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A Limited Liability Partnership, popularly known as LLP has been introduced in India by way of Limited Liability Partnership Act, 2008. It combines the advantages of both, a company as well as a partnership into a single form of organization. In a LLP, one partner is not liable for another partner’s misconduct or negligence; this being an important difference from that of an unlimited partnership. It is an alternative corporate business which provides the benefits of limited liability of a company, but allows its members the flexibility of organising their internal management on the basis of a mutually arrived agreement, as is the case in a partnership firm. Register LLP Company Registration with Company vakil.
All partners in a LLP have limited liability whereas in a traditional partnership firm the partners have unlimited liability.
Low registration fee and easy maintenance makes LLP a first choice for many of the small businesses in India.
A LLP is easy to establish and its registration process is quite flexible as such procedure does not impose detailed legal and procedural requirements. Also the process of registration of a LLP is quick as compared to that of a Company.
However, a minimum of two partners is a must to form a LLP. The process of registration is initiated online by the partners. They need to file all the documents online. Such documents include PAN Card/ID Proof of the Partners, Address proof of the registered office of the LLP, Address proof of the partners, etc.
Such form of partnership is best suitable for small and medium sized enterprises.
The detailed registration procedure is explained further.
LLP agreements are very convenient and easy to make. It is designed in such a way that it meets the needs of the partners. There are not many formalities that needs to be done for an LLP unlike any other company.
Unlike other companies, LLP does not require any minimum contribution. It can be started with the least possible capital. An LLP can be started with any contribution by a partner in the form of tangible, intangible property or any kind of benefits to the LLP.
The LLP has no cap on the maximum number of partners. The minimum requirement of LLP is two partners and there is no restraint on the maximum number of partners. It can have any amount of partners.
Unlike other private and public companies, the LLP does not require a high registration cost.
The partners of the LLP do not have unlimited legal liability. This is to say that is if an LLP is sued then the partners will have to only pay to the extent of their contribution in formation of the LLP. They do not have to pay an indefinite amount.
An LLP does not have much formalities to comply. Partners need to just fill out the registration form and submit it to the local secretary of the state. Also, the registration cost is also low unlike for other companies.
In an LLP, the partners come together and decide what role they have to play and to what extent. If a partner does not want to be active in the management, then he can choose to do so. Hence, the roles become very flexible and is fixed at the desire of the partner. The distribution of profits is also decided at the will and consent of all the partners.
The LLP get the status of a legal person. By legal person, it means that LLP can perform all the functions of a person like buying and selling properties, and that it can enter into contracts and can sue and be sued.
Other companies are required to audit their accounts. This is not so in the case of LLP. The LLP does not have to get their accounts audited. LLP needs to audit their accounts only when their contributions exceed Rs. 25 lakhs or when their annual turnover exceeds Rs. 40 lakhs.
LLP’s have to face a very low compliance burden like other companies. Other companies need to have a minimum of eight compliances that needs to be duly completed and submitted. LLP has to submit only two statements, which is mainly Annual Return and Statement of Accounts and Insolvency.
Partners of the company are eligible to withdraw profits of the company as and when required. In other companies, when the partners withdraw the profits of the company, they have to pay an additional 15% of tax in the form of Dividend Distribution Tax (DDT). However, this sort of tax liability is not present in LLP. A partner can easily withdraw profits from the company without requiring to pay any such tax.
There is no taxation on the income of the partners in case of LLP. Interest paid to the partners, or any kind of salaries payable to the partners and any incentives given to them are not taxable. Unlike LLP, the other companies have to pay taxes.
LLP get the status of body corporates i.e. they are termed as an identity different from that of its partners. The separate legal entity concept is followed in LLP where the company is distinct from its members. LLP is recognized by its name before the law and not by its partners. It can exist on its own unlike other companies.
LLP will continue to exist till the company is winded up. The LLP will continue despite any change in the partners of the company. The partners may come and go but the LLP will stay till the time the company is winded up.
LLP agreements can be easily transferred. The partners can leave or enter the LLP without any complications and formalities. The ownership of LLPs can be easily transferred.
In case of LLP, raising funds from investors is an easy process. Such raising of funds become difficult in case of small companies. LLP has high credit worthiness and funds from outside can be easily raised without facing any difficulty.
When other companies face dissolution, there are lot of procedures that these companies need to comply in order to give effect to dissolution. On the other hand, LLP is very easy to dissolve. There are not much procedures and formalities involved. It can be dissolved by the consent of the partners or by the law.
When employees or partners provide any kind of material information during an investigation procedure, then these employees and partners are entitled to receive protection. But there is no such provision or benefit enjoyed by other companies. Only LLP are entitled to such provisions and benefits.
When other companies are not capable to meet their debts and liabilities, the partners’ personal assets are seized to meet the debts and liabilities. Since LLP is a body corporate and has an identity separate from its partners, the debts and liabilities cannot be met by seizing the property of the partners. The partners have limited liability only to the extent of their contribution towards the LLP.
All the partners share the responsibilities and duties in LLP. The partners decide their roles and the duties that they have to perform. When this happens, the burden to perform the duties and responsibilities do not occur on the hands of one person. It is shared equally by all the partners.
