LLP Registration – LLP Registration In Mumbai, LLP Registration in Thane, All India LLP Registration Service.
What is LLP?
LLP means association of Group of person / individuals for carrying on lawful business for Profit. A LLP becomes legal entity once it is registered under the law.
What is LLP Registration?
LLP registration means getting the legal right to do business by getting registered under the Ministry of Corporate Affairs. In India, LLP Registration is also known as LLP formation or Incorporation of LLP.
Why LLP Company Registration is Essential?
A LLP is defined as an artificial person created by or under law for the time being in force, with a Separate legal Status, Perpetual Succession and Capacity to sue and can be Sued. It is not affected by the death or insolvency of any Partner.
A LLP is a Separate legal entity. It is a artificial person created by and registered under law, it has separate Legal Status from its directors and shareholders. It is established under the LLP Act and registered with Ministry of Corporate Affairs. It can sue and be sued in its own name. A LLP can own property and incur debts in its own name, the individual partners do not owe any liability towards the LLP’s creditors and debts.
LLP has perpetual succession that means it has continued and uninterrupted existence until it is legally dissolved under the law. A LLP, being a separate legal person, it is not affected by the death of any Partner and continues to be in existence irrespective of the changes in membership and Directorship. It remains active by complying to the LLP Act.
Limited Liability means being responsible only upto a fixed amount for debts or to the creditors of a LLP. Unlike proprietorships and partnerships or any other unregistered forms of business organisation, where the liability is unlimited. In LLP Registration there is limited liability of the members in respect of the LLP’s debts. In other words, the liability of the Partners of a LLP is limited only to the extent of the face value of shares taken up by them.
A LLP being Separate Legal entity registered under law can acquire, own and dispose off, property in its own name. No any Partner can claim right upon the property of the LLP as long as the LLP is a going concern. A Partner merely has interest in the LLP property arising under the LLP Agreement of the LLP, measuring a sum for liability. Therefore, property of the LLP is not the property of the Partner.
Can Sue or Be Sued
A LLP being an independent legal entity can sue and can also be sued in its own name. A person can take legal action on his / her name on LLP also. Similarly, LLP being independent legal entity can take legal action in its own name against another person.
As the LLP is separate legal entity and artificial person in the eyes of law. LLP can borrow funds in their own name. LLP can accept loans and borrowings from banking or other financial institutions to render a larger financial assistance. Also Banks and financial Institutions give preference to registered business only for giving loan or any financial assistance
Better Credibility in Market
LLP is popular and well known business entity in India. Corporate Customers, Banks, Financial Institutions, Vendors and Government Agencies prefer to deal with LLP instead of normal proprietorship and partnerships.
No Audit Requirement & Minimal Compliances after Registration
LLP is easy to maintain and statutory audit is not applicable for Limited Liability Partnership with capital contribution of less than Rs. 25 lakhs and turnover not exceeding Rs. 40 lakhs. LLP is most ideal for Micro, Small and Medium enterprises and also for Startups.
What are the Documents required for LLP Registration in India
LLP Company Registration can be done easily with proper documents. Identity and address proof is required for all Partners of the LLP which tends to be incorporated. Below is the list of documents that are accepted by Ministry of Corporate Affairs for the Online LLP Registration.
Identity and Address Proof for All Partners
- Scanned copy of PAN Card
- Scanned copy of Voter’s ID/Passport/Driver’s License / Aadhar
- Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
- Scanned passport-sized photograph
For the foreign nationals, mandatorily apostiled copy of the passport and Address Proof like the latest bank statement/telephone or mobile bill/electricity or gas bill is required to be submitted, documents submitted should be valid. The Address proof documents like the bank statement or the electricity bill should not be older than 2 months.
Registered Office Proof
To prove existence of the registered office of business, a recent copy of electricity Bill / Gas Bill / Telephone Bill / Water Bill is required to be submitted along with Registration Application. Also we need to submit the consent of Person whose name is mentioned in electricity Bill / Gas Bill / Telephone Bill / Water Bill of office as a registered office of the LLP
Note: It is not compulsory that your Registered Office need not be a commercial space; it can be kept at your residence too.
What Steps Intella Legal will follow for LLP Company Registration?
Intella Legal’s is leading Business Consultant, offering Online, Quick and Cost Effective LLP Registration Service in Mumbai with following simple steps
- Guiding for Name of Your LLP
- Applying for Name Reservation with the ROC (Registrar of Companies)
- Drafting LLP Agreement
- Filing Registration Application with the ROC (Registrar of Companies)
- Register your Partners with ROC (Registrar of Companies)
- Getting Your LLP COI along with PAN and TAN
- Filing of LLP Agreement with ROC (Registrar of Companies)
What is Checklist for LLP Registration?
For Registering the LLP in India following Checklist needs to be followed
Minimum Two Designated Partner: A LLP must have atleast two Designated Partner and at maximum, there is no limit, at least one of them should be a resident of India.
