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LLP Registration in India

Setting up a Limited Liability Partnership (LLP) in India is a breeze with bmcsindia. Our efficient online registration process, guided by expert professionals, ensures a smooth and affordable experience. Benefit from the amalgamation of partnership dynamics and limited liability, empowering entrepreneurs to innovate with confidence. Many businesses trust us to ensure they adhere to the regulations. Secure a prosperous business future by reaching out to us today – the quickest and most cost-effective way to register your LLP. Start now and pave the way for success with LLP registration through bmcsindia.

What is an LLP?

The Limited Liability Partnership (LLP) is a distinctive business structure that fuses the characteristics of both partnerships and companies. In an LLP, partners benefit from limited liability akin to company shareholders while relishing the ease and flexibility of a partnership. This unique setup grants the LLP a distinct legal identity, enabling it to take legal actions and face legal consequences independently of its partners. LLPs have gained favor among entrepreneurs across diverse sectors due to their asset protection and simplified regulatory obligations compared to traditional corporations. Introduced in India in 2008, the LLP framework is governed by the Limited Liability Partnership Act, offering a reliable and versatile choice for businesses of all sizes.

LLP Registration Prerequisites and Eligibility Conditions

To qualify for the registration of an LLP company in India, you must adhere to the subsequent criteria:

Minimum of Two Partners: Establishing a Limited Liability Partnership in India necessitates a minimum of two partners, with no upper threshold on the maximum number of partners.
Designated Partners: Within the partnership framework, at least two selected partners are obligatory, and they must be natural individuals. At least one of these designated partners must also maintain residency in India.
Nomination for Body Corporate Partner If a body corporate assumes the role of a partner, the designation of a natural person must act as its representative.
Agreed Contribution: Each partner is required to contribute the shared capital of the LLP, as stipulated and agreed upon.
Minimum Authorized Capital: The LLP is mandated to possess an authorized capital of at least Rs.1 lakh.
Indian Resident Designated Partner: At least one designated partner of the LLP must hold a resident status in India. By satisfying these prerequisites, you can progress with the registration of an LLP in India and avail the advantages bestowed by this business structure.

By satisfying these prerequisites, you can progress with the registration of an LLP in India and avail the advantages bestowed by this business structure.

Characteristics of LLP

Legal Identity: Like big companies, an LLP has a separate legal identity. This means it's seen as its own "person" regarding rights and responsibilities, separate from those who own it.
At Least Two Partners: An LLP needs at least two people to start it. This teamwork helps in setting up the business and working together.
No Partner Limit: Unlike some other businesses, there's no highest number of partners an LLP can have. This makes it easy to grow and bring in more partners.
Two Designated Partners: An LLP has to have at least two "main" partners. These people must be real individuals, and at least one should live in India.
Limited Responsibility: One big plus of an LLP is that if something goes wrong, each partner is only responsible for what they put in. So, personal things are safe from business problems.
Cost-Effective Start: Starting an LLP costs less than setting up a big company. This makes it a great option for smaller businesses.
Less Rules to Follow: LLPs don't have to follow as many rules and regulations as big companies. This means less paperwork and less to worry about.
No Minimum Money Needed: Unlike big companies, you don't need a certain amount to start an LLP. Partners can invest what they can afford.

Advantages of LLP

The advantages of a Limited Liability Partnership (LLP) are elaborated in detail below:

Own Legal Identity: An LLP is like its own person, just like big companies. This helps people trust and work with it, as it can do legal things independently.
Less Risk for Partners: LLP partners are only responsible for what they put in. They don't have to pay for all the debts or losses, which is good for their reputation.
Saves Money and Time: Starting an LLP costs less and has fewer rules than big companies. There's less paperwork to do every year.
No Fixed Money Needed: You don't need much money to start an LLP. Partners can put in whatever amount they want.

Disadvantages of LLP

Selecting a partnership firm structure should be a deliberate decision that takes into account the advantages and disadvantages, considering your unique business objectives and circumstances. It’s important to weigh the pros and cons to determine if a partnership is the right fit for your specific needs and future aspirations.

Getting in Trouble for Not Following Rules: Even though LLPs have fewer rules, they can get big fines if they don't follow them on time. Even if an LLP doesn't do anything in a year, it still needs to tell the government or get fined.
Ending an LLP: An LLP needs at least two partners. It must stop if it has fewer than two partners for six months. Also, it might have to close if it can't pay its debts.
Hard to Get Big Money: LLPs don't work like big companies where people invest money and become owners. This makes it tricky to get a lot of money from investors.

LLP Name Structure

Select an exclusive name that sets you apart from others in the business arena. Opt for terms that succinctly convey your business's nature. This not only facilitates approval but also clarifies your offerings to potential customers.
Conclude your LLP name with "LLP" or "Limited Liability Partnership" to highlight your business structure and ensure regulatory compliance. This distinction reinforces your commitment to transparency and legal adherence.

