Online LLP Registration | LLP Registration Process, Fees, Documents, Benefits | Register a LLP India
LLP Registration is the most trusted way to register a Partnership firm
LLP Registration is mostly done by New Startups, register a LLP under MCA with ✓2 DSC & DIN ✓Name Approval ✓COI ✓LLP Agreement ✓PAN ✓TAN & Bank A/c
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Estimated Registration Time: 7 Days
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What is LLP Registration ?
LLP Registration which stands for limited liability partnership registration which is registered under Ministry of Corporate Affairs (MCA) and the beneficial part under llp registration is that the liability of the partners is limited which is not in the normal partnership firms registered under partnership act. Under llp registration, the registered llp company will govern as per the rules and regulations of Limited Liability Act, 2008. Professionals firms like Chartered Accountants, Company Secretaries, Advocates, recruiting firms and consulting business go for LLP registration for partnerships.
Comparison between LLP Registration and Private Limited Company Registration
LLP Registration is similar to Private Limited Company registration with respect to compliance and operational requirements. Through LLP Registration, the company got its separate identity from its designated partners and can operate and enter or execute a contract on its own name. Through LLP Registration, the liability of the partners of LLP Company is also limited. LLP Registration and its compliances are greater than the normal partnership firms but easier than the compliances of Private Limited Company. The main drawbacks of LLP Registration are that the ownership transfer is not an easy task and issue LLP Company can issue the ESOP to their employees.
LLP Registration is Simple with Raag Consultants
Raag Consultants’s Experts is very much capable to do LLP Registration and its compliances as per the rules and regulations of Ministry of Affairs and Limited Liability Partnership Act, 2008. Thousands of clients related to LLP Registration is connected with Raag Consultants and getting satisfied services from us. Our unique ways to process the LLP Registration work make the complicated process very easy for our clients.
Features of LLP
• LLP Registration is having separate legal identity.
• The liability of each partner is limited to the contribution made by partner
• LLP Registration Cost and Compliance cost is very low
•LLP Registration is having less compliances and regulations
• No requirement of minimum capital contribution
Minimum two partners is required for LLP Registration. The maximum limit of the partners is not defined anywhere so there is no maximum limit in case of LLP Registration. Among the partners, there should be minimum two designated partners who shall be individuals, and at least one of them should be resident in India. The rights and responsibilities of designated partners are defined under LLP Agreement. The designated partners of the LLP is responsible to comply with the provisions of the Limited Liability Partnership Act, 2008 and provisions specified in LLP Agreement.
If you want to start your business with Limited Liability Partnership, then you must get it registered under Limited liability Partnership Act, 2008.
Advantages of LLP Registration / Register a LLP
Limited Liability of Partners
After LLP Registration, the partners and the LLP Company is having separate legal entity and can enter into contracts in its own capacity and the LLP Registration also offers the great advantages to their partners by limiting their liability to the extent of their capital contribution. Under Normal Partnership firm, the liability of the partners is unlimited and their personal assets and belongings are on risk but this is not happened under LLP Registration. Liability of financial contribution of any partner is restricted to the capital contribution as per the LLP agreement under LLP Registration. Many new age businesses prefer LLP registration over partnership so that their personal assets remain safe in case of loss, or even insolvency.
Separate Legal Existence
Once the LLP registration in India is done, a separate legal entity is born in eyes of law. After LLP Registration, LLP Company own its own enter into contract with third party and can open its current account in any bank account. LLP Registration separates itself from its owners and managers. After LLP Registration, LLP Company can sue itself against any third party in case of any dispute.
Lower Compliance Requirement
The main benefit of LLP Registration over Private Limited Company Registration is that there is less compliances. Statutory Audit is not mandatory under LLP until the specified annual turnover mentioned in the rules, is not crossed but under company statutory audit is mandatory irrespective of the annual turnover of the Company. Statutory meetings, board meetings, annual general meetings are some of the mandatory compliances under Company but there is no such compliances under LLP Registration. Professional fees is also very reasonable for the compliances of LLP Registration in comparison of Companies
LLP Agreement as per LL Partnership Act, 2008 is the deed between the partners of LLP Registration, which defines the powers and duties of the designated partners as well as normal partners, which is the responsibility of every partners to follow them. It could also help in protecting partner’s interest in case of loss because of an unlawful act of any other partner.