Unique Name: The name of LLP must be unique. Your LLP name should not match with any existing registered companies or registered trademarks in India.
Minimum Capital Contribution: There is no prescribed minimum capital amount for a LLP registration. However it is advisable to keep a minimum amount for current account opening. A LLP can have an Capital of at least Rs. 5,000 or less.
Registered Office: The registered office of a LLP should be in existence. It is not compulsory to keep Commercial or owned Residential Space as registered office Even a rented Commercial space or home place can be kept as the registered office, so long as NoC is obtained from the landlord.
How to Choose Name for LLP Registration?
One of the primary and most important steps before submitting Name Application for LLP Company Registration is to ensure that the right LLP name and that name has not been already taken by another legal entity or resembling with any other company’s name / LLP’s name or business name. We can conduct LLP name search to check the availability of the particular name from the Ministry of Corporate Affairs and trademark Website and database.
We recommend our clients to think three to four alternative names so that we can check the best possibility of Name Approval during the Name Approval stage of LLP Registration. The Ministry of Corporate Affairs will be the final authority to approve the name based on the availability
What are the Steps for Online LLP Registration?
- Step 1: Application for DSC (Digital Signature Certificate).
- Step 2: Preparing and Filing of Name Application for the name availability.
- Step 3: Preparing and Filing of the Registration Application with Registration
- Step 4: Issued certificate of Registration by RoC along with DIN Numbers
- Step 5: Filing of LLP Agreement
- Step 6: Filing of PAN TAN Application
- Step 7 : Opening a current bank account of LLP name
Frequently Asked Questions For LLP Registration
What are the Requirements for LLP Company Registration ?
Below mentioned are the requirements to register a LLP
- At least 2 Designated Partners are required to Register LLP
- Minimum one Designated Partner of two shall be an Indian resident
- A Place where business needs to be registered must be provided.
- KYC Documents for Partner of LLP
How Much Time it takes to Register LLP ?
On an average, LLP are registered by Intella Legals in 7 to 10 days. The time would vary on a case to case basis, based on the time taken by You to submit the necessary documents and government processing time. We have registered LLP’s in the time frame of 4 -5 working days also.
Is there any minimum Capital requirement to Register a LLP ?
No. There is no requirement for minimum capital in LLP Registration.
What is Capital Contribution ?
Capital Contribution means the minimum amount which partners of LLP decides to deposit in LLP’s Bank Account before filing of Registration Application. Partners of LLP’S are Compulsory required to submit their Capital Contribution in LLP’s Account soon after getting Certificate of Registration from ministry.
Can I obtain LLP Registration at a my residential place ?
Yes, You can Register Your LLP at a commercial or a residential place by providing necessary proof like Electricity Bill / GAS Bill / Telephone Bill .
What is Registered Office ?
A Registered office is a place where communication, if any, from Government Department and other concerned authorities, can be received. The Registered Office Address is also displayed at the portal of Ministry of Corporate Affairs.
How Many Designated Partners can be there in LLP ?
A LLP can have minimum of 2 and maximum unlimited Designated Partners in LLP.
How Many Partners can be there in LLP ?
There is no Such limit on Minimum or Maximum Limit on number of Partners in LLP.
Can I be Designated Partner or Partner in LLP If I am already working somewhere ?
Yes, You can be a Designated Partner or Partner of a LLP even if you are already working. However, you must check that your employment agreement do not contain any restrictions for you to become a Designated Partner or Partner of any LLP.
What is Digital Signature Certificate (DSC) ?
Digital signature is just like your hand signature in electronic form. It is used in submitting necessary filings with Government Authorities.
What is LLP Agreement ?
LLP Agreements contains the details of the main and ancillary objects of the proposed LLP and It also contains the details of the rules, regulations and procedures for the routine conduct of the business of the proposed LLP. LLP Agreement also contains the details of the name of its Designated Partner or Partner of LLP
Which documents you require for LLP Company Registration in INDIA ?
For Registering a LLP we require Photo, PAN, Aadhar Card and Bank Statement of Partners, and we also require Electricity Bill / Gas Bill / Telephone Bill for Registered Office Proof
What are the statutory requirements to be fulfilled after Registration process is completed ?
Once LLP is registered, it must fulfill following requirements on priority:
- Open a Bank account of the LLP
- Deposit Capital as mentioned while submitting registration application
Whether Physical Presence of Designated Partner or Partner is required to Register a LLP ?
The whole process of LLP Registration is online. So, Individual Designated Partner or Partner is not required to go anywhere to register the LLP. You are required to send in your documents via email and fill up your Contact details to get it done.
Whether Audit is Compulsory ?
Statutory audit is not applicable for Limited Liability Partnership with capital contribution of less than Rs. 25 lakhs and turnover not exceeding Rs. 40 lakhs
For Further Questions Contact us