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Limited Liability Partnership Company Registration

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Introduced in India under the Limited Liability Partnership Act of 2008, LLPs offer a significant advantage: one partner is not held accountable for the misconduct or negligence of another. LLPs are particularly popular among professionals, micro, and small businesses, especially those that are family-owned or closely held.

A Limited Liability Partnership combines the benefit of limited liability for its owners with minimal maintenance requirements. Unlike personal liability, the creditors or banks can only claim the company’s assets in the event of default, ensuring the directors' personal assets remain protected.

LLPs provide their owners with protection from the partnership’s debts, ensuring limited liability for each individual. This structure offers a level of liability protection similar to that enjoyed by shareholders of private limited companies, safeguarding each partner’s personal interests.

Choose LLP because

1

Dual advantages- Company and a Partnership

2

No partner will be responsible for other partner’s misconduct

3

Cheaper to incorporate than a private limited company

4

Limits the liabilities of its partners

Procedure for LLP Registration

Once a name for the company is decided, the following steps have to be taken by the applicant
1

Apply for DSC (Digital Signature Certificate) and DIN (Director Identification Number)

2

Apply for the name availability

3

File the MOA and AOA to register the private limited company

4

Apply for the PAN and TAN of the company

5

Certificate of incorporation will be issued by RoC with PAN and TAN

6

Open a current bank account on the company name

Documents required to register a LLP Company

PAN Card

"PAN Card of shareholders and Directors. Foreign nationals must provide a valid passport"

Identity Proof

Aadhar card and Voter ID/ Passport/ Driving License of Shareholders and Directors.

Director’s Address Proof

Latest Telephone Bill /Electricity Bill/ Bank Account Statement of Shareholders and Directors.

Photograph

Latest Passport size photograph of Shareholders and Directors.

Business Address Proof

Latest Electricity Bill/ Telephone Bill of the registered office address

NOC from owner

No Objection Certificate to be obtained from the owner(s) of registered office

Rent Agreement

Rent Agreement of the registered office should be provided if any

F. A. Q.

A:Limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner's misconduct or negligence. A Limited Liability Partnership, popularly known as LLP combines the advantages of both the Company and Partnership into a single form of organization. Limited Liability Partnership is managed as per the LLP Agreement.

A:To incorporate a Limited Liability Partnership, a minimum of two people are required. A Limited Liability Partnership must have a minimum of two Partners and can have a maximum of any number of Partners.

A: The Designated Partners needs to be over 18 years of age and must be a natural person. There are no limitations in terms of citizenship or residency. Therefore, the LLP Act 2008 allows Foreign Nationals including Foreign Companies & LLPs to incorporate a LLP in India provided at least one designated partner is resident of India.

A:You can start a Limited Liability Partnership with any amount of capital. There is no requirement to show proof of capital invested during the incorporation process. Partner's contribution may consist of both tangible and/or intangible property and any other benefit to the LLP.

A: An address in India where the registered office of the LLP will be situated is required. The premises can be a commercial / industrial / residential where communication from the MCA will be received.

A: LLPs are required to file an annual filing with the Registrar each year. However, if the LLP has a turnover of less than Rs.40 lakhs and/or has a capital contribution of less than Rs.25 lakhs, the financial statements do not have to be audited.
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