Passport size photograph of Partners
Documents Required for LLP Registration
Copy of PAN Card of Partners
Copy of Aadhaar Card/ Voter identity card of Partners
Electricity/ Water bill (Business Place)
Copy of Property papers(If owned property)
Copy of Rent agreement (If rented property)
Landlord NOC (Format will be provided)
Compliances after LLP Registration / LLP Incorporation
Raag Consultants will assist you to maintain all the books of accounts mandatory for LLP Registration Company and all other compliances mandatory for LLP Company to comply with. Our Professional fees for book-keeping, accounting and compliances start with Rs. 8,500 per annually. The following are compliances that a LLP must comply each year.
Income Tax Return: LLP Registration must file income tax return using Form ITR 5. Form ITR 5 can be filed online through the income tax website using the digital signature of any Designated Partner.
MCA Annual Return: LLP Form 11 is due on or before 30th of May each year. Form 11 contains details of the number of partners, total number of partners, total contribution received by all partners, details of body corporate as partners and summary of partners. In addition to LLP Form 11, Form 8 must be filed within 30 days from the end of 6 months of the financial year along with some prescribed fee. Hence, LLP Form 8 would be due on or before 30th October of each financial year.
In addition to the above, GST registration, GST return filing and TDS return filing would be required for the LLP - based on the sales turnover and various other criterias.
Raag Consultants is the market leader in LLP registration services in India. In addition to LLP registration, Raag Consultants also offers a variety of business registration services like private limited company registration, one person company registration, Nidhi Company Registration, Section 8 Company Registration, Producer Company Registration and Indian Subsidiary registration.
Steps to be follow for LLP Registration
Step 1: Apply for Digital Signature Certificate (DSC)
Before starting the process of LLP Registration, the designated partners need to apply for digital signature certificate (DSC) to apply signatures on the LLP Registration Forms. All the documents and forms need to be digitally signed by the designated partners for the purpose of LLP Registration. DSC must be obtained from the government recognized agencies. Also, you should obtain either class 2 or class 3 category of DSC or you can contact us & let a Raag Consultants expert procure DIN for you. If you go for Limited Liability Partnership company registration with Raag Consultants, up to 2 DINs are covered in the plan & there is no need to apply for DIN separately.
Step 2: Obtain Designated Partner Identification Number (DPIN)
You have to apply for the DPIN of all the designated partners or those intending to be designated partner of the proposed LLP.
The application for allotment of DPIN has to be made in Form DIR-3. You have to attach the scanned copy of documents (usually Aadhaar and PAN) to the form. The form shall be digitally signed by the existing designated partners of the LLP Company and acknowledge the acceptance of a new person as the partner of LLP Registration
Step 3: Reservation of Name (RUN FORM Approval)
LLP-RUN(Limited Liability Partnership-Reserve Unique Name) is filed for the reservation of name of proposed LLP which shall be processed by the Central Registration Centre under Non-STP. But before quoting the name in the form, it is recommended that you use the free name search facility on MCA portal. The system will provide the list of closely resembling names of existing companies/LLPs based on the search criteria filled up.
This will help you in choosing names not similar to already existing names. The registrar will approve the name only if the name is not undesirable in the opinion of the Central Government and does not resemble any existing partnership firm or an LLP or a body corporate or a trademark. The form RUN-LLP has to be accompanied with fees as per Annexure ‘A’ which may be either approved/rejected by the registrar. A re-submission of the form shall be allowed to be made within 15 days for rectifying the defects. There is a provision to provide for 2 proposed names of the LLP.
Step 4: Incorporation of LLP
1. The form used for incorporation is FiLLiP(Form for incorporation of Limited Liability Partnership) which shall be filed with the Registrar who has a jurisdiction over the state in which the registered office of the LLP is situated. The form will be an integrated form.
2. Fees as per rules and regulations of Limited Liability Act,2008 shall be paid.
3. This form also provides for applying for allotment of DPIN, if an individual who is to be appointed as a designated partner does not have a DPIN or DIN.
4. The application for allotment shall be allowed to be made by two individuals only.
5. If the name that is applied for is approved, then this approved and reserved name shall be filled as the proposed name of the LLP
Step 5: File Limited Liability Partnership Agreement
LLP agreement governs the mutual rights and duties amongst the partners and also between the LLP and its partners.
