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Limited Liability Partnership

Limited Liability Partnership (LLP) was launched in India in 2008 by way of the Limited Liability Partnership Act. The fundamental reason behind the launching of Limited Liability Partnership (LLP) to give a Perfect business structure for Small and Medium-sized business houses going for Partnership.

It restricts the liabilities of its partners to their contributions to the business and furthermore offers each partner security from the negligence, wrongdoings or inadequacy of different partners.

Since, its launch in 2010, LLPs have been generally welcomed with more than one lakhs registration in India India.

LLP is perhaps the most effortless sort of organization to incorporate and oversee in India. With a simple procedure and simple compliance formalities, LLPs are favored by Experts, Smaller scale and Independent companies that are family-possessed or intently held.

Requirements For Limited Liability Partnership Registration

No Minimum Capital

Invest as per the needs of your business and there is no minimum capital requirement in a Limited Liability Paartnership. However the capital commitment has to be deposited in the bank account of the company. Normally people start with a minimum capital of INR. 10,000/-

Resident Partners

It is vital that at least one of the designated partners of the LLP is an Indian resident.A person is considered resident in India if his/her stay in India was for at least 182 days during the previous financial year. Stay can be at a stretch or in phases. Citizenship of the individual is immaterial.

Minimum Two Promoters

A LLP have minimum two people who act as ‘designated partners’ of the LLP. There is no limit on the maximum number of partners.

Name of the LLP

The name of the proposed company should not resemble any existing company or LLP. Further, the same should not match with any registered or applied trademark in India

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Difference between LLP & Partnership

Cost Authority Limited Liability Protection Number of Partners
The cost for registration of LLP is normally higher than the cost for registration of a partnership firm. LLPs are registered in India under the Ministry of Corporate Affairs, Central Government. Partnership firms are registered with the Registrar of Firms, Controlled by the respective State Government in which the firm is registered. The main advantage of a Limited Liability Partnership over a traditional partnership firm is that in a LLP, one partner is not responsible or liable for another partner's misconduct or negligence. A LLP also provides limited liability protection for the owners from the debts of the LLP. However, unlike private limited company shareholder, the partners of an LLP have the right to manage the business directly. LLPs and Partnership Firms must have a minimum of two partners to be registered. Post incorporation, a LLP can have unlimited partners. In case of a Partnership Firm, if the number of partners at any time reduces below the mandatory minimum of 2 due to death, incapacitation or resignation of a Partner, the partnership firm would stand dissolved. On the other hand, in case of a LLP, if the number of Partners reduces below 2, the sole Partner can still find a new Partner to fill the position without dissolution of the LLP.

Procedure for A Limited Liability Partnership Registration
  • Applying digital signatures & DIN of all promoters.
  • Obtaining name approval of the LLP.
  • Filing incorporation along with PAN and TAN.
  • Follow up with registrar of companies (ROC).
  • LLP is ready with COI, PAN & TAN.
  • Filing LLP Agreement.
Documents/ Details Required for GST Registration

FOR PROMOTERS

  • Color Photographs
  • PAN Card
  • Identity Proof (Aadhar Card/ Voter ID / Driving License/ Passport)
  • Address Proof (Bank Statement / Electricity, Mobile, Telephone Bill)

FOR REGISTERED OFFICE

  • Any utility bill as Proof of Registered Address
  • NOC From the owner of the premises

Note: LLP Agreement is required to be made, format of which will be shared once name approval of the company is received.

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frequently asked questions
Limited Liability means that the partners are not personally liable to pay debts of the LLP.
A person who is 18+ years of age and has a valid PAN card can become a partner in LLP. Even organisations/ foreigners/ NRIs can become a partner in LLP.
Foreign Direct Investment is permitted in a limited liability partnership in India but with limitations and conditions. One need to consult his advisor/ chartered accountant to know the case about his particular buisness.
  1. Opening bank account of the company
  2. Appointment of statutory auditors
  3. Deposition of capital contribution
Director Identification Number (DIN) is a unique identification number required for a person to become Partner of LLP. DIN is issued by ROC office (Ministry of Corporate Affairs) It is similar to a PAN Card number.DIN is to be mentioned in documents while appointing a person as a Partner of an LLP.
LLP Agreement is byelaws or rules based on which important matters like main business of the LLP, capital or meetings is decided. This is a standard legal document prepared by Company Secretaries during registration of LLP.
Yes, LLP office address can be changed anytime after incorporation.
For any Enquiry +91-9354762407

Why choose Raheja Professionals

Raheja Professionals believe that the timely compliance is the essence of the present corporate world. We start our preparation as soon as we receive the necessary documents from the Clients.

‘WORK IS WORSHIP’ is our moto. Hence we provide quality services at reasonable prices. We never compromise in terms of compliances of different laws. We protect our Clients from future legal hardships.

Raheja Professionals is a group of experienced professionals having more than 5 years of experience. Our group comprises of Chartered Accountants, Company Secretaries, Lawyers etc.

Raheja Professionals provide different services in relation to Accounting and Book Keeping, Company Law Matters, GST etc. One can avail all services in relation to his business at one place.

SERVICES AT GLANCE

  • Company Registration
  • Trademark & IPR Services
  • ROC Filing
  • GST Registration
  • ISO & MSME Services
  • Accounting Services
  • Import Export Code
  • Tax Consultancy Services