtaining DSC to Filing Form 3 takes approximately 12 to 15 days subject to availability of all the documents.

  • Is LLPs to be required to maintain books of accounts?

    An LLP shall be under an obligation to maintain annual accounts reflecting true and fair view of its state of affairs. A “Statement of Accounts and Solvency” in prescribed form shall be filed by every LLP with the Registrar every year.

  • Who can be a “Designated Partner” and what are its requirements?

    Appointment of at least two “Designated Partners” is mandatory for all LLPs. And both shall be individuals and at least one of the Designated Partners shall be a resident of India. In case of a LLP in which either one or all the partners are bodies corporate, then at least two individuals who are partners of such LLP or nominees of such bodies corporate shall act as designated partners.

  • Who can become a partner in LLP?

    Any individual/organisation can become the partner in LLP including foreigners/NRI’s. However, the individual must 18+ above in terms of age and should have a valid PAN card. For Foreigners/NRI’s Valid / Active Passport

  • What is Authorized capital & Paid-up Capital mean ?

    Authorized capital shows the maximum amount of capital that a company can raise by way of issue of shares at present or in the future. Whereas, the Paid-up Capital refers to the actual amount raised by a company i.e.; amount paid by the shareholders on the issuance of shares. One can register a company in India by any amount of paid-up capital which can be less or equal to the authorized capital but not exceeding the authorized capital.

  • NRI's OR Foreigners can become Directors OR Share Holders in Private Limited Company ?

    Yes, a NRIs and Foreign National can become Directors in a Private Limited Company. They need to get a DIN from the Indian ROC. They can also be a majority shareholder in the company. Provided at least one Director on the Board of Directors should be an Indian Resident.

  • Can I register the LLP with my home address?

    Yes, you can register your LLP at your residential address. In this case You should provide utility bill, namely electricity or a land-line telephone bill (not older than 2 months) and a tax receipt would be required to be furnished.

  • Can an existing partnership firm/ private company/ unlisted company be converted to LLP?

    Yes, an existing partnership firm/ private company/ unlisted company can be converted into LLP.

  • Does LLP should maintain the record of meetings?

    Yes, proper Minutes Book should be maintained by the LLP to record Minutes of the Meetings of the partners.

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