LLP Registration in Jaipur

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TOTAL COST WITH BREAK DOWN FOR LIMITED LIABILITY PARTNERSHIP IN JAIPUR

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Government Fee for Individuals and startups Rs 1,750.00*

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Limited Liability Partnership Registration in Jaipur

A LLP which is also known as Limited Liability Partnership is a type of a partnership the partners have limited liabilities. In other words, an LLP is a type of a partnership in which the misconduct or negligence of one partner doesn’t hold other partners liable. The name also coveys this since it holds the phrase ‘limited liability’.

The Limited Liability Partnership Act, 2008 when brought forth introduced the concept of Limited Liability Partnership and since then LLPs are governed by this law which is called Limited Liability Partnership Act, 2008. The objective of introducing this was to provide a form of business which is pretty easy to maintain and also provides owners with limited liability towards each other.

A Limited Liability Partnership provides the owners limited liability towards each other and towards the creditors just as in a Private Limited Company thus providing them with the benefits available to shareholders and at the same time also lets the owners manage their business in a flexible manner by reaching an agreement through mutual discussion and consent, just as in a Partnership firm. LLP has become a preferred form of organization among the entrepreneurs and is most suitable for small and medium-sized enterprises or MSMEs.

We at Company vakil help you register a Limited Liability Partnership firm from Jaipur. Jaipur, more popularly known as the pink city got this nickname due to the presence of an elegant monument known as Hawa Mahal (Palace of Breeze). Built with pink and red sandstone, the palace was constructed by Maharaja Sawai Pratap Singh in 1799. Lal Chand Ustad was the man or chief architect behind this beautiful piece of art. The palace is known for its name because it has 953 windows (aka jharokhas). These windows were made in such a manner so that the royal females could attend day to day activities without been seen in the public (the purdah system).

Reasons for a LLP registration in Jaipur

Continuity of Business: Continuity of business is the same as ‘perpetual succession’. It means that since an LLP has a status of a legal entity and is treated as a judicial person, any change in its owners or partners, does not affect the existence of the LLP.
Low Cost of Registration: The processes of formation and registration of a Limited Liability Partnership are very low-cost processes and the expenses involved are too less as compared to other business structures.
No Minimum Capital Required: A Limited Liability Partnership is a business structure which is very easy to register online and there is no minimum capital requirement for a Limited Liability Partnership to be registered.
Flexible Structure of Business: The LLP is a very flexible form of business where the partners are free to draft their own rules and agreements as they wish with mutual consent for the running and governance of the LLP.
Limited Liability of Partners: The Limited Liability Partnership makes sure that the partners have limited liability, both towards the creditors and towards each other. This means that in case of a wind up the personal assets of the partners are not involved. Also, a partner in an LLP cannot be held liable for the misconduct or negligence of some other partner.
No Limit on number of Partners: For a Limited Liability Partnership, there is no fixed limit for a maximum number of partners therefore a Limited Liability Partnership can be successfully registered with any number of partners.
Easy Transferability: The ownership of the LLP can easily be changed. Since LLP is considered to be a judicial person its ownership can be transferred or changed by making a change in the partners.

Process for LLP Registration in Jaipur

The process of Limited Liability Partnership registration in Jaipur is pretty similar to that of Private Limited Company registration except with a few minor changes. The exact process for doing a Limited Liability Partnership registration in Jaipur with the steps involved is:

Obtaining DSC: DSC is also known as Digital Signature Certificate. Obtaining DSC is necessary for the next step i.e. obtaining DPIN.
Obtaining DPIN: DPIN stands for Designated Partner Identification Number. According to the law, it is necessary for every partner to have a unique Designated Partner Identification Number.
Register the DPIN and DSC: After obtaining DPIN and DSC they need to be registered immediately. This starts the registration process for the Limited Liability Partnership.
Application for Name Approval: The best course of action before deciding on a name for your business is to check for all the registered names on the Ministry of Corporate Affairs portal to make sure that the proposed name for your LLP is unique because the registrar approves only those names which are not previously registered. The application for the reservation of the name is submitted to the Ministry of Corporate Affairs which is then reviewed by the Registrar of Companies (RoC). In case a name application is rejected by the MCA, a new name application is to be submitted within 60 days of rejection notice.
Download LLP forms: After the name reservation step, the LLP forms can be downloaded online which need to be correctly filled and all the relevant required documents need to be submitted with it.
Filing of Incorporation Documents: It is during the incorporation process that the partners need to submit all the information and documents within the prescribed time limit. The step of filing incorporation documents involves actual submission of information happens.
Receipt of Certificate: The Registrar of Companies (RoC) issues the Certificate of Incorporation once the application is accepted in due time. After the issuance of the Certificate of Incorporation, the LLP is considered to be registered.

Minimum Requirements for LLP Registration in Jaipur

There are certain basic requirements which a Limited Liability Partnership needs to fulfill in order to become a registered Limited Liability Partnership. They are:

Two Partners: All LLPs should have a minimum number of two partners for getting registered.
Indian Resident: Out of all the partners, at least one partner should be an Indian resident. Being a resident of India means that one should have lived in India for a minimum period of 182 days.
Registered Office: Every LLP should have an address registered as an office address. The registered office doesn’t need to be a commercial space and can even be a home. But the registered office of the proposed LLP should be located in Jaipur.
No Capital Requirement: Unlike a company registration, no minimum capital amount is required for the formation and registration of a Limited Liability Partnership.
Designated Partners: Out of all the partners in an LLP, two should be designated partners. Only individuals can be designated partners.