• LLP agreement must be filed in form 3 online on MCA Portal.
• Form 3 for LLP agreement has to be filed within 30 days of the date of LLP Registration.
• The LLP Agreement has to be printed on Stamp Paper. The value of Stamp Paper is different for every state.
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Frequently Asked Questions
Q. Who can Become Partner in LLP REGISTRATION ?
A. Any person whether be it an individual or a body corporate can become a partner in LLP unless of unsound mind, declared or proceeding for insolvency is pending.
Q. Can NRI (Non Resident of India) Become Partner in LLP ?
A. Yes an NRI can be partner in LLP. Since 2015, LLPs can be formed with 100% foreign investments from NRIs and Foreign entities in areas where 100% FDI is allowed.
Q. what is LLP Agreement?
A. LLP agreement is the agreement which is signed and executed among the partners of LLP. The LLP agreement is to be submitted to roc for incorporating the same
Q. what is Minimum Number of Partners or Maximum Number of Partners in LLP ?
A. Min 2 and Max no limit
Q. Who is Prefer the LLP Registration by Small Startups ?
A. – Compliances are low
– Easy to incorporate
– Fee and expenses are less
– Body corporate
– Limited liability
Q. Is it cheaper LLP as compare to Private limited company ?
A. Yes incorporating a private limited company involves more cost and compliances to be followed under the companies act, 2013.
Q. What is Stamp Duty in LLP AGREEMENT?
A. The stamp duty depends upon the state in which you are executing the agreement. Like in Rajasthan it is 500
Q. Do I need Commercial Office for the LLP Registration Purpose ?
A.Not required, you can use your residential address as Registered office purpose for the same.
Q. Can i do it LLP Formation myself without any help of CA or online portal ?
A. No, it’s not possible because there is simply reason i.e its required the professional service to fill up the forms and as per the govt MCA Rules Chartered Accountant or CS or Lawyer DSC Authorisation is required on the EForm Filings.
Q. What is the Tax Rate for the LLP ?
A. LLP will be treated as Partnership firm for the purpose of tax and therefore will be taxed on the line of partnership firm. The effective tax rate is 30.90% on Profit. There will be no surcharge applicable on LLP.
Q. Can i include my family members in my LLP Formation ?
A.Yes you can include your any family member in your LLP as a Partner.
Q. What is the Minimum Share Capital in the LLP ?
A.You can start with any amount of the capital. still as a Professional advice we suggest you start atleast with the 10000 INR for the same.
Q. GST Registration still required after the LLP Registration ?
A. if your expected turnover cross 20 lakh rupees in a year then Yes its required but suggest you always go with the GST Registration after the incorporation of LLP. It’s helpful to claim the input tax credit.
Q. LLP Companies in india can have multiple business ?
A.Yes, you can run multiple business under one LLP Name, there is no issue in that.
Q. LLP Secure my Company name with the Logo ?
A. LLP Secures only the company name like XYZ Technologies LLP but its not secure your Brand or Logo. so if you want to launch any brand under your LLP name then you can go with the Trademark Registration for the same.
Q. What is criteria to become Partner in an LLP ?
A. Simply your age is minimum 18 year with the valid documents like pan card etc.
Q. Working Professional in any company can register an LLP in India ?
A.Yes if there is no particular terms & condition in your JOB Agreement.
Q. Physical presence or meeting with any govt officer required ?
A. No, it’s a completely online with the Raag Consultants which take care about all things.
Q. What are the mandatory annual compliance for an LLP ?
A. LLP Annual Return or Statement of Accounts are mandatory filing with the Income tax. Audit is not required in case of LLP till the 40 lakh rupees turnover.
Q. Can I Convert our LLP into the Private limited Company or other entity ?
A. Conversion from LLP to another entity is not practical or possible till the date. you can read here about CONVERT LLP TO PRIVATE LIMITED COMPANY.
Q. Apart from the LLP Registration do I need any other license ?
A. Yes, its all depend on your nature of business. you need GST Registration mainly, apart from this if you want to secure your brand then you can go with the Logo Registration. if you have food related business then you can go with the FSSAI Registration or if you want to do import export then you can go with the IEC Code Registration.