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Limited Liability Partnership

Limited Liability Partnership Registration

Limited Liability Partnership Registration is a hybrid of existing partnership firms and full-fledged companies. It is a separate legal entity, liable to the full extent of its assets with the liability of the partners being limited to their agreed contribution in the firm.

Limited Liability Partnership Registration(LLP) features:

  • Just require two entrepreneurs.
  • More credibility than partnership Firm.
  • Limited Liability is the main feature.
  • Partnership Firm’s Next Version in Simply Words.

Steps for Registration of Limited Liability Partnership Registration in India.

  1. Apply for your partner’s DIN.
  2. Apply for your partners DSC.
  3. Application to the government for name availability of the proposed limited liability partnership registration.
  4. Verification of documents and forms by the government.
  5. Filing of incorporation documents and forms by government.
  6. Certificate of Incorporation.
  7. Drafting of LLP agreement.
  8. Filing of LLP agreement.

Basic Features to Read before starting limited liability partnership registration:

1.Documents required for registration as LLP
  • ID Proof and Address Proof for all Partners. As id proof PAN Card is Mandatory.
  • Latest utility bill (electric bill/telephone bill) or latest tax receipt/ownership deep of the property for the property to be used for registered office.​
2.Advantages & disadvantages:

In LLP there is no maximum limit of a number of partners, LLP has lower taxation cost. As another firm, LLP has not compulsory to invest minimum capital. Limited liability partnership registration has a minimum two partners, if one partner wants to leave the partnership, then LLP firm is dissolved. LLP has a separate legal entity. In LLP there is lack of transfer of investment. LLP has perpetual succession. LLP has compulsory to audit in every financial year. LLP has a legal entity which is different from its partners. LLP is only be set up for profit.

3.Annual filling of LLP

It is mandatory for every limited liability partnership registration is to prepare and file a statement of accounts and statement of solvency in FORM 8 with MCA. With the help of company suggestion, you can easily prepare and filling your annual statement of accounts and solvency.

4.Compliances of LLP

LLP is a hybrid of both company and partnership and it is registered with MCA. So, it is mandatory to file their financial statement and tax return annually. If an LLP fails to file the financial statement then the penalty will be attracted.

limited liability partnership registration
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Frequently asked questions on Private Limited Company

1.Difference between partnership and LLP?

Ans. As per section 2(71) of Companies Act,2013 public company means a company which is not a private company.

2.What is the benefits of LLP?

Ans. In LLP there is no formality like other companies, it is easy to incorporate.

3.How many partners are required to incorporate a LLP?

Ans. In LLP there is minimum 2 partners and there is no limits of maximum partners.

4.How much capital is required to start a LLP?

Ans. In LLP the minimum capital IS 1 Lakh to 5 Lakhs required to start a LLP

5.What are the requirements to enter into LLP?

Ans. A partner should be an Indian citizen. Minimum age to become a partner is 18. There is minimum 2 partners to start a LLP.

6.Is the outsider can invest in LLP?

Ans. In LLP no outsider can invest in LLP.

7.Is there necessary to a partner of LLP to an Indian citizen?

Ans. No, it is not necessary to a partner of LLP to an Indian citizen.

8.Limits of partners to invest in LLP

Ans. There is no limit of partners to invest in LLP.

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Incorporation Company Fees only 5000/-

ONE YEAR PACKAGE FOR LLP

₹ 6000

BASIC

PANApplication
LLP Agreement formation
LLP Registration in ROC
GST Registration
MSME &UdhyogAdharRegistration

₹ 11999

STANDARD

PANApplication
LLP Agreement formation
LLP Registration in ROC
GST Registration
1st Year Income tax return Filing
12 Months GST Filing
Annual filing with ROC
1st Year Accounting for GST purpose

₹ 16999

PROFESSIONAL

PANApplication
LLP Agreement formation
LLP Registration in ROC
GST Registration
1st Year Income tax return Filing
MSME &UdhyogAdharRegistration
12 Months GST Filing
Annual filing with ROC
1st Year Accounting in Tally ERP 9 (Full Transactions)
TDS return filing
Book Keeping
Drafting of Balance Sheet
ITR of partners (upto 2 Partners)

Note
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