Limited Liability Partnership (LLP) Registration Starting from ₹299/-
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Limited Liability Partnership
A private limited company is a business entity offering limited owner liability. It is apt for a small number of shareholders and allows up to 200 members along with flexibility in shares and shareholdings.
One of the most highly recommended methods for starting a business in India is to establish a private limited company, which provides its shareholders with limited liability while imposing certain ownership restrictions. When it is LLP, the partners will manage it. On the other hand, a private limited company registration allows for directors and shareholders to be separate entities.
As your dependable legal advisor, CASUMITYADAV offers a cost-efficient service for registering your company in India. We handle all legal procedures and ensure compliance with the regulations set forth by the Ministry of Corporate Affairs (MCA). Upon successful completion of the pvt Ltd company registration process, we provide you with an Incorporation certificate (CoI), as well as PAN and TAN documents. With these in hand, you can easily establish a current bank account and commence your business operations.
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What you’ll get
Consultation with our Incorporation expertYour company name is reserved in just 2 – 4 daysWhat you’ll get
Dedicated account managerExpert assisted processYour company name is reserved in just 2 – 4 daysDSC in just 4 – 7 daysLLP Incorporation form filing done in 7 days*LLP Incorporation CertificateLLP agreement form filing done in 14 days(Post Incorporation)Company PAN+TANDIN for directorsGST RegistrationITR FilingsDIR-3 E-KYC filingWhat you’ll get
Expert assisted processYour company name is reserved in just 2 – 4 daysDSC in just 4 – 7 daysLLP Incorporation form filing done in 7 days*LLP Incorporation CertificateLLP agreement form filing done in 14 days(Post Incorporation)Company PAN+TANDIN for directorsBenefits of LLP
The Benefits of Registering Your Company are:
LLP is a Body of Corporate
LLP is a corporate body established and registered under the Act. It exists as a distinct legal entity separate from its partners.
Investigation
The Central Government holds the power to investigate the affairs of an LLP. They can appoint a competent authority for this purpose.
LLP Agreement
The LLP Agreement is a contract agreed upon by all partners, outlining their rights and duties. Partners have the freedom to create the agreement according to their preferences.
Business for Profit Only
LLPs are specifically formed to conduct lawful business to earn a profit. They cannot be established for charitable or non-profit purposes.
Steps For LLP Registration Process in India
Expertise in LLP Registration
Step 1
Talk to Expert
Step 2
Share your Documents
Step 3
Obtain Certificate of Incorporation for your Company
Pre-requisites for Incorporating an LLP
- Minimum two partners allowed (Individual or body corporate)
- At least two designated partners are required, with one being an Indian resident
- A digital signature certificate needed
- Mandatory to have an LLP name
- An LLP agreement is essential
- A registered office must be established.
Stages of Incorporation of LLP
Procure Digital Signature Certificate
To file online forms with the MCA, applicants and partners of the LLP need a Digital Signature Certificate (DSC) with a validity of 2 years PAN CARD
Reserve LLP Name
- The new process for reserving a unique name for an LLP involves using the web form ‘RUN-LLP’ (Reserve Unique Name – Limited Liability Partnership)
- This simplified form replaces the old LLP Form 1 and requires basic details and the significance of the desired name
- Applicants can provide up to 2 names in order of preference, ensuring compliance with applicable provisions for name reservation
- If none of the names provided are approved, there is an opportunity to apply for two more names
- The government fees for the RUN form follow the Register Office Fees Rules
- DSC (Digital Signature Certificate) and DIN (Director Identification Number) are not required for filing the RUN form, but having an MCA portal account is mandatory
- Once the name is allotted for the LLP, it is reserved for 90 days from the date of approval.
LLP Incorporation and DIN Application
LLP Incorporation Application with FiLLiP
The new LLP incorporation application process brings a significant change with the introduction of FiLLiP (Form for incorporation of Limited Liability Partnership). This updated form streamlines the process and offers the integration of the DIN Allotment Application with the incorporation application.