Documents Required for LLP Registration in Jaipur

All the documents are required only in the scanned form. You can attach the document in the form after the payment or e-mail it to us on documents@companyvakil.com. Feel free to get in touch for any query. Following documents need to be submitted for the registration of a Limited Liability Partnership in Jaipur:

Copy of PAN Card of Partners: A copy of the PAN card of the proposed partners of the LLP is required for the registration of the LLP.
Scanned Passport Sized Photographs of Partners
Copy of Aadhaar Card/ Voter ID card: A copy of a photo identity proof of the partners is required. Either a copy of Aadhaar Card or Voter ID Card will do.
Copy of Rent Agreement: A copy of the rent agreement also needs to be submitted if the office of the LLP is a rented property.
A copy of a Utility Bill: A copy of the recent utility bill of the proposed registered office of the LLP is required such as Electricity Bill or Water Bill.
Copy of Property Papers: If the property of the proposed registered office of the LLP is self-owned, a copy of property papers is required.
Landlord NOC: A No Objection Certificate (NOC) from the landlord is also required if the proposed registered office of the LLP is a rented property.
Address Proof of the Partners: The address proof submitted must have the name of the Partner as mentioned in the PAN Card. An address Proof includes Electricity Bill, Passport, Aadhaar Card, Driving License, Passport, Telephone Bill, Bank statement etc.

Advantages and Benefits of LLP Registration in Jaipur

The registration process of the Limited Liability Partnerships comes with a number of advantages and benefits for the LLP and its partners. These are:

Low Formation and Registration Charges: The costs and charges required for the formation of an LLP are very less and the registration charges are also not too high. Therefore, it is economically easy to form and register an LLP.
Separate Legal Entity: After proper registration, a Limited Liability Partnership is given the status of a separate legal entity and is treated as a judicial person in the eyes of law. This means that the LLP can sue and be sued in an independent capacity.
No Owner/ Manager Distinction: An LLP is different from the companies in the sense that it has partners and not any directors which are different from the shareholders. In an LLP, all the partners own and manage the business together.
Flexible Agreement: An LLP retains flexibility in the sense that its partners can make their own rules and agreements to govern the organization through popular mutual consent.
Certain Tax Exemptions: After registering the LLP it receives a number of subsidies from the government. It gets exempted from some taxes, for e.g. no tax is levied on the profit distributed between the partners. This benefit is not available in a company.
No Minimum Capital Requirement: An LLP does not have any specified requirements for a minimum capital amount and can be constituted using whatever funds or capital available.
Limited Liability of Partners: The Limited Liability Partnership makes sure that the partners have limited liability, both towards the creditors and towards each other. This means that in case of a wind up the personal assets of the partners are not involved. Also, a partner in an LLP cannot be held liable for the misconduct or negligence of some other partner.
Perpetual Succession: Registration of an LLP ensures its perpetual succession. It means that since an LLP has a status of a legal entity and is treated as a judicial person, any change in its owners or partners, does not affect the existence of the LLP.
Audit not required: An LLP gets even cheaper and easier to manage as it has no audit requirements. Unlike a company, it does not have to do an audit of its books.
Owning Property: A registered LLP has a status of a judicial person in the eyes of the law. Therefore it can acquire and own property in its own name. No partner can make any claim on any property owned by the LLP itself.
Internationally Renowned: LLP is a more internationally renowned form of business and organization structure in comparison to a company.
No Minimum Number of Partners: For a Limited Liability Partnership, there is no fixed limit for a maximum number of partners therefore a Limited Liability Partnership can be successfully registered with any number of partners.

TIME TAKEN in registration process

1 day

DIGITAL SIGNATURE CERTIFICATE (DSC)

Full Detail

1 days

DESIGNATED PARTNERSHIP IDENTIFICATION NUMBER (DPIN)

Full Detail

5 to 7 days

NAME APPROVAL

Full Detail

5 to 7 days

INCORPORATION DOCUMENTS

Full Detail

Frequently Asked Questions about LLP Registration Jaipur

1. What is an LLP?

This is a Limited Liability Partnership which is a Mix of Both Private Limited Company and Partnership Firm. Into the LLP a Partner’s Liability is limited by the Amount of his Share.

2. How many partners are needed to incorporate an LLP?

There is no Maximum Limit of Partners but a minimum of 2 partners are needed to be defined to incorporate an LLP.

3. Who can become the partners in an LLP?

Any individual, or an LLP or even a company, can become a partner. However, only an individual can become a ‘designated partner’ in an LLP.

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

Only those start-ups which will not be looking for venture capital funding register LLPs. This is because venture capitalists only invest in private and public limited companies.

5. Can foreign nationals or NRIs be designated partners in an LLP?

Yes, after the NRI has been assigned with DIN/DPIN he can be designated as a partner in any kind of LLP Registration in India . However, at least one designated partner in LLP must be a Resident of India.

6. Can I register an LLP at my home address?

You can register LLP at your residential address. It is perfectly legal to start the company at your home or in your garage or at any place of your home. MCA team typically doesn’t visit your office. You just have to provide your home address proof such as rent agreement or electricity bill.

7. Can an already employed person also become a partner in an LLP?

A salaried person can become a partner in an LLP. You need to check your employment agreement if that allows for such provisions. In most, cases employers are comfortable with the fact that their employee is a director in another company.

8. Do LLP registrations need to be renewed?

It will be valid until it is officially closed down by the owners. No renewal or fees is required. However, every year LLPs have to file very basic returns with ROC office.

9. Can the office address of LLP be changed after incorporation?

After incorporation.LLP office address can be changed at any time

10. Can a partnership firm be converted into an LLP?

Partnership Firm can be converted into an LLP and it has many advantages to do so, as the liability of the Partners become Limited to their Share Amount.