About Limited Liability Company Registration in India
LLP Company Registration involves establishing a Limited Liability Partnership (LLP) through formal documentation submission to regulatory bodies like the Registrar of Companies (ROC) in India. Upon registration, the LLP gains separate legal status, affording its members limited liability protection. This shields them from personal liability beyond their contributions. LLPs operate as distinct entities, blending partnership benefits with limited liability features.
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Key Features & Benefits
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Enhancing Business Credibility Through Public Disclosure
LLP information, including its name, date of incorporation, registered office address, and status, is accessible in a publicly searchable database, such as the MCA. This transparency fosters credibility and trust among customers, vendors, and investors, facilitating informed decision-making and bolstering confidence in the LLP’s operations.
Establishing Separate Legal Identity
An LLP stands as an independent legal entity apart from its partners. Upon incorporation, it receives a unique registration number, akin to a limited company. This registration number remains unchanged throughout the LLP’s existence, irrespective of any alterations to its name, ensuring continuity and distinct legal identity.
Limited Liability Protection in LLPs
In an LLP, partners serve as agents with liability limited to their contributed capital and profit sharing. This shields them from personal liability beyond their investments, a marked contrast to traditional partnerships where liability is typically unlimited. This arrangement offers significant risk mitigation, enhancing the attractiveness of LLPs for business ventures.
Leveraging Organizational Flexibility in LLPs
LLPs combine the organizational flexibility of partnerships with structured provisions outlined in LLP agreements. These agreements typically address key operational aspects such as profit distribution, partner drawings, and property ownership, providing a framework for effective management and decision-making within the LLP.
Audit Exemption for Small LLPs
LLPs with a turnover not exceeding forty lakh rupees or a contribution not surpassing twenty-five lakh rupees in any financial year are exempt from mandatory audit of their accounts. This provision offers relief to small LLPs, streamlining compliance and reducing administrative burden on low-revenue businesses.
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Process of LLP Company Registration
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01
Application for Digital Signature and Designated Partner Identification
Individuals aspiring to serve as designated partners of an LLP must apply for a digital signature certificate (DSC). This certificate is essential for electronically signing all forms submitted via the MCA portal, ensuring compliance with regulatory standards and facilitating efficient electronic filing processes.
02
Name Reservation Process for LLP
Prior to incorporating a new LLP, applicants must reserve a name for the entity. This involves filing Form RUN-LLP for name reservation. Upon approval, the applicant proceeds with the incorporation process before the name reservation expires, as its validity lasts for three months from the approval date.
03
LLP Incorporation Procedure
Following name approval, the applicant submits an LLP integrated incorporation form via the MCA portal. This form mandates details including the proposed/approved LLP name, intended business activities, registered office address proof, and attachments such as subscriber consent sheets and designated partners’ KYC document
04
Drafting the LLP Agreement
Following incorporation, partners and the LLP draft an LLP agreement delineating partner rights, duties, and responsibilities. This agreement encompasses clauses regarding various partner-related matters such as partner additions or removals, profit and loss sharing, dispute resolution, and contingencies like partner death. Partners submit the agreement using Form 3 to the ROC within 30 days of incorporation, along with applicable stamp duty.
05
Generation of certificate of incorporation
Once the forms get approved, the certificate of incorporation will be issued under the hand of Ministry of Corporate Affairs.
Documents Required For Limited Liability Registration
If one partner is incapacitated while the other focuses on financial matters, the partnership ceases to exist.
Name of LLP
Business details
LLP agreement on stamp paper of the requisite value with initial capital
Contribution by partners and Profit sharing ratio
The copy of pan card
Self –attested copy of identity proof (voter card, passport, driving license)
Self-attested copy of address proof (bank statement, mobile bill, telephone bill, electricity bill not older than 2 months)
Photograph of all subscribers and directors
Email & mobile number
Digital signature
Utility bill for registered office address of the company, such as electricity bill/property tax bill/ telephone bill/mobile bill/gas bill etc.
For rented property ( rent agreement )
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FAQ's
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What is an LLP?
An LLP, or Limited Liability Partnership, is a business entity established and registered under the Limited Liability Partnership Act. Combining elements of both a corporation and a partnership, an LLP offers the benefits of limited liability akin to a company, along with the flexibility characteristic of a partnership.
What makes Startway Business Solution the optimal choice for LLP Registration?
Startway Business Solution distinguishes itself in LLP registration through its exceptional proficiency, effectiveness, and unwavering dedication to client contentment. Employing streamlined procedures and bespoke service, they guarantee a smooth and triumphant LLP registration process.
What is the process for an individual to become a partner of an LLP?
To become a partner of an LLP, an individual must subscribe to the subscriber sheet during the formation of the LLP. Following incorporation, additional individuals can be added as partners according to the provisions outlined in the LLP agreement.
How can a partner exit from an LLP?
A partner can depart from the LLP in accordance with the provisions outlined in the LLP agreement. The execution of a supplementary deed is necessary to document any alterations in the LLP’s composition. Additionally, when a partner ceases their association or any structural modifications occur, it is mandatory to notify the ROC by filing the requisite forms.
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