How to register LLP in India
Limited Liability Partnership is governed and introduced by Limited Liability Partnership Act 2008, and LLP became operational in 2009 in India. Before the introduction of limited liability partnership firms in India, Partnership firms was the only option to initiate business in partnership form. Partnership firm has some drawbacks like unlimited liability of partners, partners personal assets can also be attached by revenue department or banks in case of default made by partnership firm etc. To overcome these issues Limited Liability Partnership firm was introduced and it became the choice of the business sector or micro small and medium enterprises.
Feature of Limited Liability Partnership (LLP)
- There is no requirement of minimum capital of LLP, it is the pure mutual decision of LLP partners. Capital contribution can be any amount and decided through a contractual agreement called partnership deed of LLP.
- Limited Liability of partners restricted upto the capital contribution made by partners.
- Low cost of incorporation as compared to company.
- LLP is a separate legal entity different from its partners.
- Minimum annual compliance cost of LLP.
- No compulsory audit requirement of LLP upto certain amount of turnover.
- LLP is managed by partners and there is no separate definition of person required to take operational, financial or any other business related decisions.
- Limited Liability Partnership Firm is suitable for professionals, service providers and micro, small and medium businesses.
Documents required for LLP Registration
Documents required from partner:
- Photograph: – Passport size photo is required having white background.
- Pan Card:- Pan card of all the partners required it is also treated as primary document for getting Director Identification Number (DIN), Digital Signature Certificate (DSC) and incorporation of LLP.
- Residence Proof of partners: – For residence proof partners can provide any one from a bank statement, electricity bill in the name of partner, landline telephone bill in the name of partner, water bill etc. Invoice should be latest and should not be older than 3 months.
- Address Proof of partners: – Partner can provide Voter ID, driving license, passport or aadhaar card as a residence proof. Pan card details should be matched with these documents.
- Passport:- Passport becomes mandatory for foreign national partners and this is required to be attested from the concerned department in India.
- Digital Signature Certificate of Partners, if already applied
- Director Identification Number (DIN) of partner, if already applied
Documents required for Registered office
Registered office of limited liability partnership can be owned by a partner or rent office. In case of a rented office, rent agreement is required along with No Objection Certificate and utility bill of premises is required. Utility bills (Telephone bill, water bill, electricity bill) can not be older than 3 month and a registered office address should be mentioned on it.
In case a registered office is owned by a partner, No objection certificate is required from the partner along with a utility bill not older than 3 month would be required.
Registration Process of LLP in India
Step 1 Digital Signature of Partners
Step 2 Director Identification Number of Partners
Step 3 Name Approval of LLP
Step 4 Incorporation of LLP
Step 5 Application of PAN and TAN
Step 6 Filing of Partnership deed with ROC
How to register LLP in India?
LLP registration in India required around 10-15 days from submission of all the documents. You can register LLP in India using EAdvisors LLP Registration expert services.
Use expertise of EAdvisors to register your LLP along with other business compliance like GST registration, GST return filing, Trademark registration etc while you can focus on your core business activities.