Limited Liability Partnership (LLP) Registration
- Efficient LLP Registration in India?
At Global Consultants, we simplify the LLP registration process so that you can set up your business quickly and hassle-free. Moreover, our expert team will guide you through every step, ensuring that your Limited Liability Partnership is fully compliant with all government regulations. As a result, you can focus on growing your business while we handle the complexities of registration..
● Fast Registration: Submit your application, and then get your Limited Liability Partnership registered within 14 days, all while staying completely online and stress-free. In addition, our streamlined process ensures a hassle-free
● Transparent Pricing: Transparent Pricing with no hidden cost
● Proven Expertise: With over 10,000 Limited Liability Partnerships registered since 2011, we have become a trusted partner for business incorporation. Therefore, entrepreneurs consistently rely on us for our expertise and reliability. Furthermore, our proven track record demonstrates our commitment to excellence in simplifying the incorporation process.
- What is an LLP?
A Limited Liability Partnership (LLP) A Partnership (LLP) is a hybrid structure that combines the benefits of a corporate entity and a partnership firm. In addition, LLPs allow partners to enjoy limited liability protection, meaning personal assets are shielded from business debts. Furthermore, the LLP operates as a separate legal entity and continues even if partners change, thus ensuring business continuity.
- Why Register an LLP?
- ● Limited Liability Protection: Partners are not personally liable for business debts.
- ● Separate Legal Entity: The LLP can own assets, sign contracts, and sue or be sued independently from its partners.
- ● Flexible Management: Partners can mutually decide internal management and profit-sharing arrangements.
- ● Perpetual Succession: The LLP continues to exist despite changes in partners, ensuring longevity.
- ● Tax Efficiency: LLPs enjoy the benefits of pass-through taxation, where profits are taxed directly in the hands of partners, avoiding double taxation.
- Features of LLP?
- ● Body Corporate: Recognized under the LLP Act of 2008, an LLP is treated as a corporate body.
- ● Perpetual Succession: The LLP continues even if partners leave or new partners join.
- ● Separate Legal Entity: The LLP is distinct from its partners, providing personal asset protection.
- ● Limited Liability: Each partner’s liability is limited to their contribution in the business.
- ● Flexible Partnership: Partners can agree upon their roles, rights, and responsibilities through the LLP Agreement.
- LLP Registration
- ● Day 2-4: We help you apply for the Digital Signature Certificate (DSC) and reserve the name of your LLP with MCA. Additionally, we ensure that these processes run smoothly and efficiently.
- ● Day 5-10: Our team drafts and files the LLP Incorporation Form with the Ministry of Corporate Affairs (MCA).
- ● Day 11-14: Once approved, you will receive your official LLP Certificate of Incorporation.
- Advantages of LLP Registration
- ● Affordable: LLP registration is cost-effective, and with transparent pricing, you can easily understand the expenses involved. Additionally, there are no hidden fees, ensuring a straightforward and budget-friendly process.
- ● Limited Liability: As a result, partners are protected from the business’s financial liabilities. In addition, this ensures that their personal assets remain safeguarded.
- ● Easy Compliance: There are fewer compliance requirements, especially when compared to private limited companies. As a result, setting up and maintaining an LLP is simpler and less time-consuming.
- ● Separate Legal Entity: The LLP can, therefore, own property, sign contracts, and be part of legal proceedings independently of its partners. In addition, it enjoys the benefits of separate legal status, which enhances its ability to operate smoothly.
- Documents Required for LLP Registration
- 1. Identity and Address Proof (for Partners):
● First, a scanned copy of your PAN card or passport (for foreign nationals/NRIs).
● Next, a scanned copy of your voter ID, passport, or driving license.
● Additionally, a recent bank statement or utility bill is required.
● Furthermore, you will need a passport-sized photograph.
● Finally, don’t forget to include a specimen signature.
- 2. Registered Office Proof:
● Firstly, a latest utility bill or bank statement (no older than 2 months).
● In addition, a rent agreement is required (for rented premises).
● Furthermore, a No Objection Certificate (NOC) from the property owner must be provided.
● Finally, a sale deed is necessary (for owned premises).
- Cost of LLP Registration
The cost for registering an LLP starts at ₹1499 + government fees. The government fees vary based on the contribution amount:
● ₹1 to ₹1,00,000: ₹500
● ₹1,00,001 to ₹5,00,000: ₹2,000
● ₹5,00,001 to ₹10,00,000: ₹4,000
● ₹10,00,001: ₹5,000
- LLP Agreement
An LLP Agreement is essential because it outlines the mutual rights and duties of the partners. Furthermore, it governs the business operations, profit-sharing ratios, and responsibilities of each partner. Thus, having a well-drafted agreement ensures clarity and smooth functioning of the partnership.
- Step-by-Step LLP Registration Process
- ● Digital Signature Certificate (DSC): Required for online filings with MCA.
- ● LLP Name Reservation: We file the RUN-LLP form to reserve your preferred LLP name.
- ● Incorporation Application (FiLLiP): This includes the DIN application and LLP incorporation combined into one form, making the process more streamlined and efficient.
- ● LLP Agreement Filing: Draft and submit the LLP Agreement to MCA.
- ● PAN & TAN Application: Apply for PAN and TAN to complete the registration process.
- FAQ
The LLP Agreement outlines the rights and responsibilities of partners, profit-sharing ratios, and operational rules. It must be filed within 30 days of incorporation.
LLPs are taxed at a flat rate of 30%, plus surcharge and cess. LLPs also enjoy pass-through taxation, meaning the income is taxed in the hands of the partners.
Yes, LLPs must file an Annual Return and a Statement of Accounts and Solvency every year, regardless of revenue.
A minimum of two partners is required, and at least one must be a resident of India. There is no limit on the maximum number of partners.
Yes, foreign nationals can be partners in an LLP, provided one designated partner is a resident of India.
An LLP has fewer compliance requirements and offers more flexibility in management, while a private limited company is better suited for raising capital through equity.
Yes, an LLP must have a registered office address. It can be a rented or owned property, but proof must be provided.
LLPs need to file an annual return, maintain financial records, and file the Statement of Accounts and Solvency. Additionally, LLPs must file income tax returns and GST (if applicable).
If the LLP Agreement is not filed within 30 days of incorporation, there is a penalty of ₹100 per day until filed.
The registration fee depends on the contribution amount, starting from ₹500 for contributions up to ₹1,00,000.
Get Started with Global Consultants
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