LLP Registration Online

What is LLP Registration?

LLP states limited liability Partnership and it is governed by the limited liability partnership act, 2008 . To the partners it has got limited liability. Two partners are involved in case of LLP, among the two one must be the resident of India, he must be staying or stayed for about 182 days in India and there is no minimum limit of capital investment. LLP is often done for the small business type in India. LLP does not raise money from the general public as nature of LLP does not allow to issue equity shares. One can register as LLP through us in very less time and with a very easy steps of processing.

One of the biggest advantage of LLP form of business over a Pvt Ltd Company is in the fact that there is less compliance requirement in comparison to the company.

Checklist For Llp Registration

• Minimum two partners of LLP (mandatory): minimum of two persons are required for the registration of the limited liability partnership (LLP) to act as the designated partners in the new LLP and as such there is no boundation for maximum number of partners in the LLP.

• One partner of the LLP must be the permanent resident in India i.e. One resident designated partner. A person must be considered as resident of India if he/she stay in India for over 182 days during the previous financial year.

• Address proof must be registered: an address must be in need to incorporate LLP. The address proof that is in requirement is a utility bill not older than 2 months and the NOC from the owner of the registered address owner.
  If the address is on the name of self than the requirement will be the utility bills and the aadhar card on which the genuine address is mentioned.

• Capital Requirement: LLP act 2008, does not mention any minimum and maximum capital as such ; hence the capital/contribution of the LLP will be completely depend on the business requirement of the LLP.

• Individual/unique and new Name of the proposed LLP: name of the proposed LLP must be unique and of individual identity not similar to the other names or not any duplicate name and must be eligible. The name must not match to any already existing LLP, Company or Trademark.
  If any kind of help related to the unique name of the LLP is required, we are here to resolve and will help you to decide the unique name for your LLP’s.

List Of Documents Required For LLP Registration

Genuine documentation for the registration of an LLP plays a very important role and result in faster incorporation of the Limited Liability Partnership firm. Here, we are enlisting the document which are required; valid document after self-attestation must be submitted.

A. Document of Designated Partner & Partner

B. Document Required for Registered Address:

C. Legal Forms and Declaration:

Note: After the incorporation, the ROC issues a Certificate of Incorporation that contains the company's address, which is available on the proof submitted for the registered address. Please ensure that the address of the premises on the NOC matches the address on the utility bill.

Process Of LLP Registration

• Step 1: Requirement of Document & Information for LLP Registration:
  The procedure for the registration of LLP starts with the documentation of the proposed designated partners/partners and to the related registered address of the LLP. The documents that will be updated must be correct and away from any discrepancy.

• Step 2: Selecting the name for LLP:
  The name of the LLP must not duplicate and similar to some other LLP, Company or Trademark, if it is found so the name will be automatically rejected. The name should be cross checked with the ROC and the trademark registry to avoid any infringement of someone else Company or Trademark name.

• Step 3: Making of DSC partners:
  DSC is a known as the physical or paper signature under the Information Technology (IT) Act. So, for the LLP registration digital signature or digital format signed by the designated partner of LLP.The filing process starts with the issue of a digital signature for all the partners of the LLP.

• Step 4: Approval of name for LLP registration:
  The application for the name approval for LLP is submitted in FORM RUN-LLP.

• Step 5: ROC filing for LLP incorporation:
  The application of New LLP Registration is filed in FILIP Form immediately after name approval. The partners KYC documents and proof of the registered address are submitted along with the application form. The Form, FILIP, is attested by a practising Chartered Accountant, Company Secretary, Cost Accountant, or an Advocate practising at High Court. The government filing fee for the registration of depends on the proposed capital/contribution of the LLP.

• Step 6: Issue of the Certificate for the LLP registration:
  After all the above process are done the final step is the issuing of the certificate for the LLP registration after the verification. The issuance of LLP registration certificate is conclusive proof of LLP registration by ROC.

• Step 7: LLP Agreement Drafting and ROC filing:
  Post-registration of the LLP, the partners need to enter into a valid agreement on stamp paper of appropriate value as per respective state. The LLP agreement defines the mutual rights and duties of the partners, and the LLP Agreement should be signed before a notary public. The duly signed & Notary Attested LLP Agreement is then filed with ROC in Form -3 within 30 days of the LLP Incorporation.

• Step 8: PAN Card and TAN Card Number for the LLP:
  The LLP needs to apply in the prescribed Form 49A to the income tax department for the allotment of PAN; the acknowledgement of the pan application for the LLP is received on the same day. However, the allotment of PAN is within a week. TAN number is a permanent number assigned to business for complying with withholding tax provisions (TDS). You are required to deduct TDS while making payments; hence, the next step is to obtain a TAN number, which is mandatory to submit TDS Returns. So, LLP needs both PAN and TAN number for the LLP registration.

Post-incorporation Compliances

Like registration process post compliance is also very important.After LLP incorporation, you have to fill post incorporation compliance for just one time.

LLP AGREEMENT

LLP agreement is an important document that defines the right and duties related to all the respective members who are part of the LLP firm. This agreement help to maintain peace and prosperity and also helps to avoid any disputes and future conflicts.
The LLP agreement has to be filled on the MCA portal within 30 days of LLP incorporation. It must be printed on a stamp paper and must be signed by all the partners of the firm. From state to state the value of stamp paper varies.

PAN and TAN

Apply for PAN and TAN after the incorporation of LLP because without it the firm cannot open a bank account for carrying out further transactions in future.

Open a Bank Account

Once you got your PAN, you are eligible for opening a bank account in the name of your LLP registration firm to carry out financial transactions.

Benefits Of LLP:

• 1) LLP registration is an easy process. It is very less time consuming and a non-complicated method. So this online start-ups to start your business is one of the best deal to do without any delay.

• 2) Easy restructuring: LLP Agreement governed the relationship between the partners. This method is easily amended to introduce or to retire any partner. The process is one of the easiest way for the restructuring.

• 3) Audit is not compulsory: Under the LLP act, the statutory audit is not compulsory for small LLP. However as the amount or turnover increase annually the statutory audit by the CA becomes compulsory.

• 4) Limited Liability: The liability for the partners are limited as they are not bound to pay any debts from their assets. If the other partner do the misconduct than he only will be responsible an no other partner will have to face any consequences for his deeds.

Disadvantages Of LLP:

1. The main disadvantage of LLP is that even if LLP doesn’t have any activity, still it is required to to file an income tax return and MCA annual return each year. If someone fails to do so, they have to face a heavy penalty.

2. If one of the partner wants to transfer his/her ownership rights then he/she has to obtain the consent or permission of all the partners.

3. A limited Liability Partnership must have at least two members. If one of the member decide to leave or broke the partnership, the LLP may have to be dissolved or it will dissolve automatically.

4. It is important to note the without the permission of Reserve Bank of India (RBI) the FDI in LLP would not be approved.