LLP Registration Online – An Overview
The concept of the Limited Liability Partnership (LLP) was introduced in India in 2008. An LLP has the characteristics of both the partnership firm and company. The Limited liability Partnership Act, 2008 regulates the LLP in India. Minimum two partners are required to incorporate an LLP. However, there is no upper limit on the maximum number of partners of an LLP.
Among the partners, there should be a minimum of two designated partners who shall be individuals, and at least one of them should be resident in India. The rights and duties of designated partners are governed by the LLP agreement. They are directly responsible for the compliance of all the provisions of the LLP Act, 2008 and provisions specified in the LLP agreement.
Benefits of Limited Liability Partnership (LLP)
Here are the major reasons why people prefer the structure of an LLP for their business structure:
The members of an LLP are only liable for a small amount of debt incurred by it. On the other hand, for proprietorships and partnerships, the personal assets of directors and partners are not protected if the business goes bankrupt.
An LLP is a separate legal entity from the partners in it. It has an uninterrupted existence that follows perpetual succession, i.e., the partners might leave, but the business remains. The terms of dissolution have to be mutually agreed upon for the firm to dissolve.
Transferring the ownership of an LLP is also simple. A person can easily be inducted as a designated partner and the ownership switches to them.
- Suitable For Small Business
Suitable For Small Business
Documents Required For Limited Liability Partnership (LLP) Registration
Listed below are the documents required for the limited liability firm registration process.
- PAN card or passport (for foreign nationals or NRIs)
- Aadhar card/ voter’s ID/ passport/ driving license
- Latest bank statement/ telephone bill/ mobile bill/ electricity bill/ gas bill
- Passport-size photograph
- Specimen signature or impression
- Utility bills
- Notarized rental agreement
- No-objection certificate from the property owner
- Sale deed/property deed in English (in case of owned property)
*Note : One partner must self-attest the first three documents. In the case of foreign nationals or NRIs, all the documents must be notarized (if currently in India or a non-commonwealth country) or apostilled (if from a commonwealth country).
How to Register LLP company in India
Incorporating LLP Company in India is simple and easy with Tax Salah. Below are the steps to start Limited Liability Partnership Firm.
- Step 1: Obtain Digital Signature Certificate (DSC)
- Step 2: Apply for Director Identification Number (DIN)
- Step 3: Name Approval
- Step 4: Incorporation of LLP
- Step 5: File Limited Liability Partnership (LLP) Agreement
- Step 6: Obtain certificate of incorporation with a PAN and TAN
- Step 7: Open bank account and start operation.
