Limited Liability Partnership (LLP) Registration India

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Limited Liability Registration (LLP) Registration

Are you looking for professional guidance for your LLP registration and compliance? Raj Softech Business Consultancy Services is the primary destination for you. We are a part of Raj Softech Solutions (I) Pvt Ltd, an IT and ITES based service provider offering timely services for your business development. Certified CA, CS, Auditors, and lawyers are taking over the legal responsibility and complete them with a short span of business days. We shoulder your legal responsibilities until their completion.

All You Need to Know

What is Limited Liability Partnership

LLP is a body corporate that comes with the benefit of limited liability to its members. This form of business comes with the low cost of compliance and a flexible partnership. It is the new form of business structure apt to small and medium enterprises. The members of the parliament passed the limited liability partnership act in 2008. So, LLP registration follows the norms and regulations of the limited liability partnership Act.

The norms of the LLP are distinct from the Indian partnership Act, 1932, and its norms. According to the law, LLP is a separate legal entity from its members. LLP has perpetual succession and carries legal existence. LLP agreement is a written consent is the deciding factor for the roles, duties, powers, and responsibilities of each partner in this firm. The profit-sharing of the business in LLP followed as same as the regular partnership firm. The LLP firm can continue its existence even irrespective of the change of its partners. Moreover, the mutual agreements and contracts all enter into the name of LLP rather than the partners.

Points to Remember

A Limited Liability Partnership Form Vs

An LLP is a corporate body registered under the Limited Liability Partnetship Act, 2008. This form of business is similar to Pvt Ltd, but the owners are called Limited Liable Partners. This type of registration is suitable for particular forms of businesses where two or more persons are involved in the conventional partnership. Ownership Transfer is a risky process as compared to Pvt Ltd. Hence, the fund-raising is becoming a difficult part.

Vs Pvt Ltd Company

A Private Limited Company is registered under the Indian Companies Act, 2013. The liability of the Private Limited Company is a limited one. Share transfer of ownership in Pvt Ltd follows the transfer deed and stamp duty.
Future Business Expansion is simple through investments raised from Venture Capitalist funding, and Fundraising, etc.

Vs SoleProprietorship

Anyone can easily start the Proprietorship form of business. This business unlike Pvt Ltd does not involve other's participation. An individual who carries the business can become the owner of the firm. Both the owner and his/her business identity are not different. The owner has to take all responsibilities and/or liability of the business. There is no proper regulation followed for Proprietorship firm registration.

Vs Partnership Firm

A partnership is an agreement carried out by two or more partners. The partnership firm follows the regulation of the Indian Partnership Act of 1932. The fundraising process and business expansion are too limited. Partnership functions under unlimited liability which involves high risk of personal debt and loss.
Though it carries minimal compliance the business expansion requires all the legal compliance of a company.

Vs One Person Pvt Ltd

An Individual can easily start a One Person Company with the option of limited liability. OPC registration follows the norms of the Indian Companies Act, 2013. A single person can easily expand to a Private Limited Company under this business structure. Investment, Capital, and Fundraising are complex-free, but business expansion is a limited one. Minimal compliance and business conventions are preferable options.

How We Work?

Our LLP Registration Process

Rajsoftech business consultancy offering the complex-free process for your fast and easy company registration anywhere in India. Though it involves multiple procedures and complicated compliances our expert team will help you to register and further proceedings of your company.

Directly check the company’s name availability on the portal of the Ministry of Corporate Affairs.

Reserve Unique Name ( RUN) form fill shows the name availability checking process.

Incorporate a company under the norms of MCA through Form SPICe (INC-32)

Applying for DIN ( Director Identification Number) DSC (Digital Signature Certificate) require for company registration.

Filing the MOA& AoA (Memorandum of Association & Article of Association) for company registration

Get the company’s incorporation certification directly from the Registrar of Companies (ROC).

Applying for PAN and TAN

Opening a current account on the name of the registered company.

The Benefits

The Advantages Of Limited Liability Partnership

Separate Entity

Limited Liability Partnership is a separate legal entity free from its subscribers or members.

