Limited Liability Partnership Registration in Karnataka

In Karnataka, registering an LLP is a popular choice for entrepreneurs and professionals aiming to start a business with limited liability protection. LLPs blend the benefits of a traditional partnership with those of a corporation, offering limited liability to partners while providing flexibility in management and taxation. Partners must comply with the LLP agreement and meet all related obligations.

There are two types of Limited Liability Partnership (LLP) Registration:

Regular LLP Registration: This is a typical Online LLP Registration intended for business purposes. The LLP is overseen by its partners and taxed in accordance with the Income Tax Act.

Conversion LLP Registration Online: An existing partnership firm can be transformed into an LLP through the Online LLP Conversion Registration process. During this conversion, the firm’s partners assume the role of designated partners in the LLP, with the firm's assets and liabilities being seamlessly transferred. This conversion provides various advantages, such as limited liability protection for partners, the LLP’s status as a separate legal entity, and potential tax benefits.

Checklist for LLP Company Registration:

1. Minimum of two designated partners: An LLP must have at least two designated partners, and one of them must be a resident of the country where the LLP is registered.
2. Digital Signature Certificate (DSC): Each designated partner is required to secure a Digital Signature Certificate (DSC) for electronically signing documents.
3. Designated Partner Identification Number (DPIN): All designated partners must obtain a Director’s Personal Identification Number (DPIN) from the Ministry of Corporate Affairs (MCA) or the corresponding authority in their country.
4. LLP Agreement: An LLP agreement is a legal document outlining the rights, duties, and responsibilities of the partners, along with the management structure of the LLP. It must be prepared and filed with the Registrar of Companies (ROC) within 30 days of the LLP's establishment.
5. Address proof: The registered office of the LLP must provide valid proof of address.

DOCUMENTS REQUIRED

Documents required for Limited Liability Partnership (LLP) Registration

For Director/Shareholders:

• Self-attested Pan card
• 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

REGISTRATION PROCESS

LLP Registration Process

• Name Reservation
• Procurement of Digital signatures
• Preparation of Incorporation documents
• Drafting of LLP Deed

WHY US

What will you get from Us for Limited Liability Partnership (LLP) Registration?

• Incorporation Kit
• Bank Account opening document
• Document Formats
• First auditor appointment
• Two Class 3 Digital Signatures
• 2 Designated Partners Identification Numbers
• Company Name Approval
• LLP Deed
• Certificate of Incorporation

An additional benefit of Limited Liability Partnership Registration Online

1. Bank Account Opening
2. Free Domain
3. Free Website up to 5 pages
4. Listing on Social media platforms
5. Listing on Google My Business for nearby business
6. Razor pay/Payu money payment gateway for online payment

Top 10 advantages to registering as LLP Registration in Karnataka

• Limited liability: The partners of an LLP are responsible for the LLP’s debts and obligations only up to the extent of their contributions, with their personal assets remaining safeguarded and unaffected.
• Separate legal entity: A Limited Liability Partnership (LLP) functions as an independent legal entity, distinct from its partners. This allows the LLP to sign contracts, own property, and participate in legal proceedings independently.
• Flexibility in management: The partners of an LLP have the authority to run the business and make decisions independently, free from external shareholder influence.
• Easy to set up: Setting up a Limited Liability Partnership is both simple and efficient, involving less documentation compared to other business structures.
• Perpetual succession: An LLP enjoys perpetual succession, allowing it to remain operational even if there are changes in its partners, such as their departure or death.
• Tax benefits: LLPs benefit from lower tax rates than companies, and partners do not face taxation on the profits they receive from the LLP.
• Less compliance requirements: LLPs require simpler compliance than companies, which leads to lower costs and reduced time spent on regulatory matters.
• Transferability of ownership: In India, ownership transfers of an LLP are simple, allowing the LLP to remain operational without disruption despite changes in ownership.
• Access to funding: LLPs can attract funding from partners, investors, and banks, supporting their growth and expansion.
• Credibility and brand image: Registering as an LLP enhances the business's credibility and professional standing, which helps in attracting customers, investors, and partners.