Limited Liability Partnership (LLP)

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LLP Registration in Delhi NCR

LLP Registration in Delhi NCR is governed by the Limited Liability Partnership Act, 2008. LLP Registration was introduced with the motive to provide a form of business that is simple to maintain and in which the liability of the owners is limited. LLP is regarded as one of the easiest form of business to manage in the country because of its easy incorporation process and simple compliance formalities. LLP is preferred by startups, micro and small businesses that require minimum regulatory compliance related formalities.  Since, LLP’s don’t issue equity shares they are mostly used by the small businesses that has plans to raise equity funds.

LLP is a mix of the benefits of a limited liability company and the flexibility of a partnership firm. It allows its members to carry out the internal operations of the business in their own way by providing them limited liability. The LLP is a corporate body and a separate legal entity from its partners. Being a separate legal entity, the liability of LLP extends to the whole of its assets whereas the liability of its partners is limited to their shares in the LLP.

Any two or more persons can easily incorporate a LLP by simply subscribing their names to an incorporation documents and filing the same with the Registrar. The primary reason for LLP registration is that, a LLP has perpetual succession which means it remains unaffected by the death of any of its partners and continues to operate until it gets legally dissolved. LLP agreement governs the mutual rights and duties of the partners and LLP towards each other.

Along being the capital of the country, Delhi NCR is a very fast and developing metropolitan city. The city upholds many small businesses and is popular for the same. When the cost of entering into a business in such a big city could be risky, then LLP registration is the best option available. In a city with great cultural heritage and modern incorporations, registering and starting your own LLP becomes the best and most viable option.

 

Reasons for LLP Registration in Delhi NCR:

The following are the reasons for Limited Liability Partnership Registration in Delhi NCR:-

  • Separate Legal Entity:

A LLP is a legal entity and a juristic person established under the Limited Liability Partnership Act, 2008. In its legal capacity, it can perform a number of tasks including hiring of employees, opening of bank account, obtaining license etc. It can own, enjoy and alienate property and also incur debts.

 

  • Limited Liability:

In LLP, the shareholders, subscribers, directors, promoters and other members have no personal liability to the creditors of a LLP for its debts.

  • Uninterrupted Existence:

A LLP has uninterrupted existence which means it remains unaffected by the death of any of its members. It has perpetual succession and continues to exist until it gets legally dissolved.

  • Easy transferability:

Since, LLP is a legal entity separate from its partner, the ownership of the LLP can be easily changed by changing the partners. However, the consent of other shareholders or partners is required for the transfer to come into effect.

  • Audit not required:

Limited Liability Partnership are ideal for startups, small and medium businesses because it does not require audit if its turnover and capital contribution is less than Rs. 50 Lac and Rs. 25 Lac respectively. A LLP is an epitome for businesses who want to have minimal regulatory compliance related formalities.

  • Owning Property

LLP being a judicial person can acquire and alienate property. No shareholder or partner can make a claim upon the property as long as the company is in existence and carrying out its business.

 

Why do I need LLP Registration in Delhi NCR

One of the important attributes of a LLP registration over registering any other traditional partnership firm is that in a LLP, one partner cannot be held liable for the misconduct or negligence of another partner. Further, the partners in a LLP enjoy limited liability protection from the debts of the LLP, similar to that of the shareholders of a private limited company. However, unlike private limited company, the partners of LLP enjoy the right to manage the business directly. Company registration helps the company to easily raise investment or corporate loans from NRI’s and foreigners. LLP Registration in Delhi NCR becomes important because of the flexibility in its structure and operation. In general, a LLP is useful for small and medium businesses but in particular it is useful for the enterprises in services sector.

Limited Liability Partnership Registration in Delhi NCR is required for the following reasons:-

  • Tax Benefits:

LLP is not required to file taxes itself as a business but each partner individually files a number of different taxes depending on the nature of the business.

  • Easy transferability:

Since, LLP is a legal entity separate from its partner, the ownership of the LLP can be easily changed by changing the partners. However, the consent of other shareholders or partners is required for the transfer to come into effect.

  • No requirement of Audit

A LLP is an epitome for all businesses who want to have minimal regulatory compliance related formalities because it does not require audit if its turnover and capital contribution is less than Rs. 50 Lac and Rs. 25 Lac respectively.

 

Process for LLP registration in Delhi NCR

One needs to submit all the required documents to Company Vakil. All legal documentation and ROC visits will be done by us. Limited Liability Partnership Registration in Delhi NCR involves following processes:

  • Apply For Digital signature Certificate (DSC)

All the documents are filed online and are required digital signature of all the designated partners of the proposed LLP. The designated partners are required to obtain digital signature certificates from government recognized certifying agencies.

  • Apply for Director Identification Number (DIN)

All the partners who are intending to be designated partner of the proposed LLP are required to apply for DIN (Director Identification Number).

  • Application for Reservation of Name

The third step involves filing of a form for the reservation of name of the proposed LLP. One needs to choose a unique name for the proposed LLP. The name will get approved from the ROC office if the name does not resemble any existing firm, LLP, corporate or a trademark.

  • Application for Incorporation of LLP

One needs to fill the form for the incorporation of the LLP in which all the details regarding the number of partners and designated partners, their contribution etc. has to be filled correctly. Also, the person must be digitally signed by the designated partner having DIN. The process of LLP registration takes 15-20 days subject to submission of necessary documents and government processing time.

  • Limited Liability Partnership Agreement

LLP agreement governs the mutual rights and duties of the partners and LLP towards each other. It is important to file the LLP agreement within 30 days of the incorporation of LLP.

