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LLP Registration
LLP Registration in India is a crucial step for professionals looking to establish an LLP. LLP stands for Limited Liability Partnership. It is a legal business structure that combines the benefits of a partnership with the limited liability protection of a corporation. In an LLP, the partners have limited liability for the debts and obligations of the business, which means their personal assets are protected in case of the business’s failure. At the same time, they also have the flexibility to manage the business as per their agreement, similar to a traditional partnership. LLPs are commonly used by professional service providers such as lawyers, accountants, and consultants.
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Overview of LLP Registration
When considering a business structure that combines the advantages of a partnership with the crucial protection of limited liability, LLP registration online emerges as a top choice. In an LLP, the partners are not personally liable for the debts and obligations of the business. This means that their personal assets are protected in case the business faces financial difficulties.
LLPs are commonly used by professionals such as lawyers, accountants, architects, and consultants. They offer the flexibility of a partnership in terms of management structure and decision-making processes. Additionally, each partner is allowed to share in the profits and losses of the business according to their agreed-upon percentage ownership.
An LLP must be registered with the appropriate government agency and must have at least two partners. The partners are required to sign a partnership agreement that outlines the terms of the partnership, such as the roles and responsibilities of each partner, the sharing of profits and losses, and the decision-making processes.
Advantages of LLP Registration
| Limited liability protection | The primary advantage of an LLP registration is limited liability protection for the partners. This means that the personal assets of the partners are not at risk in case the business faces financial difficulties or legal issues |
| Separate legal entity | An LLP is a separate legal entity, which means it can own property, enter into contracts, and sue or be sued in its own name, rather than in the names of the partners |
| Flexibility | LLPs offer greater flexibility than other business structures, such as sole proprietorships or general partnerships. Partners have more freedom to structure the business, decide on the management structure, and make decisions |
| No minimum capital requirement | There is no minimum capital requirement to register an LLP, which makes it easier for businesses to start up and operate |
| Professional service providers | LLPs are commonly used by professional service providers, such as lawyers, accountants, architects, and consultants |
| Continuity of existence | LLPs have a separate legal entity, which means that the partnership continues to exist even if one partner leaves or dies. This makes it easier for businesses to continue operating and avoid disruption |
Registration Process of LLP Registration
Step 1: Before starting the process of registration, apply for the DSC or digital signature certificate of the designated partners of the LLP.
Step 2: Apply for the DIN of Director Identification Number for all the designated partners or those who propose to be designated partner of the LLP.
Step 3: LLP-RUN or LLP-Reserve Unique Name form is filed for the reservation of name for proposed LLP which will be worked by the Central Registration Centre under Non-STP. But before proposing the name, it is always good to check the availability of the name on the MCA portal.
Step 4: Here in this step Incorporation of LLP take place
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- The form for incorporation of LLP incorporation shall be filed and submitted along with all needed documents to the Registrar of the state in which the registered office of the LLP is located.
- LLP registration fees payment must be done as per Annexure ‘A’.
- This form also allows applying for allotment of DPIN, if the person who is to be nominated as a designated partner does not have a DIN or DPIN.
- The application for allotment should be made only by two individuals.
- The application for the reservation may be done through FiLLiP too.
- If the proposed name is approved, then this approved name can be filled as the proposed name of the limited liability partnership firm.
Step 5: Filing of a Limited Liability Partnership Agreement is done. LLP agreement is an agreement that governs the mutual rights and duties of the partners and LLP.
Documents Required of LLP Registration
For Directors & Shareholders
1. Self Attested PAN Card copy
2. Self Attested copy of any one of the Identity Proof(Voter’s ID/Passport/Driver’s License)
3. Self Attested copy of Address Proof in the name of the director (Any utility bill i.e., mobile bill/water bill/ electricity bill, or bank statement which should not be older than two months)
4. Passport-sized photograph
For Registered Office
1. Rent Agreement (Notarised: For rented property)
2. Sale Deed/Property Deed in English (in case of owned property)
3. No-objection Certificate from the property owner
4. Latest Electricity Bill / Mobile or Telephone Bill / Latest Bank Statement/Gas Bill
FAQ's on LLP Registration
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