llp in india

Minimum 2 partners can form LLP and obtain PAN issued by NSDL. There can be no limit in the number of funds in the largest number of llp in india. Apart from these, there must be at least two designated partners who will be individuals, and one of them must be an Indian resident. All the rights and responsibilities of assigned partners are usually governed by the agreement of LLP. They are responsible for the agreement to the provisions of the llp act 2008 and the continuity of the arrangements set out in the llp agreement. If you need to start your business with llp (full form is Limited Liability Partnership), at that time you should get it under the limited liability partnership Act, 2008.

Check Whether Your Firm Met These Conditions For LLP Registration In India

Few requirements show the eligibility of your firm to get registered as LLP and llc in india, these are as follows- 

• At least two partners.
• No shared capital.
• The authorized capital of Rs 1 lakh.
• One partner must be an Indian resident.
• DSC and DPIN for all the partners.
• Office address proof.
• Foreign investors are now permitted to have a 100% FDI due to the changes in FDI regulations dated November 10, 2015.

If your answer is “Yes”, then your firm is ready to be registered. No need to wait further. Apply for llp registration now!

Documents required for llp registration

IMPORTANT THINGS TO CONSIDER: If Company owns the property, a Sale deed is required at the time of documentation with a digital signature. Don’t have a digital signature? We will make it for you. Click here to apply now!

Steps For Making Limited Liability Partnership

Step 1: Apply for Digital Signature Certificate 

Before starting the process of llp in india, you should apply for DSC of the specified partner of the planned LLP. It is on this basis that all details for LLP are documented via online process and need to be checked. Thus, the designated partner should obtain his / her DSC. The cost of acquiring DSC depends on the certifying organization.

Step 2: Apply for Director Identification Number 

You need to apply for a DIN of assigned partners or those who want to be the partner of the proposed LLP. Application for DIN should be made in Form DIR-3. You must add a copy of Aadhaar and PAN. The form will be signed by the Company Secretary of the organization or by the Director / CEO / CFO of the current organization in which the candidate will be named.

Step 3: Fill LLP-RUN for Reservation of Name

Now you need to fill LLP-RUN (Limited Liability Partnership-Reserve Unique Name) for name reservation of the proposed LLP which will be prepared by the Central Registration Center under Non-STP. In any case, before mentioning the name in the form, try to use the free name search on the MCA portal. This will give you numerous suggestions for choosing names that are not like the ones already present. Form RUL-LLP should go according to Annexure 'A' with a fee.

Step 4: Fill FiLLiP for Incorporation of LLP

FILLIP (Form for Incorporation of Limited Liability Partnership) is used for the incorporation of LLP, which will be documented with the registrar, who has a constituency in the state where the LLP's registered office is located.

    Expenses will be paid according to Annexure A.

• It accommodates applying for the DPINs.
• Permission to apply for this will be given to two people.
• Reservation applications can also be made using FiLLiP.
• In case of name approval, the held name will be filled in as the proposed name of LLP.

Step 5: File Limited Liability Partnership Agreement (LLP Agreement)

The LLP oversees the rights and responsibilities between partners and its affiliates.   

• The agreement of LLP on the MCA portal should be entered online in form 3.
• For the LLP agreement, form 3 must be filed within 30 days from the incorporation date.
• The agreement of LLP should be there on stamp paper. The estimate of the stamp paper is varied for each state.

Advantage Of Limited Liability Partnership (LLP)

You can find various benefits of LLP but if it is about particular one then the most important thing that let you choose this type of firm is the protection of members personal asset from the liabilities of the business. The second most beneficial thing is flexibility. In LLP you will get the flexibility of working. Thus, it becomes easy to do operations of partnership and distribution of all profit and revenue as per the deed or agreement.

Name Structure of Limited Liability Partnership (LLP)

The structure of LLP must meet these three things: Unique name, Objective, and Constitution type. But few other things are there that has to be considered because ROC has issued guidance regarding the naming of LLP these are as follows-

• Name must be unique: You must choose the name that is not registered or not taken by another registered firm.
• Avoid blacklisted things: Generic, abbreviation, and adjectives are usually rejected so try not to use blacklisted names.
• No common trademark: No other trademark has to be registered with the same name. In case you have a No-Objection certificate from the owner, then your application might not get rejected.

Why Tax Advisory for LLP REGISTRATION

TaxAdvisory is familiar with all new processes and changes because of having the best experts like CA, CS, MBA's, and Advocates. We have experience in handling all legal services and this is the reason why we are India’s Leading Legal Service Provider. Our services reach every state of the country because we provide you a very good package for your llp in india. With us, you can simply get your LLP registration without having any type of trouble. The Ministry of Corporate Affairs used to come with numerous changes and updates and we take care of it for you.

LLP registration fees -9999/- (inclusive of all taxes)

This includes-      

• 2 DSC (digital signature) and din number (director identification number) of partner
• Name approval fee of MCA
• Certificate of incorporation (LLPIN), pan no. of LLP, and tan no. of LLP
• Preparation of llp agreement

Benefits Of Registering With Tax Advisory

Get MSME REGISTRATION Free With the above package. It is commonly known as Udyog Aadhar registration.

Note: (By paying 10999/- you can also obtain GST + Registration of your LLP with LLP Incorporation fee).