Documents Required for LLP Registration

To initiate the registration process for an LLP, partners are required to furnish the following documents:

PAN Card/ID Proof of Partners: Address Proof of Partners: Partners can submit the following documents: Voter's ID, Passport, Driver's License, or Aadhar Card.
Residence Proof of Partners: Partners need to provide recent documents such as a bank statement, telephone bill, mobile bill, electricity bill, or gas bill from the last 2-3 months.
Passport-size Photograph: Partners should provide a passport-size photograph with a white background.
For Foreign Nationals and NRIs: Foreign nationals and NRIs intending to partner in an Indian LLP should submit their passport. Additionally, proof of address, such as a driving license, bank statement, residence card, or any government-issued identity proof containing the address, is required.
Proof of Registered Office Address: This includes the landlord's rent agreement and a no-objection certificate if the office space is rented. A recent utility bill (gas, electricity, or telephone) with the complete address and owner's name (dated two months or older) should also be submitted.
Digital Signature Certificate (DSC): At least one designated partner must have a DSC for digitally signing documents.

Procedure for LLP Registration

The process of incorporating an LLP involves several key steps. Here is a comprehensive guide to incorporating your LLP:

Obtain a Digital Signature Certificate (DSC)

For seamless government filings, every LLP partner needs a Digital Signature Certificate (DSC), ensuring compliance with digital signature requirements.

Obtain Director Identification Number (DIN)

Individuals without a DIN must apply for one, as it's a distinct identification number for those aspiring to lead in LLPs.

Choose a Name for the LLP

Choose an exclusive and fitting name for your LLP, in accordance with Ministry of Corporate Affairs' stipulations, ensuring a distinctive identity.

Form for Incorporation of LLP (FiLLiP)

This form gathers crucial details regarding the prospective LLP, its partners, the LLP agreement, and the registered office address. It also encompasses a partner's declaration affirming their commitment to serving as designated partners and abiding by LLP regulations.

Draft LLP Agreement:

Draft the LLP Agreement delineating partner rights, responsibilities, and commitments. This legally binding document requires notarization and timely submission to the Ministry of Corporate Affairs within 30 days of incorporation.

Obtain a Certificate of Incorporation

Once forms and documents are filed and verified, the Registrar of Companies (RoC) will issue the Certificate of Incorporation, officially recognizing the LLP's existence.

Apply for PAN and TAN

To fulfill tax-related requirements, it is crucial to apply for a Permanent Account Number (PAN) and a Tax Deduction and Collection Account Number (TAN) from the Income Tax Department. These numbers play a vital role in various tax-related matters for your partnership firm.

Effortless LLP Registration Made Possible with BmcsIndia

Count on BmcsIndia as your reliable partner on your LLP registration voyage.
Here's how we can support you:

Experienced Professionals: Our skilled team knows the ins and outs of LLP registration. We'll provide you with accurate information, ensuring you grasp each step.
Name Availability: We'll help you check if your desired LLP name is available and reserve it according to the rules.
DSCs and DINs: We'll assist you in getting Digital Signature Certificates (DSCs) and Director Identification Numbers (DINs) – necessary for the process.
LLP Agreement: Our experts will aid in drafting the LLP Agreement, ensuring it's legally sound. We'll also manage to file the required documents with the authorities, keeping things accurate and compliant.
PAN and TAN Application: We'll simplify the application process for your LLP's Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN).
Customer Support: We're here for you. Our customer support will address your questions, ensuring your journey is seamless.
Timely Updates: You'll receive timely updates on your LLP registration progress, keeping you informed every step of the way.

Partner with BMCSIndia for expert guidance on seamless LLP registration, guaranteeing a smooth journey from inception to completion.

Your success is our utmost priority!

Proprietorship vs Limited Liability Partnership (LLP) vs Company

Features	Proprietorship	Partnership	LLP	Company
Definition	Unregistered type of business entity managed by one single person	A formal agreement between two or more parties to manage and operate a business	A Limited Liability Partnership is a hybrid combination having features similar to a partnership firm and liabilities similar to a company.	Registered type of entity with limited liability to the owners and shareholders
Ownership	Sole Ownership	Min 2 Partners Max 50 Partners	Designated Partners	Min 2 Directors Min 2 Shareholders Max 15 Directors Max 200 Shareholders For One Person Company 1 Director 1 Nominee Director
Registration Time	7-9 working days
Promoter Liability	Unlimited Liability		Limited Liability
Documentation	MSME GST Registration	Partnership Deed	LLP Deed Incorporation Certificate	MOA AOA Incorporation Certificate
Governance	–	Under Partnership Act	LLP Act, 2008	Under Companies Act,2013
Transferability	Non Transferable	Transferable if registered under ROF	Transferable
Compliance Requirements	Income tax filing if turnover is more than Rs.2.5 lakhs	ITR 5	Form 11 Form 8 ITR 5	ITR 6 MCA filing Auditor’sappointment Know More

Frequently Asked Questions

BMCS India offers comprehensive business consultancy services, including strategy development, market research and analysis, financial advisory, operational optimization, and organizational transformation. We provide customized solutions to help businesses address challenges and achieve their growth objectives.

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To get started with BMCS India, simply reach out to us through our contact information on our website. We will be glad to schedule an initial consultation to understand your business requirements and discuss how our services can benefit you. From there, we will work together to develop a tailored plan to drive your business success.