1. What is the minimum number of Partners required to start a Limited Liability Partnership?
At least two members are required for LLP registration.
2. Who can become a partner in LLP?
Any individual/organization can become the partner of LLP including foreigners/NRI’s.
3. Do I have to be available in person to convert partnership to a LLP?
Our procedure is 100% online. You won’t need to be available at our office or show up at any other office for conversion of partnership to a Limited Liability Partnership. A scanned copy of documents can be sent to us via mail, and we will handle the rest.
4. Once I pay for the incorporation, is there any other payment before I get the Incorporation Certificate of LLP?
There is absolutely no other payment. We will send you an invoice that is all-inclusive, with no hidden charges.
5. What is the time taken by LegalRaasta.com for conversion?
LegalRaasta.com can incorporate a LLP in 14-20 days. The time taken also depends on relevant documents provided by the applicant and speed of approvals from government. To ensure speedy registration, please pick a unique name for the proposed LLP and make sure you have all the required documents before starting the registration process.
6. Can NRIs/Foreign Nationals be a Designated Partner in LLP?
Yes, after acquiring DIN/DPIN an NRI or Foreign national can become a designated partner is LLP. However, at least one designated partner in the LLP must be a Resident of India.
7. What are the advantages of an LLP as opposed to a Private Limited Company?
The main advantage is that in an LLP, there are fewer formalities after the business has been incorporated. For example, you need not file annual returns etc. unless your income crosses a certain limit. An LLP is preferable if you are offering professional services, like a lawyer or architect. A Pvt. Ltd. Company is preferred if you want to launch a scalable enterprise.
8. What are the disadvantages of forming an LLP as opposed to a Private Limited Company?
You will find it hard to raise capital from investors or to attract talent to the business by issuing ESOPs.