LLP Incorporation Steps With Tax Advisory-              

1. Make a call to us to book a consultation call with us.
2. Make a partial consultancy fee of 1999 or above via UPI, debit credit card, or net banking.
3. Get confirmation, and your registration process starts.

Timeline For LLP Incorporation

So far, we are following an online process, LLP does not take much time to get registered. It takes about 15 to 20 days for your LLP to be registered.

Annual Return and compliance of LLP 

After obtaining a certificate of incorporation, LLP does not have numerous legal compliances to follow, but it is necessary to file before the annual filing in MCA that will result in a penalty. In annual compliance, you have to file a profit and loss account of your LLP and balance sheet. On the due date, you will also have to file the income tax return of the LLP. Don't worry, if you are getting service from TaxAdvisory.in, you will get a quick notification message or call before the due date and we will try our best to avoid any penalty.

LLP vs Partnership

Both these firms seem similar but there is a huge difference and this is the reason why it is important to understand the difference between both the firm-

• Cost: The amount charged for llp in india is generally higher than the expense for the partnership firm. It can be done online through Tax Advisory for only Rs. 9999/-
• Authority: LLPs are registered under the Ministry of Corporate Affairs in India, Central Government. While partnership firms are registered with the Firm Registrar, controlled by the particular state government in which the firm is listed.
• Limited Liability Protection: one of the main benefits of a limited liability company india over a normal partnership firm is LLP; here single partner is not competent or obliged to commit the behavior or negligence of another partner. LLP additionally protects the owners from LLP debts.
• Number of Partners required: LLP and Partnership firms must have at least two partners to enroll. After the process of registration, an LLP can have infinite partners. While in a partnership firm, they can go below the least number that is 2, due to death, weakness, or leaving of a partner, the firm will dissolve.

LLP VS Company

The registration procedure of both Private Limited Company and LLP are similar. You can find numerous difference and similarity that might help in better understanding, these are as follows-

• Cost: The fees of registration are somewhat equal to the registration of a Private Limited Company and llp in india
• Similarity Both llp company & Private Limited Company offers a lot of things that are similar to each other. Both these firms are separate legal entities with separate assets and liabilities. Both llp companies in india and Private ltd companies are adaptable, although a private limited company provides greater customization capabilities concerning possession sharing or transferring.
• Collecting funds: From many places, a private limited company can raise funds. Some of these are private equity funds, Angel Investors, Venture capitalists, NBFC’s, or bank. While LLP partners can raise funds from partners, NBFCs, and banks only.

LATEST NEWS REGARDING LLP

Relief measures announced by Government on 30th March where MCA has launched 2 schemes-            

• Companies Fresh Start Scheme. Revised LLP settlement scheme. 

The penalty of up to Rs 107800 for 1 year and Rs 136900 for 2 years will be waived till 30th September.

Frequently Asked Questions

What is LLP and LLP Agreement?

LLP is a new version of a firm that is approved by MCA. It is a separate legal entity, with succession and a distinct seal. Apart from the arrangement of the partnership, in addition to the LLP, there is an understanding between which the MCA and all documents, profit or loss, contribution, llp rules and conditions, and other necessary things must be read and signed by each partner.

Difference between LLP and Private Limited organization

Pvt. Ltd. organization has a capital divided into investors. They oversee directors, annual comprehensive meetings, managing directors, and many lawful compliances although LLP does not hold share capital. They have a contribution by the assigned partner who is accountable for all business practices and legal compliance.

Can an outsider or Foreigner (NRI) participate in LLP?

Yes, according to the new reform, LLP is allowed to have foreign investment and may have foreign partners.

Minimum & Maximum number of partners in LLP?

At least 2 partners must be there in LLP, with no restriction for a maximum number of partners.

How to convert LLP into a private limited organization?

Llp in india can be changed to Private Limited by following the recommended model. For additional information, you can book a call with us. Click here to schedule now!

How to add a partner in LLP?

By correcting the agreement of LLP, obtaining DIN and DSC, add another partner in the ongoing agreement. For that, we will be glad to help you.

What is LLP form 11?

Given the SPICe+ form, the entire way of registration changed. Reach out to us for additional help.

How to apply for a pan card and DPIN of LLP?

With the certificate to join limited liability company, you can apply for PAN Card and in MCA, we will get the DPIN of affiliates.

How to check LLP name availability?

You can see it on the MCA site or reach us, we will give you the best possible recommendations. If you want llp registration in bangalore, then check the name of all registered one first.

How to get out of LLP?

By filling the form of resignation, you can get out of the LLP. Similarly, some claims need to be recorded in this regard with MCA.

LLP is useful for startups or not?

Many financial backers also put money into LLP. It has less valid compliance. Additionally, LLP is considered by the government. The programs like a startup in which you can take advantage of tax opportunities for 3 years out of 10 years of your start. Therefore, it is currently possible to startup with limited liability partnership.

How to file form 11 of llp

Form 11 of LLP (Limited Liability Partnership) is required to be filed annually to the Registrar of Companies. The process to file Form 11 of LLP is as follows:

1. Visit the official website of the Ministry of Corporate Affairs (MCA) at www.mca.gov.in.

2. Click on the "LLP Services" option and then select "LLP Forms".

3. Select Form 11 from the list of LLP Forms.

4. Fill in the required details such as the LLP name, LLPIN, and financial year for which the form is being filed.

5. Attach the necessary documents such as the statement of accounts and solvency and the income tax return filed for the financial year.

6. Pay the required fees