What is LLP?

LLP means Limited Liability Partnership which came into known in the year of 2008 under the Limited Liability Partnership Act 2008. Limited Liability Partnership is similar to the general Partnership Firm Registration. LLP Registration fees differ according to the different ca firms. CA firms fix their LLP Registration fees according to their commission system. Due to its legal structure, there is nil limited liability in the general partnership so the government of India introduced the Limited Liability Partnership on 9th January 2009.

Limited liability partnerships are different from limited partnerships in some countries. Which may allow all Limited Liability Partnership partners to have limited liability.  While in a limited partnership, one may require at least one unlimited partner and allow others to take the role of a passive and limited liability investor. As a result, the LLP is more suited for businesses in which all investors wish to take an active role in management.

You can check the LLP registration facilities provided by us.

Characteristics of LLP

  • Separate legal entity: Like any other company, LLP does have a separate legal entity. Thus, partners and LLP are different from each other. This is like an organization where directors are different from the company.
  • No requirement of minimum capital: Unlike the other companies where the owner should have a minimum amount of capital before the establishment of the company. But there is no requirement of minimum capital to start an LLP.
  • A minimum number of members: Before establishing a limited liability partnership at least two members are required initially. However, there is no limit on the maximum number of partners for LLP.

Advantages of LLP

LLP is a form of business model which:

  • is an organized form of business and operates on the basis of an agreement.
  • provides flexibility without imposing any legal and procedural requirements for the incorporation.
  • enables professional/technical expertise and initiative to combine them with financial risk-taking capacity in an innovative and efficient manner.

The Second Amendment of LLP Rules (2018)

On 18th of September 2018, the declaration of the Limited Liability Partnership Rules in 2018 was done and it came into being on 2nd October 2018. This amendment contains a revision of various relevant rules. The altered rules are as follows:

Reserve Unique Name – LLP

The introduction of a web service called the Reserve Unique Name – Limited Liable Partnership (RUN-LLP) replacing the earlier form for the Application for the Reservation of the company’s name or Change in Name of the company(Form 1).

Form for Incorporation of LLP (FiLLiP)

The introduction of a new form called the Form for incorporation of Limited Liability Partnership (FiLLiP) replaced the previous Form for Incorporation document and subscriber’s statement (Form 2) and thereby, combining the following services.

What is LLP Registration

LLP Registration is a basic process where 2 LLP Partners create an LLP Registration. But with the limited liability and starts a current bank account on the LLP Name & Start the business. Here partners will be paying the Government Fee & Professional Fee for the same.

Documents required for LLP Registration

Indian Nationals incorporating an LLP mandatorily requires the following documents :

PAN Card: A copy of the PAN Card of proposed Partners of the LLP is required for the LLP registration process.  Permanent Account Number or PAN is a unique number issued by the Department of Income Tax in India.

You can use our services to register your PAN card if you have not applied for it till yet.

Address Proof: In addition to the PAN Card copy, the proposed Partner has to submit an address proof and residential proof. The address proof submitted by the proposed partners of LLP must have the name of the Partner as mentioned in the PAN Card and the current address. The document submitted must not be older than 2 months. The following documents are acceptable as address proof for Indian Nationals:

  • Passport
  • Election Card or Voter Identity Card
  • Ration Card
  • Driving License
  • Electricity Bill
  • Telephone Bill
  • Aadhaar Card

Residential Proof: In addition to the address proof, the submission of a residential proof is done to register a Limited Liability Partnership. The residential proof is for the validation of the current address of the Partner. The following documents are acceptable residential proof:

  • Bank Statement
  • Electricity Bill
  • Telephone Bill
  • Mobile Bill

The following documents are mandatory for Foreign Nationals registering an LLP:

Passport: In the case of NRIs (Non-Resident Indian), Passport is a mandatorily required as proof of identity. The Passport must be Notarized or authenticated in the country it was issued. If the document is in a foreign language, then the translation of the passport be done by an official into English. Further, if the date of birth of the holder is missing in the Passport, then an additional document containing the date of birth of the Partner must be provided. which will duly be certified or attested.

Address Proof: In addition to the Notarized Passport copy, the foreign national must submit an address proof which is also notarized. The address proof submitted must have the name of the Partner as stated in the Passport and the most current address of the Partner. Further, the documents submitted must also not be older than 1 year for foreign nationals. The following documents are acceptable as address proof for NRIs:

  • Driving License
  • Residence Card
  • Bank Statement
  • A government-issued form of identification containing the address of partners
  • In case the document is in a foreign language, then it must be translated by an official translator and notarized or authenticated.

Residential Proof: Along with the address proof, submission of the residential proof is also done during the Limited Liability Partnership registration process for the validation of the current address of the Partner. As applicable to address proof, the residential proof also contains the name of the Partner as mentioned in the Passport and must not be older than one year. The following documents are acceptable residential proof:

  • Bank Statement
  • Electricity Bill
  • Telephone Bill
  • Mobile Bill

LLP Registration Fees

LLP formation starting from obtaining Digital Signature Certificate to Filing Form 3 takes approximately 15 days subject to availability of all the documents. Different CA firms are offering different LLP registration fees to people. LLP registration fees include the commission and government fees.

Now, get your business registered as a Limited Liability Partnership using LegalRaasta services. We are registering LLP companies starting with LLP registration fees of Rs.7,499 onwards. This LLP registration fees is very low as compared to other service providers.

For further information regarding DIN registration, PAN registration, TAN registration or DIR-3 Registration must follow our blog.

LLP Incorporation Rules

  • Minimum  2 partners required to create an LLP Incorporation.
  • There is nothing like Authorised share capital concept. Like in private limited company registration. so you can start with any amount of the share capital of the LLP Partners.

Link in with our expert team they will guide all the registration procedures. Give us a call on 8750008585. Do send your doubts on Email: [email protected].The easily accessible way is   LegalRaasta APP. Download it from play stores and use online ca services we have. We serve the best online ca services in the market, so why go anywhere else.

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