LLP Registration
What is LLP Registration?
LLP registration is an important step for a Limited liability partnership business looking to grow and expand. Limited liability partnership in India has become one of the most preferred forms of organization among entrepreneurs because it incorporates the benefits of a collaboration between firm and company in a single form of organization. The limited liability partnership concept was introduced in 2008. LLP has the features of both a partnership firm and a company. The little liability partnership Act 2008 regulates the LLP in India. To incorporate an LLP minimum of 2 partners is required, and there is no upper limit on the number of partners. There should be at least two designated partners who should be individuals, and at least one of them must be the Indian president.
They are directly responsible for the compliance of all the provisions mentioned under the LLP Act 2008.
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Advantages of LLP
LLP registration has impressive advantages, and some of them are mentioned here
Separate legal entity
The LLP hasn’t a separate legal entity, just like the companies. The LLP is different from its partners. The name can sue and also be sued in its name. The contracts are signed in the name of the LLP. It has to gain the trust of different stakeholders and give the customers and suppliers a sense of confidence in the business.
Limited liability of the partners
The partners involved should have limited liability on the liability of the partners limited today's contributions made by them. It means that they are liable to pay the number of contributions made and are not personally responsible for any laws in the business.
Low cost and less compiler
The cost of forming a limited liability partnership is low compared to incorporating a public or a private limited company. The compliances to be followed by the LLP are also minimum.
No requirement for minimum capital contribution
The LLP can be formed easily without any minimum capital, and there is no requirement of also minimum paid-up capital before starting the LLP
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Process of LLP registration
Get the digital signature certificates
You need to apply for the digital signature of the designated partners before initiating the process. All the documents for LLP are filed online and are required to be signed digitally
Apply for the director identification number
You need to apply for the director identification number for all the designated partners looking forward to becoming the designated partner of the company
Name approval
The limited liability partnership needs to reserve a unique name, and it is filed for the reservation of your proposed LLP. It would be processed by the central registration center featuring under non-spp.
Incorporation of the LLP
Form of incorporation of limited liability partnership will be used for the incorporation process, which shall be filed with the registrar who has the jurisdiction over the state in which the registered office of the LLP is located. You also need to pay the fees as per annexure A
File the limited liability partnership agreement
The LLP agreement will govern the mutual duties and rights among the partners and also between the LLP and partners.
Documents required for LLP registration
- Passport
- Aadhar card or voter ID
- Driving license
- Latest bank statement
- passport size photograph
- blank document featuring specimen signature.
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