Limited Liability Partnership For Documents Required Registration in India
A Limited Liability Partnership (LLP) is a hybrid business entity that combines the features of a company and a partnership. It offers the limited liability protection of a company with the flexibility and ease of management of a partnership.Read mor...
To register an LLP in India, you will need to submit the following documents:
- Self attested Pan Card
- For/Directors Shareholders
- Self-attested Voter ID or Driving license or Passport
- Self-attested Bank statement or electricity/telephone/mobile bill
- Recent passport-size photo
For Registered address of company:
If the premise is rented/leased
- Copy of the Electricity bill of the owner
- Rent or lease agreement
- NOC from the owner of the property
- If the premise is Owned
- Copy of the Electricity bill of the owner
- NOC from the owner of the property
Additional Documents: for Limited Liability Partnership (LLP) Registration
- LLP Agreement: This is a legally binding document that outlines the rights and responsibilities of the partners.
- Digital Signature Certificate (DSC): This is a digital certificate that allows you to sign documents electronically.
- Designated Partner Identification Number (DPIN): This is a unique number that is assigned to each designated partner of an LLP.
Registration Process : for Limited Liability Partnership (LLP) Registration
Once you have submitted all the required documents, you can start the LLP registration process. The process involves the following steps:
- Name Reservation: You need to reserve a name for your LLP with the Ministry of Corporate Affairs (MCA).
- Procurement of Digital Signatures: All the designated partners of the LLP need to obtain DSCs.
- Preparation of Incorporation documents: You need to prepare the following incorporation documents:
- LLP Agreement
- Form-2: Application for the reservation of the name of the Limited Liability Partnership
- Form-3: Declaration by the Designated Partners of the Limited Liability Partnership
- Form-4: Consent to act as Designated Partner of the Limited Liability Partnership
- Form-6: Statement of the Contribution of the Partners to the Limited Liability Partnership
- Drafting of LLP Deed: You need to draft an LLP Deed, which is a legally binding document that outlines the rights and responsibilities of the partners.
- Filling of Incorporation documents with MCA: You need to file the incorporation documents with the MCA electronically.
- Filing of Registered office: You need to file the registered office address with the MCA.
- Filing of of Initial LLP Deed with MCA: You need to file the initial LLP Deed with the MCA.
Once you have completed all the steps, the MCA will issue a Certificate of Incorporation, which will mark the incorporation of your LLP.
Benefits of Registering an Limited Liability Partnership In India
There are many benefits to registering an LLP in India, including:
- Limited liability: The partners of an LLP are only liable for the debts and obligations of the LLP to the extent of their contribution. Personal assets of the partners are not at risk.
- Separate legal entity: An LLP is a separate legal entity from its partners, which means that it can enter into contracts, own property, and sue or be sued in its own name.
- Flexibility in management: The partners of an LLP have the flexibility to manage the business and make decisions without interference from external shareholders.
- Easy to set up: Setting up an LLP is a simple and quick process, and requires less documentation compared to other forms of business entities.
- Perpetual succession: An LLP has perpetual succession, which means that the LLP will continue to exist even if one of the partners leaves or dies.
- Tax benefits: LLPs are taxed at a lower rate compared to companies, and partners of an LLP are not required to pay any tax on the profits distributed to them.
- Less compliance requirements: LLPs have fewer compliance requirements compared to companies, which means that the cost and time involved in compliance are lower.
- Transferability of ownership: Ownership of an LLP can be transferred easily, and the LLP can continue to exist even if there is a change in ownership.
- Access to funding: LLPs can raise funds from partners, investors, and banks, which makes it easier to expand the business.
- Credibility and brand image: Registering as an LLP gives the business credibility and a professional image, which can be important for attracting customers, investors, and partners.
If you are considering starting a business in India, an LLP can be a good option to consider. It offers the benefits of limited liability, flexibility, and ease of management.