Ideal business structure for Small and Medium sized
Enterprises going for Partnership
Starting At Rs. 8,619 Onwards
SAVE 50% COST..!!!
(Takes 15-30 days)
What is LLP Registration ?
LLP refers to Limited liability partnership and is governed by Limited Liability Partnership Act 2008. Limited Liability partnership provides advantage of limited liability to its owners and at the same time requires minimal maintenance. The directors of a private limited company have limited liability to creditors. In case of default, banks / creditors can only sell company’s assets and not personal assets of directors.
LLP Registration can be done through LegalRaasta in Delhi NCR, Mumbai, Bengaluru, Chennai and all other Indian cities.
Choose LLP because
- Dual advantages- Company and a Partnership
- No partner will be responsible for other partner’s misconduct
- Cheaper to incorporate than a private limited company
- Limits the liabilities of its partners
What Is Included In Our LLP Registration Package?
- DPIN for 2 Partners
- Digital Signature For 2 Partners
- Name search & approval
- LLP Agreement
- ROC Fees & Pan Card
- Free accounting software & GST filing
Procedure For LLP Registration
Free Company Name Search
Documents Required For LLP Registration
- Copy of PAN Card of partners
- Passport size photograph of partners
- Copy of Aadhaar Card/ Voter identity card
- Copy of Rent agreement (If rented property)
- Electricity/ Water bill (Business Place)
- Copy of Property papers (If owned property)
- Landlord NOC (Format will be provided)
Minimum Requirements For LLP Registration
Minimum 2 Partners
No Capital Requirement
At least one Designated Partner as Indian Resident
DPIN for all Partners
What is LLP or Limited Liability Partnership ?
LLP is a separate legal entity that gives the benefit of limited liability of company plus the flexibility of partnership, wherein no partner is held liable on account of other’s partner misconduct and their rights and duties to be governed by LLP agreement. Limited Liability Partnership has been introduced in India by way of Limited Liability Partnership Act, 2008. The basic premise behind the introduction of Limited Liability Partnership (LLP) is to provide a form of business organization that is simple to maintain while at the same time providing limited liability to the owners.
Advantages of LLP
Separate Legal Entity
A LLP is a legal entity and a juristic person established under the Act. The partners are distinct from the entity and both can sue each other and get sued in the process.
A LLP has ‘perpetual succession’, that is continued existence until it is brought on the terms of the dissolution by mutual agreement within the partners. Partners may come and go, but an LLP goes on.
Audit not Required
Entrepreneurs earning a turnover of less than 40 Lakhs and capital contribution of less than 25 Lakh need not get their accounts audited .Therefore, LLPs are ideal for startups and small businesses that are just starting their operations and want to have minimal regulatory compliance related formalities.
The ownership of a LLP can be easily transferred to another person. All you need is to induct them as a Designated Partner of the LLP. LLP is a separate legal entity separate from its Managing Partners, so by changing the Managing Partners, the ownership of the LLP can be changed.
An LLP being a juristic person, can acquire, own and enjoy property in its own name. And this is entirely distinct from its partners. No Partner can make any claim upon the property of the LLP so long as the LLP is a going concern.
The biggest advantage is Limited Liability, which means the status of being legally responsible only to a limited amount for debts of a LLP. Unlike proprietorships and partnerships, in a LLP the liability of the members in respect of the LLP’s debts is limited. The personal assets of the directors are safe if the company goes bankrupt.So it’s entirely a win –win situation for you if you plan to step to head forward with a suffix LLP.
Steps Involved in LLP Registration
Application of DSC & DPIN :
Our very first step in this direction would be getting Digital Signature Certificate (DSC) and Designated Partner Identification Number (DPIN) for the proposed Partners of the LLP. Within a timeframe of 5 to 7 working days DPIN and DSC can be obtained for the proposed Partners. If the partners already have DSC and DPIN, then this step can be skipped.
Name approval :
A minimum of one and a maximum of six proposed names are required to be given to the MCA. Subject to availability, naming guidelines and MCA processing time, we will get back to you with the Name approval within 5 to 7 working days. Names provided should ideally be unique and suggestive of company business.
MOA & AOA submission :
Once name is approved, one needs to draft Memorandum of association and Articles of Associate. Both MOA and AOA are filed with the MCA with the subscription statement.
Get incorporation certificate :
Incorporation documents can be submitted to the MCA along with an application for incorporation. MCA will usually approve the application for incorporation in 5 to 7 days, subject to their processing time. Incorporation certification is a proof that company has been creation. It also includes your CIN number.
Apply for PAN, TAN and Bank account :
Then you need to apply for PANand TAN. PAN and TAN are received in 7 working days. Post this, you can submit the Incorporation certificate, MOA, AOA and PAN with bank to open your bank account.
Concerns Related To Private Limited Company
- Pvt. Ltd company requires few more ROC compliance translating into an additional cost of 5000 to 10000/annum.
- Minimum capital required is Rs.100,000
- Private limited company can have a maximum of 200 members.
Still, entrepreneurs prefer private limited for the ease in share transfer and potential for future growth.
Factors To Consider In Company Name Selection
The name of your company is very important. It is the first impression to your buyers, suppliers and stakeholders. It should, therefore, be relevant, suggestive and attractive. There are various factors that you should keep in mind while naming for your company.
Short & Simple
The name should be concise and not be too long. People should be able to pronounce it easily and they should be able to remember your company’s name the first time they hear or read it.
The name of your company should be related to your business. It should fit the company’s branding. For example, Infosys refers to information systems or IT technologies.
Name of your company should not be same or identical to an existing company or trademark. You can go to search.legalraasta.com to check if your company name is identical to others. You should ideally avoid plural version e.g., “Flipkart’s” or changing just letter Case, spacing or punctuation marks in an existing company name.
The name of your company should end with the suffix “Private Ltd” in a case of a Private limited company and “LLP” is a case of a limited liability partnership.
Should not be illegal / offensive
The name of your company should not be against law. It should not be abusive or against the customs and beliefs of any religion.