Limited Liability Partnership (LLP) In Chennai

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LLP Registration in Chennai Cost With Breakdown

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Government Fee for Individuals and startups Rs 1750.00*

Professional fees Rs 4580.00***

TotalBuy Now Rs 8500.00**

 

Limited Liability Partnership (LLP) REGISTRATION IN CHENNAI

Chennai : Formally known as Madras, it is the capital of Tamil Nadu. It is the 36 largest Urban Area by its population in the whole world.  It attracts various tourist as they are having Chennai Central , Marina Beach , Madras High Court , TIDEL Park , Ripon Building , San Thome Basilica , Kapaleeshwarar Temple etc. It is having the Third largest expatriate population in India .It is also one of the largest municipal economies of the country. It is also selected to be one of the smart city under the smart city Mission

LLP Registration in Chennai The LLP i.e. Limited Liability Partnership is recognized by the Companies Act, 2013. LLP provides limited liability on the partners and hence the maintenance is also marginally less. One of the major highlights of registering as an LLP is that the cost is marginally less than the registration of a private limited company, which makes it a more preferred form of a company registration. The terms and conditions in an LLP are governed by the LLP agreement that the partners have entered into. The most noteworthy distinction in the LLP is that the two partners don’t have the liability for each other's actions; the point here is that the minimum number of partners in the LLP should mandatorily be two, and one of them should be a resident of India, irrespective of the fact that what the nationality of the other partner is. Hence, in conclusion, the whole point of entering into an LLP is to neglect the complexity of the other forms of companies, while having the same features and most importantly, having limited liability.

Reasons for LLP Formation in Chennai : LLP is the most preferred option of company formation since it limits the liability and is low in cost, in terms of registration. Most of the Startups prefer that their partnership formation is an LLP. The other reasons for LLP Formation  in Chennai can be understood as the following –

  1. Advantages of both partnership & company – The most important reasons why LLPs are preferred and should be registered for, is because it gives the ease of operation of a partnership, and recognition under the eyes of law just like a private limited company has without the complications of registering as a company.
  2. Convenience - The registration of an LLP is absolutely low in cost as compared to the registration of Private Limited Companies; also the mode of operation is much easier when it comes to an LLP.
  3. One partner doesn’t take any responsibility of the other – Though its mandatory that there should be two partners while forming an LLP, but both the partners are independent in conduct, if for instance there is a misconduct on the part on one partner, the other partner doesn’t take the responsibility of his misconduct or negligence.
  4. Easy Dissolution – When the LLP meets its end due to fiduciary or other circumstances, the winding up process in an LLP is much simpler and easy as compared to the dissolution of a private limited company.

 

Process of Limited Liability Partnership Registration in Chennai 

The process of LLP registration is relatively different from the registration of other forms of companies, Company Vakil is a great platform for registration of LLPs, and they provide expert and professional services in this regard. However, the process for LLP registration can be understood as following:

  • Digital Signature Certificate: The partners who are entering into an LLP, are supposed to get their individual Digital Signature Certificate (DSC), from the concerned authorities, in order to initiate the process of LLP registration. This plays the role of a verifying signatory for the partners who are entering into an LLP.
  • Director Identification Number/Designated Partnership Identification Number: In cases of a private limited company registration, a person has to file for a DIN number for the directors of the company, in the case of an LLP the DPIN is sought for each of the partners, the DPIN is the DIN for each partner in the LLP.
  • Reservation of the LLP: An Account is created in the MCA (Ministry of Corporate Affairs) website, after which the designated Form-I is filed duly, stating the company credentials and particulars which is then further processed, but here the LLP finds a place officially with the MCA.
  • Incorporation of the LLP: A designated Form-II is filled, the applicants are supposed to complete all the necessary obligations with respect to, furnishing the documents and then the form is sent for incorporation along with the aforesaid fee amount.
  • LLP Agreement – The partners in the LLP then enter into a contract, wherein they agree to the terms and conditions with regard to the functioning of the LLP Formation in Chennai

 

