Limited Liability Partnership (LLP) Registrations
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How To Register An LLP Company Online?
Minimum 2 Partners (18 years and above age)
No Capital Requirement
DPIN for all the Directors
Limited Liability Partnership (LLP)
LLP was started in India under the “Limited Liability Partnership Act, 2008” which states that partners are not liable for other’s misconduct. LLP is preferred by “experts, Micro and Small businesses” that are family-owned or are closely-held.
Limited Liability partnership provides the advantage of limited liability to its partners and at the same time needs essential care. The partners of a private limited company have limited responsibility to creditors. In case of failure, banks/creditors can just sell the organization’s assets and not the individual assets of directors
Accordingly, all partners in an LLP enjoy a type of “limited liability”, which acts as a protection for them, within the partnership. LLP Registration is done by “LegalRaasta” which is situated in “Delhi NCR, Bengaluru, Mumbai, Chennai, and all other Indian cities.”
Choose LLP because
- Double benefits- Company and a Partnership
- Limits the liabilities of its partners
- No partner will be liable for other partner’s misbehave
- Cheaper to incorporate than a private limited company
Documents Required For LLP Registration
- It has a different legal entity, not at all like partnership firms.
- The liability and duty of each partner are limited to the commitment made by the partner.
- The expenditure on establishing an LLP is low.
- An audit is not required as LLPs are medium and independent companies.
- Less agreement and guidelines in the formation of LLP.
- No terms for least capital commitment.
- The responsibility of an LLP can be effortlessly moved to someone else. All you require is to select them as a Designated Partner of the LLP.
- An LLP has a ‘never-ending progression’ that is broadened endurance until it is brought to an end by a shared agreement between the partners.
7 Steps to form an LLP
Prior to beginning the procedure of enlistment, you should Register for the DSC for the assigned partners of the proposed LLP. Applying for DSC is necessary because the procedure for registering an LLP is done online and requires to be digitally signed. In this way, the partners in an LLP must get the DSC from government-affirmed confirming offices.
Subsequent to applying for DSC, the next stage is to enlist for DPIN and DIN for the proposed Partners of the LLP, within a time period of 5 to 7 days. The application for the allocation of DIN must be made in Form DIR-3. You need to attach a scanned copy of the Aadhaar card and PAN card to the form. The form should be marked by a Company Secretary who is in full-time employment with the company or by the “Managing Director, Directors, or CEO” of the existing company, in which the candidate shall be designated as a director.
“LLP-RUN” i.e. “Limited Liability Partnership-Reserve Unique Name” is required to register for the reservation of the proposed LLP’s name. This is additionally treated by the Central Registration Center under Non-STP. In any case, before circulating the name in the form, it is suggested that you utilize the free name search facility on the “LegalRaasta” website. “One to six” is the limit of proposed names, which are to be given to the “MCA”. The registrar will approve the name only if the name is not impractical in the opinion of the Central Government and does not match any existing partnership firm or an LLP.
Name approval procedure will take 5 to 7 working days. A re-submission of the form should be made within 15 days, in case of an occurrence of dismissal.
We will create all the required documents including LLP agreement.
The form utilized for joining is FILLIP (Form for consolidation of Limited Liability Partnership) which must be enrolled with the Registrar who has jurisdiction over the state in which the enrolled office of the LLP is located. The form will be an incorporated structure. Joining records can be introduced to the “MCA” alongside an application for Incorporation, PAN and TAN of the LLP.“MCA” will endorse the application for consolidation within 5 to 7 days. Incorporation certification is confirmation that the organization has been formed. It likewise includes your CIN number.
After the completion of the above points, you are required to apply for “PAN and TAN” and you will receive them in 7 working days. You can submit the Incorporation endorsement, “MOA, AOA, and PAN” with the bank for opening your bank account.
LLP agreement oversees the common rights and obligations between the LLP and its partners. LLP agreement should be enrolled in Form 3 which is to be filed within 30 days after the date of formation.
Important forms in LLP Registration
- RUN – LLP Reserve Unique Name-Limited Liability Partnership- A form for reserving a name for the LLP
- FiLLiP – A Form for incorporation of LLP
- Form 5- Notice for change of name
- Form 17- Application and statement for the conversion of a firm into LLP
- Form 18- Application and Statement for conversion of a private company or unlisted public company into LLP
Checklist: If your company qualifies for LLP in India
- Copy of PAN Card of partners
- Passport size photograph of partners
- Copy of Sale Deed/Property Deed (If owned property)
- Landlord NOC (Format will be provided)
- Digital Signature Certificate
- Passport (in case of Foreign Nationals/ NRIs)
- Copy of Notarised Rental Agreement)
- Copy of NOC from the property owner
- Copy of Aadhaar Card/ Voter identity card/ Driver’s license as address proof
- Electricity/ Water bill/ Telphone bill/ Latest bank statement as proof of Registered Office (Business Place)
Factors to Consider While Selecting an LLP Name
Short & Simple
The name of an LLP must be short and not excessively long. It must be easy to pronounce by other people. And it should get inked in the minds of people when they hear it the first time itself.
Meaningful
The name of your LLP Company should be connected to your business. It must suit the organization’s marking. For instance, Lilliput implies small, as “Lilliput” is a kid’s clothing brand..
Unique Component
The name of your company should not either be identical or the same as a current company, business, or trademark. You can go to “search.LegalRaasta.com” to confirm if your company’s name is similar or identical to others. You should stay away from plural variants e.g., “Amazons” or changing simply the letter Case, adding spacing, or punctuation marks in an already existing company’s name.
Blacklist
Abstracts, adjectives, and generic words are denied. So a name like “XYZ” will be rejected on the spot. The following words “bank, exchange, and stock exchange” will also be denied.
No same Trademarks
There should not be a certified trademark by the identical name on the “IP India” website. If there exists one, then also your chosen company name can be approved if you are able to obtain a “NOC” from its owner, which will authorize you to use the name.
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