Legal Recognition

LLPs are considered as a separate legal entity. All the business agreements and contracts are signed only in the name of the company.

Minimum Capital

There is no volume of the capital amount is prescribed for LLP. So, the minimum capital amount is enough for LLP registration.

No Owner/Manager

The members of the LLP are just the subscribers, and they can come out of the business at any time. They are not called as a manager or owner.

Company Structure

A limited liability partnership is a firm that carries the structure of a body corporate than the status of a company.

Owning a Property

This model gives handsome discounts while buying and earns a profit when surplus inventory (property) is offloaded.

What You Need to Prepare?

Documents Required for the Process

Passport Size Photo of Two Directors

PAN Card of Two Directors

Copy of Electricity Bill where the office opens

Rental / Sale Deed

Aadhar Card of Two Directors

Address Proof (Bank Statement)

Rental Agreement

NOC

Is it Mandatory?

Who Needs to Register?

Business individuals who want to run a business under the partnership can choose this LLP option. More than a company, LLP offers the recognition of a body corporate. Licensed professions like doctors, lawyers, and architects anybody can start their business under this LLP. The flexible role of partners is the key advantage of LLP. The removal of the member from LLP will not affect the company’s existence. So, new partners can also enjoy corporate status with minimal compliance.

  1. Legal act: Limited Liability Partnership is a corporate form of business are formed under the Limited liability Act,2008.
  2. Registration Requirement: LLP form of a company need to register under the Ministry of Corporate Affairs.
  3. Separate Legal Entity: LLP is a separate legal entity that carries the benefit of limited liability for its members.
  4. Statutory Audit: Statutory audit of LLP is mandatory when it crosses the turnover limit of RS. 40 lakhs.
  5. Number of Members: A minimum of 2 members to infinite numbers can be the members of the LLP.
  6. Ownership Transferability: A mutual agreement requires from all the members of LLP for its Ownership Transferability.
  7. Foreign Participation: Necessary appliances of FDI is the gateway for foreign participation in LLP.
  8. Tax rate: An LLP form of a firm should pay the Tax rate of 30% it can be increased when the total income exceeds the limit of one crore rupee.
  9. Statutory Compliances: Comparing to the Private limited companies, LLP carries a minimal number of compliances
    Existence: An LLP is a separate legal entity, the irrespective change partners do not affect the existence of LLP

About LLP Firms

Important Terms to Remember

  • DSC

  • DIN

  • Form SPICe (INC-32)

  • e-MoA (INC-33)

  • e-AoA (INC-34)

  • PAN and TAN

  • Docs Required

About SPICe (INC-32)

SPICe form or SPICe (INC-32) is a form directly issued from the Ministry of Corporate Affairs to reserve the name, incorporate a company, allotment of PAN and TAN in a single process. A new company, producer company, section 8 companies all should file this form before their company incorporation. To apply for SPICe (INC-32), we need,

  1. Address proof, Id proof of the directors and shareholders
  2. Memorandum of Association
  3. Articles of Association
  4. Affidavit and directors and shareholders declaration
  5. NOC from the partners or other associates relating to the company

What you need to prepare

Comparison Chart

Description

Private Limited Company

Proprietorship Company

Limited Liability Partnership

Partnership Firm

One Person Company

Legal Act

The company should be registered under Companies Act 2013

There is no legal constitution framed by our government.

The company should be registered under Limited Liability Partnership Act 2008

The registration of this firm is optional, but it's necessary to get registered by State Government

The company should be registered under Companies Act 2013

Registration Requirement

Registration under the Act is mandatory to set up business as a Private Limited Company

Registration under the Act is mandatory to set up business as a Private Limited Company

Registration under the Act is mandatory to set up business as a Private Limited Company

Both registered and unregistered partnerships are legal, but registered entity is preferred

Registration under the Act is mandatory to set up business as a Private Limited Company

Separate Legal Entity

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Liability Protection

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Statutory Audit

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Number of Members

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Ownership Transfer ability

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Foreign Participation

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Tax Rates

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Statutory Compliances

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Existence

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