What Is Included In package
- Free Consultation till your Every Doubt is Resolved
- DSC, DIN, PAN, TAN, Incorporation
- Current Account Opening Assistance
- Timely Updates On ROC compliances
Why Choose LegalDocs?
- Get Instant LLP Registration online
- Best Service @ Lowest Cost Guaranteed
- No Office Visit, No Hidden Charges
- 360 Degree Business Assistance
What is Limited Liability Partnership (LLP) Registration?
Limited Liability Partnership (LLP) Registration as the name suggests defines limited liability to its partners. Thus it has features of both, a corporation and a partnership. One partner is responsible for only his own actions and not the actions of his partner. LLPs are governed by Limited Liability Partnership Act(LLP Act), 2008.
Additional Read : What is Limited Liability Partnership?
Documents required for LLP Registration
Documents required
| PAN Card of Directors | PAN card of all partners. | Address proof of all partners. |
| Utility Bill of the registered office | A No-Objection certificate from the landlord | A copy of the rental agreement. |
| Get your DSC |
Additional Read : Documents Required for LLP Registration
Current Account Opening
A current account is a type of deposit account that helps the professionals and businessmen to run their business. Businessmen can avail various benefits by Online Current Account such as:
- Unlimited transactions
- Customized features
- Online banking services
Online current account reduces the hassle and provides the benefit to complete the banking process anytime and anywhere.
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- Zero Balance Current Account
- In just 5 mins
- Free Current Account Powered by ICICI Bank
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Entity Comparison Guide
| TYPE | PROPRIETORSHIP | PARTNERSHIP | LLP | PVT | OPC |
|---|---|---|---|---|---|
| Members | Maximum 1 | 2-20 | 2- Unlimited | 2-200 | 1 |
| Legal Status of Entity | Not Considered as separate Legal entity | Not Considered as separate Legal entity | Considered as separate Legal entity | Considered as separate Legal entity | Considered as separate Legal entity |
| Members Liability | Unlimited Liability | Unlimited Liability | Liability of its members is limited | Limited to the extent of share capital | Limited to the extent of share capital |
| Registration | Not Compulsory | Optional/ Can be Registered under partnership Act 1932 | Registered Under MCA | Registered Under MCA | Registered Under MCA and Companies Act 2013 |
| Transferability Option | Not Allowed | Not Allowed | Can Be Transferred | Can Be Transferred | Allowed to only one person |
| Taxation | As in Individual | 30% of Company Profit | 30% of Profit Plus CESS and Surcharges applicable | 30% of Profit Plus CESS and Surcharges applicable | 30% of Profit Plus CESS and Surcharges applicable |
| Annual Filings | Income Tax Returns with the Registrar of companies | Income Tax Returns with the Registrar of companies | Filed with the registrar of the company | Filed with the registrar of the company | Filed with the registrar of the company |
Features of LLP
- LLP company is treated like any other partnership firm for taxation purposes
- One of the partners in LLP company,must be an Indian
- Registrar of Companies registers and controls LLPs in India
- No partner is liable on account of the independent or unauthorized actions of other partners, thus allowing individual partners to be shielded from joint liability created by another partner's wrongful business decisions or misconduct.
- Liability is limited to each partner agreed upon contribution to the LLP company in India.
Advantages of LLP Registration
- Legal Recognition:
LLPs are treated as separate legal entities so the partners and LLP are distinct from each other in the eyes of the law. - Minimum capital:
There is no requirement of minimum capital to start a limited liability partnership. - Number of Members:
Only two members are required to form Limited Liability Company while there is no limit on maximum number of partners in LLP. - Auditing:
Auditing of LLP in India is required only if contribution exceeds 25 lakhs or annual turnover exceeds 40 lakhs. - Organisation Structure:
It is easier and flexible to manage organisational structure of LLP as compared to other company structures. - Taxation:
Dividend distribution tax and Minimum alternative tax is not applicable on LLPs and thus it is an added advantage. - Owning a property:
an llp in India can own a property as it has separate legal recognition in the eyes of law.
Disadvantages of LLP Registration
- Few of the states in India have restricted formation of LLP in state due to various tax benefits.
- LLPs are not looked as an investment opportunity by angel investors.
- Trust of people is more on companies and partnerships as compared to LLPs.
- LLP in India was introduced in 2009 thus they have less recognition.
Documents required for LLP Registration
Documents required
| 2-Digital Signature Certificate (DSC) | 2-Director Identification Number (DIN) | Company Name Approval By Ministry |
| LLP Company Registration Certificate | Permanent Account Number (PAN) | LLP agreement |
| Tax Account Number (TAN) |
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LLP Registration FAQs
What is LLP company?
LLP is a Limited Liability Partnership which has features of both, a partnership and a corporation and partners have limited liabilities and are governed by Limited Liability Partnership Act 2008.
How many people are required to form LLP?
Minimum two people are required to form LLP and there is no limit on maximum number of partners.
Are there tax benefits for LLP?
Yes. There are some tax benefits for LLP like Dividend distribution tax and Minimum alternative tax.
How to become a partner in LLP?
Partners are decided during incorporation of the company and later can increase in number after fulfilling specific conditions to become a partner.
What is LLP registration Fees?
LLP registration fees depend upon a lot of factors and varies from case to case.LegalDocs provides the lowest rates in the market for LLP company registration.
What is LLP Agreement?
LLP Agreement is a contract between members of an LLP which generally contains all the rules and obligations for the members,member’s investment,regulations regarding property, profit and loss sharing,decision-making process of the company among other things.
How can I register my partnership firm?
Please refer to the steps mentioned above to register your partnership firm.
How do you form an LLP?
Please refer to the above-mentioned step by step procedure to form LLP.
How to do online company registration?
Please refer the above mentioned step by step procedure for online company registration.
Can i register LLP at my home address?
Yes. An LLP can be registered at your home address.
What are LLP Annual Filing?
LLP Annual filing includes following components:
Annual Return
Statement of the Accounts or you can say Financial Statements of the LLP
Income Tax Returns Filings.
Where can I get LLP agreement format?
You can get LLP agreement format here.
How to do LLP registration in india?
For in detail understanding on the LLP registration procedure, please read our blog on registration process of limited liability partnership in India
Do I need to be physically present to incorporate an LLP?
No. This process is completely online and physical presence is not needed.