Limited Liability Partnership
Limited Liability Partnership Firm (LLP) is a unique entity form of business entity that is easy to incorporate with minimum of two partners and involve less post registration compliance and maintenance as compared to any other form of business. To overcome the risk of unlimited liability, LLP formation came into picture. If a startup is not keen to raise funds and wants less stress on the compliance part, then they can opt for LLP.
Limited Liability Partnership Registration Process
|DIN & DSC
1 – 2 Days
2 to 3 Days
Certificate Of Incorporation
4 to 6 Days
|LLP Agreement Approval
4 to 5 Days
Advantages of LLP Registration
Simple Registration Process
LLP can be registered by two or more persons, by complying with the prescribed Limited formalities of the LLP Act, 2008.
Limited Liability is the greatest benefit of LLP registration. If any legal liability arise then neither it’s member nor it’s director’s personally affected; Liability of the members are only for the unpaid amount on shares held by them and not more than that.
No tax levied
No tax is levied on a distribution of profits among the partners of LLP.
A company with ‘perpetual succession’, has continued or uninterrupted existence until it is legally shut down. Company, being a separate legal entity, is not affected by the death of any member or transferable of shares but continues to be in existence.
No more complicated formalities are there. LLP involves lesser post incorporation compliances.
Easy Transferability of ownership
It is easier to become a Partner or leave an LLP or transfer the ownership in accordance with the terms of the LLP Agreement.
Frequently Asked Questions (FAQs)
What is Limited Liability Partnership (LLP)?
Limited Liability Partnership Firm (LLP) is unique form of business entity and is superior form to partnership where every partner joins the business with specific liability. LLP incorporation is governed by LLP Act, 2008.
How many Partners are required to Register a Limited Liability Partnership Firm (LLP)?
Minimum of two partners required to register a Limited Liability Partnership Firm (LLP).
How much money do I need to start a LLP?
There is no restriction on minimum contribution of Capital.
List of Documents Required to Process?
Documents Requirement For Directors And Shareholders (In Scan only) :
1. PAN Card
2. Identity Proof – Anyone (Election ID/Passport/Driving License/Aadhar Card)
4. Address Proof – Anyone and Latest by One Month (Bank Statement/Mobile Bill/Telephone Bill/Electricity Bill)NOTE: AADHAR CARD/DL/PASSPORT/VOTER-ID WILL NOT BE ACCEPTED AS ADDRESS PROOF.For Registered Office (In Scan only) :In case the premises are Rented
In case the premises are Owned by any Director or any Relative
Registry Proof or House tax receipts + Latest Electricity bill + NOC from the Owner on the name of any Director
1. Education Qualification of all the persons Involved
2. Any Landline number
3. Place of birth of all the persons
4. Mobile Numbers of Directors
5. Email IDs of Directors
Company related Information:
1. State in which LLP will be registered
2. Complete Registered office address along with PIN Code
3. Proposed business of the LLP in brief
4. Proposed Name of the LLP
Name should be like thisFirst Name – To be unique eg. XYZ
Second Part – Activity Word eg. If Technology Company then Technologies, tecnosoft are the activity WordsComplete should be Like this: XYZ Technologies LLP or XYZ LLP.
Use of activity word is optional and not mandatory as per latest notification by Ministry of Corporate Affairs. To make name more clear and for representing the business which a entity is going to start, use of activity word is suggested.
Brief Significance of Prefix used in LLP Name