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Register as an LLP in India
Limited Liability Partnership, known as LLP, is a balanced structure that offers the benefits of a conventional partnership firm and a company. LLP is governed under the Limited Liability Partnership Act, 2008. With lower compliance requirements and structured roles and responsibilities like a partnership, LLP also offers key benefits of a company structure like the limited liability of the partners and separate and perpetual legal existence. For that, LLP Registration is a popular business formation among services and professional firms like Chartered Accountants, Company Secretaries, Management Consulting Businesses, Recruiting Firms, and other services-based businesses.
Why Should You Choose Munshi G & Co. for Your LLP Registration?
- Team of Expert CA, CS, and Lawyers
- Dedicated Account Manager, and 24 Hour Query Resolution Policy
- Startup Friendly Pricing, and Quick Registration
- 100% Online LLP Registration Process and Post Incorporation Support
- Thousands of Happy Customers Across All States of India
- Exclusive partner offers on web hosting, payment gateways, etc.
How Long Does It Take
Day 1 - 2
- Apply for Digital Signature
Day 3 - 5
- Checking LLP Name availability
- Application for Name Reservation under “LLP-RUN”
- Reservation of LLP Name
Day 6 - 10
- Drafting the LLP incorporation document
- Filing application for LLP registration
- Application for DIN allotment of Designated Partners
- Certificate of LLP Incorporation
Day 11 - 14
- Application for PAN and TAN of LLP
- Drafting of LLP Agreement
Day 15 - 18
- Payment of Stamp Duty
- Filing of LLP Agreement
- Government processing time
Documents Required for LLP Registration
01
PAN Card
PAN Card of all partners
Foreign nationals may provide passport
02
Partners Address Proof
Aadhar Card/ Voter ID/ Passport/ Driving License of all partners
03
Business Address Proof
Latest Electricity Bill/ Telephone Bill of the registered office address
04
Photographs
Latest Passport size photograph of all partners
05
NOC from Owner
No Objection Certificate to be obtained from the owner of registered office
06
Rent Agreement
Rent Agreement of the registered office should be provided,
if any
Why Should You Register Your Business as a Limited Liability Partnership?
Partner's Liabilities are Limited
The key advantage of registering as a LLP as opposed to a Partnership Firm is that it counts for a separate legal identity. Hence, LLP provides a limited liability benefit to the partners. In case of a business loss or insolvency, the liability of the partners is restricted to the capital contribution as per the LLP agreement. Further, one partner is not held responsible for the actions of negligence or misconduct of any other partner.
Separate Legal Existence
Limited Liability Partnership Registration creates a separate legal identity from its partners. Governed by the LLP Act of 2008, it allows the business to contract with other entities, take legal action, own assets, and borrow funds in the name of the LLP itself. It provides flexibility to the business to function independently and in perpetuity, irrespective of change or death of partners.
Operational Flexibility
LLP Agreement, deed among partners of an LLP, clarifies operating structure including rights and responsibilities of the partners. Typically, LLP has a “Designated Member” who would control day-to-day operations. It can have individuals or existing businesses as members. Further, this structure allows to clearly define the roles and responsibilities of the partners. It could also help in protecting the partner’s interest in case of loss because of an unlawful act of any other partner.
Lower Compliance Requirement
Compliance requirements for an LLP are lesser as compared to Private Limited Companies. It doesn’t have a mandatory audit requirement until a certain level of turnover or contribution. Unlike companies, compliances related to board meetings, statutory meetings, etc. do not apply to LLPs. Professional services for compliance are typically available at cheaper rates than that for companies, making it a cost-effective formation type to maintain.