LLP Registration, a prime reason why it has evolved is that of its simplicity in a formation and easy maintenance. It helps owners also to limit their liabilities. This is the biggest advantage of an Limited Liability Partnership over a traditional partnership firm.
Incorporating LLP company has both Limited Liability features of a Private Limited company and the flexibility of a Partnership firm. No partner is liable on account of unauthorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s misconduct. LLP form of organization is usually preferred by Professionals, Micro and Small businesses that are family owned or closely-held.
LLP registration procedure is the easiest and transparent process as it has a blend of the benefits of a company and partnership firm namely, limited liability feature of a company and the flexibility of a Partnership firm. Procedure of LLP registration is not lengthy as you can file your incorporation form online. Online LLP registration procedure will save you a lot of time and energy. LLP registration process includes following steps:
- Get a digital signature (DSC)
- Apply for Director Identification Number (DIN)
- Get the name of the company approved
- Incorporation of LLP
- File ‘Limited Liability Partnership Agreement’
Government Fees / Cost for LLP registration:
For registration of Limited Liability Partnership, government fees are as below. Note that there are additional costs such as DIN application fees, stamp duties, LLP form filing fees as well:
Limited Liability Partnership whose contribution does not exceed Rs. 1 lakh Rs. 500/-
Limited Liability Partnership whose contribution exceeds Rs. 1 lakh but does not exceed Rs. 5 lakhs Rs. 2000/-
Limited Liability Partnership whose contribution exceeds Rs. 5 lakhs but does not exceed Rs. 10 lakhs Rs. 4000/-
Limited Liability Partnership whose contribution exceeds Rs. 10 lakh Rs. 5000/-
However, it may vary according to the stamp duties of respective states.
Every LLP is required to have at least two Designated Partners who shall be individuals and at least one of them shall be a resident of India. The mutual rights and duties of partners shall be governed by the agreement between LLP and the partners. This Agreement would be known as “LLP Agreement”.
Gstup.com is an eminent business platform and a progressive concept, which helps end-to-end incorporation, Secretarial compliance, Startup advisory, and management consultancy services to clients in India and abroad. Incorporating a Limited Liability Partnership is completely online, easy, seamless, cheapest and quickest with Gstup.com. Also file your LLP Annual filing with Gstup.com!
- Photograph of all the Directors
- PAN Card of all the Directors
- ID Proof of the Directors (Driving License/Passport/Voter ID)
- Electricity Bill or any other utility bill for the address proof of the Registered Office.
Can an existing partnership firm be converted to LLP?
Yes, an existing partnership firm can be converted into LLP by complying with the Provisions of the LLP Act.
Can an existing company be converted to LLP?
Yes, any existing private company or existing unlisted public company can be converted into LLP by complying with the Provisions of the LLP Act.
Can LLP give any other address (besides its registered office) for the purpose of receiving communication from Registrar?
LLP shall have an option to declare one more address within the jurisdiction of same ROC (other than the registered office) for getting statutory notices/letters etc. from Registrar.
What is the basic difference between a Limited Liability Partnership and a General Partnership?
A Limited Liability Partnership is a legal entity separate from its partners and therefore, offers limited liability to its partners whereby any debts and obligations of the LLP will be borne by the assets of the LLP. In the case of a conventional partnership, the partners are jointly and severally liable for each debt and obligation of the partnership firm.
How can a person become a partner of an LLP?
Persons, who subscribed to the “Incorporation Document” at the time of incorporation of LLP, shall be partners of LLP. Subsequent to incorporation, new partners can be admitted to the LLP as per conditions and requirements of LLP Agreement.
Whether any Annual Return would be required to be filed by an LLP?
Every LLP would be required to file Annual Return with ROC. A duly authenticated Annual Return in e- Form-11, is to be filed with the Registrar, together with the prescribed fee, within a period of 60 days from the closure of every financial year.
Have some queries?
ur expert will help you in choosing the best suitable plan for you. Get in touch with our team to get all your queries resolved. Write to us at email@example.com or call us toll free @1800 890 1716. You can whatsapp us on +91.7388 147 521
What are the documents required to be filed by a LLP annually?
LLP is required to file LLP annual returns as follows: LLP Form 8 (Statement of Account & Solvency) and LLP Form 11 (Annual Return) annually. The ‘Annual Return’ is required to be filed within 60 days of close of the financial year and ‘Statement of Accounts & Solvency’ shall be filed within 30 days from the end of six months of the financial year to which it relates. Every LLP has to maintain uniform financial year ending on 31st March of a year