Partners are not considered to be agents of the other partners. Therefore, they are not liable for the acts of others. If a partner is liable for his act, other partners will not be held liable for his acts. They are not liable for the fraudulent acts of another about which they do not have any knowledge also. It safeguards the interest of each of the partners, individually.
In LLP, the partners do not have to meet the requirement of holding four meetings in a year. The partners can hold a meeting as and when required according to the convenience of the partners and when the situations demand to hold the meetings. There is no mandate that the company has to hold four meetings in a year.
The cost and expenses of incorporation of a LLP is less as compared to those of a Company. The registration fees is also economic. Therefore it is easy to establish a LLP.
There are no restrictions as to maximum number of partners in a LLP, so even if there are 2 partners in the LLP, they can register it successfully.
For the purpose of formation of a LLP, there is no such minimum capital requirement as compared to a Company. A LLP can be formed with the least contributed capital. Whereas in case of a Company there are minimum mandatory requirements.
Registering the LLP helps in getting certain subsidies and reliefs from the government like tax exemption. Unlike a company, no tax is levied on profit distributed to the partners.
Registration of the LLP gives it a separate legal status and it is treated as a separate person in the eyes of law. This means that the LLP has a separate legal existence from that of its partners.
The formation of LLP ensures flexibility in its incorporation, operations and management without imposing detailed legal and procedural requirements.
Even if the partners of the LLP keep changing, the LLP exists.
LLP is an internationally renowned form of business in comparison to a Company.
All the Documents are required only in scanned form, you can attach the document in the form after payment or email it to us on email@example.com . Feel free to get in touch for any query.
Registered Office Proof
No Objection Certificate (NOC) from the owner, Utility bill (should not be older than two months) and Notarized Rent agreement (in case of rented property)/ Registry Proof or House Tax Receipt (in case of owned property)
Latest Bank statement/ Utility bill in the name of director which should not be older then two months
ID Proof and Passport size photo
Scanned copy of PAN Card of all directors and Aadhar card/ Voter ID/ Passport/ Driving License and Latest passport size photograph
2 DSC (Digital Signature Certificate)
PAN and TAN Number
DPIN (Designated Partnership Identification number)
DSC is an electronic online signature issued by licensed certifying authorities. All the proposed directors of the company are required to apply for the digital signature (DSC), it is necessary for digitally signing the electronic incorporation documents.
DESIGNATED PARTNERSHIP IDENTIFICATION NUMBER is a unique number which is a mandatory requirement for all the partners of the LLP. Ministry of corporate affairs allots a DPIN to every partner of the LLP with a lifetime validity without which one cannot be a partner in the LLP.
Once we obtain the DIN and DSC of the directors, a list of 1 to 6 proposed names of the company will be will be submitted to MCA for approval. We will conduct a prior search for your name availability through our unique search portal. We get your company name approved subject to availability and naming guidelines.
After the stage of Name Approval, we draft the required Papers and LLP Agreement for your Limited Liability Partnership (LLP). All the incorporation documents need to be submitted with the prescribed e-form. Once all the documents are duly verified and approved by the government, the certificate of incorporation is emailed to you. During which, we will apply for PAN and TAN of your LLP.
We are India`s one stop tech legal registration platform aimed on making legal registrations efficient and affordable to end user, i.e. individuals, entrepreneurs or business owners.
Company Vakil with the help of technology and experts such as lawyers, Chartered accountants, company secretary makes registration error-free and seamless.
We provide variety of services such as Company registration, trademark registration, copyright, udhyog aadhaar (MSME), GST registration, Import Export Code Registration etc and you can also register for LLP in India with help of Company Vakil Experts.
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Customer redressal – We at Company Vakil give upmost importance to customer’s satisfaction, that said we have a customer redressal team setup that outranks every other legal portal in the country, with an option to chat with our CEO if our team fails to fulfill your query.
LLP i.e. Limited Liability Partnership is a is a Mix of Both Private Limited Company and Partnership Firm. A Partner’s Liability is Limited by the Amount of his Share into the LLP.
A Partner is not Liable for other Partner’s Default.
Minimum 2 Partners are required and there is no Maximum Limit of Partners defined to incorporate an LLP.
No, LLP is not the right Structure for raising Funding from Private Investors. As Investors prefer a Stake via Equity of a Company rather than being a Partner into an Organisation.
DSC is Considered as an Identity of a Partner, its an Electronically Encrypted Signature unique to a particular person and has been made Mandatory by MCA for the Partners of an LLP.
There is No Minimum Capital requirement for an LLP, an LLP can be incorporated with any amount of Capital as decided amongst the Partners.
A person should be 18 Years or above in age. No Limitation on their Residency and Citizenship. Foreign Nationals and foreign Companies can also form an LLP in India Provided there is atleast one Partner who is an Indian Resident.
Currently No, an LLP can’t be converted into a Pvt. Ltd. Company as they are governed by 2 different Acts and both of them are silent on this Matter, but Vice-Versa is possible.
Yes, a Partnership Firm can be converted into an LLP and its very advantageous to do so, as the liability of the Partners become Limited to their Share Amount.
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