Limited Liability Partnership
Online Registration for Limited Liability Partnerships – An Overview
Positive aspects of a Limited Liability Partnership
Here are the top four justifications why LLP is a popular business structure:
Limited Liability
An LLP's members are only partially responsible for the company's debt. The partners' personal assets won't be considered in the event of insolvency. On the other hand, proprietorships and partnerships will have their partners' and directors' personal assets frozen if the business declares bankruptcy.
Separate Legal Entity
The partners who make up an LLP are not related to one another legally. It has an unbroken existence and eternal succession, meaning that even if the partners part ways, the company will continue to operate. For the firm to dissolve, the terms of dissolution must be jointly agreed upon.
Flexible Agreement
An LLP's ownership can be easily transferred as well.
It is simple to add someone as a designated partner, at which point ownership is given to them.
Appropriate for Small Businesses
LLPs with capital under Rs. 25 lakhs and annual revenue under Rs. 40 lakhs are exempt from formal audit requirements.
As a result, LLP registration is advantageous for new and small firms.
Eligibility Requirements
One must fulfil the following requirements in order to be qualified for LLP company registration in India:An LLP must have a minimum of two partners (no upper limit)
To represent a body corporate that is a partner, a natural person must be chosen.
Each partner must agree to contribute a certain amount to the joint capital.
LLP must have at least one lakh in authorised capital.
Indian residents should make up at least one of the selected partners.
Documents Needed to Register an LLP
The LLP registration shown below
Documents Needed to Register an LLP
The following documents must be provided by the partners:
Passport or PAN card (foreign nationals or NRIs)
Voter ID, passport, driver's licence, and Aadhar card
Recent bank statement, phone, mobile, power, and gas bills
photo the size of a passport
Document in blank form with sample signature.
The first three documents must be self-attested by one partner.
All documentation for NRIs or foreign nationals must be apostilled or notarized (if they are currently in India or another country that is not a member of the Commonwealth) (if from a commonwealth country).
How to Use Actolegal to Register an LLP Online
Actolegal provides online LLP registration services.
Although we simplify the 3-step LLP registration procedure for you, the actual registration process is complex and is described below for your knowledge:
Step 1: Obtaining DSC And DIN
The directors' DSC is required for submission of any online forms.
Consequently, obtaining DSCs and DINs for two partners is the first stage in the process.
We obtain the essential data from you and submit the paperwork on your behalf.
Step 2: Application For Name Approval
Simultaneously, we check if the name you want to register under is available and reserve it for your LLP. You can check for name availability in the MCA portal.
The approval of the name will be made by the registrar only if the central government does not deem it undesirable. The name should not hold any resemblance to any of the existing partnership firms, LLPs, trademarks, or body corporates.
Step 3: LLP Agreement
The next step is to draft the LLP agreement and other documents for registration. An LLP agreement is very crucial in a limited liability partnership as it determines the mutual rights and duties amongst the partners, and between the LLP and the partners. Thus, our experts take utmost care in drafting this agreement.
The partners enter into the LLP agreement upon registering the LLP by filing Form 3 online on the MCA portal. This procedure has to be done within 30 days of the date of incorporation.
Step 4: LLP Incorporation Certificate
Our team will file the necessary forms and documents with the registrar. Once the registrar approves all the forms and documents, you get your LLP incorporation certificate and are almost set for running your business.
Step 5: Apply for Your PAN, TAN, & Bank Account
As soon as you get the incorporation certificate, we will apply for the PAN, TAN, and bank account for your LLP.
The following are included in ACTOLEGAL LLP Registration in India package:
- DSCs for 3 directors
- DINs for 3 directors
- Drafting of Memorandum of Association (MOA) and Articles of Association (AOA)
- Drafting partnership agreement
- Registration fees and stamp duty
- Company incorporation certificate
- PAN and TAN registration.
We also assist with the following to register a LLP company in india:
- A first free consultation, followed by subsequent support to clear every concern you may face
- Complete support on opening a current bank account
- Comprehensive and on-time updates on ROC compliances
- Online accounting software valid for one year
- A master file that contains all the documentation needed to file the incorporation
- You will also get a zero balance current account - powered by DBS bank.
Why ACTOLEGAL?
- Our package covers everything you need for LLP incorporation online and get it business-ready
- Our experts are up to date with the laws and have helped businesses like you register their limited liability partnership in India
- You can do all the tasks for registering your LLP through a simple and easy-to-use personalised dashboard. It is completely online and can be accessed through a desktop or the Actolegal app on your mobile phone
- You’ll have your LLP incorporation certificate in 20 days
- Our support team is available to answer any questions you may have regarding the procedure for LLP registration.
FAQ about Limited-Liability-Partnership