Minimum Requirements of LLP Registration in Chennai

We are familiar with the fact that LLP provides for an easy and convenient form of business operation, which is a mixed bag of both partnership and company, however, the following are the minimum requirements LLP Registration  in Chennai – 

  1. Number of Partners – The minimum number of partners in an LLP should be two, and then only can the LLP be forwarded for registration. A Limited Liability Partnership is mandatorily entered  between two parties
  2. Domicile status of partners – The two partners who are a part of the LLP, at least one of them should be an Indian; the other partner can be of any domicile status/nationality.
  3. Name & Address of LLP – The LLP should compulsorily have a name, and a correspondence address, which is of the established office of the LLP, is subject to registration.
  4. Digital Signature Certificate – A DSC is obtained from the partners in an LLP which serves a purpose for the identification of the partners involved. This is the verifying signatory.
  5. LLP Agreement – The LLP Agreement is entered between the partners, this agreement states the terms and conditions of the LLP operation, and also states that the partners are not responsible or liable for each other’s conduct during the operation of the business.

Documents Required for Limited Liability Partnership (LLP) Registration in Chennai

There are certain mandatory documents that are required by the MCA for a successful registration of an LLP, these documents are required so as to complete the incorporation process, the following credentials are required along with the fee, for LLP Registration –

  1. Identity & Address Proof of the Partners – The partners who have entered into an LLP is required to furnish their identity proof in the form of their PAN card or Passport, along with the proof of their residential address by providing the water bill or electricity bill.
  2. Proof of Registered office – The LLP Office wherever it has been registered, has to be substantiated with a proof in the form of a rental agreement or sale deed of the office, where the LLP business operation is being carried out.
  3. Complete Incorporation documents – The incorporation documents with respect to the LLP should be duly completed, and there should be no scope of any discrepancy, anyhow.

 

Advantages of LLP Registration Chennai

LLP Formation in Chennai has recently piqued a lot of interest in people, especially with the startups. The reason for the same lies in the advantages that an LLP registration has to offer:

  1. Legal Entity – The LLP is legally recognized, and can do all the acts collectively. It can sue another party and can be sued as well while having limited liability to the other creditors.
  2. No Minimum Capital Requirement- There is a minimum capital requirement for the formation of an LLP, while there is a hefty minimum capital requirement threshold for the private limited company registration.
  3. No Liability for other Partner’s Act – One partner is not answerable to the other partner's conduct if found operating in a fraudulent manner or otherwise.
  4. Property Benefits – An LLP can sell, buy, mortgage or rent property, under a collective name this is so because it is recognized legally.
  5. Easy and Flexible- The LLP provides for the ease of partnership and the benefits of a private limited company, hence it’s less troublesome and less complicated as compared to other forms of companies.

TIME TAKEN in registration process

Frequently Asked Questions (FAQs) related to LLP Registration Chennai

 

The number of days that can be taken for the LLP registration Chennai ?

It can take up to 15-20 days for LLP Registration, or maybe more depending on the application.

 

Timeline for drafting the LLP Agreement from the date of incorporation?

The Agreement should be drafted in 30 days from the date of incorporation.

 

What is the government fee for filing the DIN/DPIN?

The government fee for filing the DIN/DPIN is 1000 INR (for 2 partners)

 

Which are the two annual forms that the partners need to file?

The partners have to annually file the Form 8 & Form 11 with respect to internal management.

 

Do the partners have a joint CIBIL score?

No, the CIBIL scores of the partners are individual

 

Are the partners responsible for each other?

This is the most distinctive feature of the LLPs; the partners aren’t liable for any misconduct of their co-partner.

 

What is the DPIN?

DPIN stands for designated partner identification number.

 

Is audit required in an LLP Registration in  Chennai ?

No Audit is required if the turnover is less than 40, 00,000 or if the capital investment is less than 25, 00,000

 

Does LLP have nationality restrictions?

At least one partner of the said LLP Registration in india should be of domestic nationality.

 

Can LLP Formation in Chennai be later shifted to a private limited company?

No, the law doesn’t provide for any law, with respect to switching from LLP to PLC (Private Limited Company) and vice versa.

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