Registration of an LLP is easy and online. Talk to LLP Incorporation experts at setindiabiz to understand the eligibility requirements, cost and timeline, stepwise process, and List of Documents required for LLP Registration in India.
We are a professional consulting firm specialising in company registration, taxation, accounting, payroll, compliance, and intellectual property rights (IPR) services to assist new and existing businesses in India. We provide our professional services at a reasonable fee, explaining the eligibility, process, and documents required for setting up and maintaining a business. We also prepare and file necessary applications with relevant government agencies such as the Registrar of Companies (ROC) and the Income Tax Department. We do not directly provide government documents or represent ourselves as a government agency.
Limited Liability Partnership is a new form of Partnership Structure introduced in India under the LLP Act of 2008. The purpose behind its introduction is to overcome all traditional partnership flaws and provide a better alternative to startups. The flaws an LLP overcomes include unlimited liability, no separate management structure, and limited existence of the firm. These flaws bring immense challenges in operating a firm and for the want of a better alternative, the LLP was introduced.
The partners of the LLP are natural and legal partners who invest capital in the LLP.
Designated partners play a crucial role in the overall management of the LLP and ensure compliance.
One designated partner of the LLP must be a resident of India during every financial year.
The name of the LLP must be unique and distinct from others, whether a company or LLP.
There is no minimum or maximum capital requirement for registration of LLP. However, there must be some capital.
The proposed business activity of the LLP must be Legal and well-defined in the LLP Agreement.
We at Setindiabiz understand the importance of correct documentation in ensuring a smooth and successful Incorporation of the Limited Liability Partnership (LLP). To make it easier for our clients, we have compiled a table below listing all the documents required for the LLP Incorporation process.
PassportAadhar CardDriving LicenseVoter IDBank StatementElectricity BillGas BillTelephone BillMobile BillElectricity BillTelephone BillGas BillMobile BillNote: Address proof for the partners and registered office premises should be the latest issued documents. In any case, older than 60 days are not acceptable. The bill must have the full name and complete address on it.
1. Partners, including both Partners and Designated Partners
2. We recommend you send the soft copies of all documents. Also, please send us the filled questionnaire that our startup advisors will share with you. We will verify the information and legal documents sent to us. Don’t hesitate to contact us for clarification and a copy of the prescribed NOC format.
With the digitisation of all MCA services, the LLP Registration process has become quicker, easier and way more hassle-free. There is no requirement for visiting the ROC’s Office to submit the required application and documents now. The entire process has been shifted online and can be completed in just a few simple steps.
The LLP Registration process in India begins with preparing all the required documents, such as Partners Pan, Aadhar, Current address proof and the address for registration of the LLP along with NOC from the owner of the premises. For your convenience, we have provided a detailed list of these required documents in the List of Documents above. Our expert advisors are available for assistance.
After arranging all the required documents, the next step is to obtain the Digital Signatures of all partners. Digital Signatures are required to sign and authenticate the application for LLP Registration. The digital signature of class 3 is required.
Your LLP’s name should be unique and not identical to or similar to any already existing company, LLP, or trademark in India. The proposed name should conform to the MCA guidelines . Once you have selected an appropriate name, you are required to get it approved and reserved by the ROC. You can use the FiLLiP or the RUN-LLP (Reserve Unique Name) forms for this. Both these forms are available on the MCA website.
The application for Limited Liability Partnership Registration online can be found on the MCA website. Once you access the application (FiLLiP), you can fill out all the details. To complete it, also upload the scanned, self-attested copies of the documents. Next, attach a Class 3 Digital Signature of the authorised designated partner and submit the form after paying the prescribed fee.
The submitted application reaches the Registrar of Companies and, upon thorough examination, is either approved or rejected. If approved, the ROC immediately grants the LLP a Certificate of Incorporation, confirming its registration. In addition to the certificate, the LLP also receives its LLPIN, PAN, and TAN.
LLP Agreement is a constitution that defines the terms and conditions mutually agreed upon between its partners. It must be submitted within 30 days after the incorporation. The submission of the LLP Agreement marks the completion of the process.
A Limited Liability Partnership was introduced to overcome all the flaws of a traditional Partnership structure. So, most of its features closely resemble a Limited Company rather than a traditional Partnership Firm. This enables it to offer multiple benefits that a Firm does not. The table below lists all such LLP benefits for your comprehensive understanding.
Liability of Partners is limited as per the terms mentioned in the LLP Agreement. Their personal assets are not at risk while paying-off the LLP’s liability.
A distinct legal identity of the LLP lends it credibility and makes it attractive for investors. Investors can inspect the LLP’s data before investing their capital into it.
Banks and Financial Institutions prefer to lend funds to businesses that are registered with the government. This is because their credentials and financial status are verifiable in real-time.
An LLP is quick, easy and affordable to incorporate, thanks to a 100% online mode of application. Every step is completed online from filing to documents and authorised signature.
An LLP is only required to file its annual returns and financial statements to the ROC every financial year. Such a low level of compliance makes operating an LLP extremely affordable and hassle-free.
An LLP is managed according to the terms of the LLP Agreement. Also, partners from among themselves choose and appoint designated partners as the sole authority to control the management.
If you’re looking forward to setting up a Partnership business, an LLP can be your best choice! To know why, refer to the table below. We have compared a traditional partnership firm with an LLP here, highlighting both their advantages and disadvantages. Weighing LLPs advantages and disadvantages against a Partnership Firm will help you make an informed choice among the available options.
Limited LiabilityPerpetual ExistenceDistinct Legal IdentityLow CompliancesQuick & Affordable IncorporationLow Tax RateHigh Investment PotentialSeparate & Flexible Management
Ownership Transfer Can be ChallengingLack of Strong Management StructureHigh Penalties for Non-CompliancesPublic Disclosure of Records & DocumentsOptional RegistrationLow ComplianceFlexible in OperatingSimple FormationUnlimited Liability for PartnersLimited ExistenceLimited Investment PotentialNo Transfer of OwnershipNo Separate ManagementNo Tax Benefits for Partners