 

Minimum requirements for LLP Registration in Delhi NCR

Company Registration is important because it allows the company to operate more efficiently and effectively and to achieve its business targets and objectives. Limited Liability Partnership Registration in Delhi NCR requires the following at the very least:-

  • Two Partners:

It is required that a LLP must have at least two partners to commence its business in Delhi NCR. Also, a LLP shall have at least two designated partners whose duties and obligations shall be as provided in law. However, the Limited Liability partnership Act, 2008 does not provide any limit to the maximum number of partners.

  • Indian-Resident:

Out of all the partners, at least one must be a resident of the country.

  • Registered Office:

It is not mandatory that a registered office have a commercial space. Even a rented house or a residential address can be used as a registered office. The only requirement in using rented house or residential address as registered office is that one need to obtain no objection certificate (NOC) from the landlord. 

  • Minimum Capital Contribution:

The minimum capital requirement for a LLP is that it must have at least an authorized capital of Rs. 1 Lac.

Documents required for LLP Registration in Delhi NCR

LLP registration in Delhi NCR requires following documents for the LLP and its partners:-

1.      Documents of Partners

The partners are required to submit following documents:-

  • Identity Proof of Partners:

At the time of registration, all the partners are required to submit their Pan card as a primary address proof.

  • Address Proof of Partners:

Address Proof includes partner’s voter ID, passport, driving license or Aadhaar card. In case of foreign nationals or NRI’s, a notarized copy of passport is required along with any government issued identity proof containing the address. If the documents submitted by the foreign national including foreign companies are not in English then they are required to submit a notarized translation copy of the same.

  • Residence Proof of Partners:

Residence proof includes bank statement, telephone bill, mobile bill, electricity or gas bill. The only requirement is that the document should not be more than 2-3 months old.

  • Photograph:

Partners are required to provide a recent passport size photograph with white background.

2.      Documents of LLP

The following documents are required to be submitted by LLP:-

  • Proof of Registered Office Address:

If the registered office is on rent, then a rent agreement along with a no objection certificate from the landlord has to be submitted. Besides, documents like electricity bill, gas or telephone bill is also required.

Note: The documents have to be submitted during registration, or within 30 days of incorporation of LLP.

  • Signed Incorporation Documents:

For LLP Registration in Delhi NCR, the partners of the LLP must have digital signature. They are required to submit duly signed digital signature application along with other incorporation documents.

 

Advantages and Benefits of LLP Registration in Delhi NCR

Some of the benefits of Limited Liability Partnership registration in Delhi NCR are as follows:-

  • No Limit to number of Owners:

The greatest benefit of LLP registration is that a LLP has no limit to the maximum number of partners it can have. It is helpful because in case if something goes wrong with the LLP then the amount of liability that each partner can have spreads out. Secondly, the LLP can function more efficiently and effectively in the presence of more number of partners because the work gets divided among them.  

  • Limited Liability:

A LLP is a separate legal entity and a juristic person. It is a legal entity with liability separate from its partners. The partners are only liable for the unpaid shares held by them and no liability arises for any LLP debts.

 

  • Tax Benefits:

Another important benefit of Limited Liability Partnership registration is that the registered LLP can avail tax benefits. In LLP, each partner files a number of different taxes depending on the nature of the business and the LLP is not required to file taxes itself as a business.

  • Flexibility:

In LLP, each partner has the right to decide the amount of contribution that they want in the business. Also, the partners are under no obligation to all business meetings. 

  • Perpetual Succession:

Private Limited Company has uninterrupted existence which means that the business of the LLP won’t get affected even after the death of any of its shareholders or promoters.

 

TIME TAKEN in registration process

Frequently Asked Questions related to LLP Registration in Delhi NCR

 

1.      How many people are required to incorporate a LLP?

For an LLP to commence its operation in Delhi NCR, it is required that it must have at least 2 partners. However, there is no limit to the maximum number of partners of the LLP.

 

2.      Can an NRI start an LLP business in Delhi NCR?

Yes, foreign nationals including foreign companies can start a LLP Company in Delhi NCR & all across the nation provided that they have to submit all the necessary documents notarized by the concerned authority.

 

3.      What is an LLP agreement?

An LLP agreement is an agreement signed by the partners of the LLP and is basically a set of rules that governs the rights and duties of partners amongst each other and also between LLP and its partners.

 

4.      What kind of start-ups, commonly register LLPs?

Typically, Limited Liability Partnership registration is done by startups which are looking for venture capital funding.

 

5.      Is it cheaper to run an LLP than a private limited company?

Yes, LLP is much cheaper to run than a private limited company. Unlike, private limited company, a LLP does not require an audit and is thus, an epitome for businesses who want to have minimal regulatory compliance related formalities.

 

6.      Can home address be used for Limited Liability Partnership Registration?

Yes, one can register LLP at the home address provided that the person has to submit all the documents required for the proof of address.

 

7.      How many days it takes for the LLP registration?

The process of LLP registration takes 15-20 days subject to submission of necessary documents and government processing time.

 

8.      What are the requirements to be a partner in a LLP?

The only requirement is that the person must be over 18 years of age and is a natural person. The LLP Act, 2008 does not provide any limitation in terms of citizenship or residency of person. It allows foreign nationals to incorporate LLP in Delhi NCR provided at least one designated partner must be Indian.

 

9.      Do I have to present in personal for LLP registration?

No, you are not required to present in personal to incorporate a LLP. All you need to do is to send all the documents scanned to our Company Vakil office.

 

10.  How long is the incorporation of the LLP valid for?

The incorporation of the LLP is valid till the time it’s meeting all the regular compliances. In case, if the LLP fail to meet the regular compliances, its name will be struck off from the register over a period of time.

 

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