Here are the key points to know about this application:
DPIN/DIN Application
- Up to 2 Designated Partners (DPs) can apply for DPIN/DIN through this application
- Additional DPs without DIN can be added later through respective filings.
Optional Name Reservation
- The application allows for optional name reservations, which can be done either through LLP-RUN or this form
Document Submission
- The application requires the submission of necessary documents, including the subscriber’s sheet and proof of the registered office address
Attestation and Certification
- Partners need to attest the e-form using a PAN-based DSC (Digital Signature Certificate).
- The form must be certified by a practising professional (CA/CS/CWA).
Application Processing
- The Central Registration Centre (CRC) processes the application for approval.If required, the registrar may ask for further documents or information, with a maximum resubmission period of 20 days.
Certificate of Incorporation (CoI)
- The Certificate of Incorporation (CoI) in Form 16 is issued upon approval
- DPIN/DIN is also provided for the Designated Partners
- The CoI contains the LLP Identification Number (LLPIN), marking the official date of LLP incorporation
Commencing Business
- With the Certificate of Incorporation in hand, the LLP can legally commence its business under its registered name.
Drafting and Filing LLP Agreement
The next crucial step in the LLP incorporation process involves carefully crafting the LLP Agreement to meet the partners’ specific requirements. This agreement serves as the foundational document of the LLP and outlines key aspects of the business.
Here are the essential details included in the LLP Agreement:
- LLP’s Name: The agreement specifies the chosen name of the LLP, ensuring it aligns with the approved name reserved during the earlier stage of the process.
- Partners and Designated Partners’ Details: The agreement includes the names and addresses of all partners and designated partners involved in the LLP.
- Business Objectives: The objectives and scope of the LLP’s business activities are clearly defined in the agreement.
- Place of Business: The physical location of the LLP’s registered office and any additional places of business are documented.
- Contribution and Interest on Contribution: The agreement outlines the capital contributions made by partners and the corresponding interest on those contributions.
- Profit Sharing Ratio: The distribution of profits among partners is stated, highlighting the agreed-upon profit-sharing ratio.
- Rights and Duties of Partners: The agreement delineates the rights and responsibilities of partners in various scenarios, such as admission, resignation, retirement, etc.
- Proposed Business: A detailed description of the proposed business activities and operations of the LLP is provided.
- LLP Governance Rules: The internal governance structure and decision-making processes within the LLP are outlined in the agreement.
Execution of the LLP Agreement
Once the LLP Agreement is meticulously drafted, it undergoes a thorough review and agreement among all partners. Once consensus is reached, the agreement moves to the execution stage, involving the following steps:
- Payment of Stamp Duty: The LLP Agreement attracts a stamp duty, which must be paid in accordance with the applicable state laws.
- Signing by Partners: All partners involved in the LLP must sign the agreement, indicating their acceptance and commitment to its terms.
- Attestation by Witnesses: The signed LLP Agreement is attested by witnesses, validating the authenticity of the signatures and the document.
Once all partners thoroughly review and agree upon the LLP Agreement, it will be executed by paying the necessary stamp duty. The amount of stamp duty required will be determined by the respective State Stamp Act of the location where the registered office of the LLP is situated. After the payment of stamp duty, the agreement will be formally executed with the signatures of the partners and attestation by witnesses.
LLP Agreement Format
LIMITED LIABILITY PARTNERSHIP AGREEMENT
Name of Partner 1 (the ‘First Partner’):
Address: [Address]
Capital Contribution: [Amount or Description]
Profit-Sharing Ratio: [Percentage]
Name of Partner 2 (the ‘Second Partner’):
Address: [Address]
Capital Contribution: [Amount or Description]
Profit-Sharing Ratio: [Percentage]
[Add more partner sections if there are additional partners]
1. NAME AND ADDRESS OF THE LLP:
The name of this Limited Liability Partnership shall be [LLP Name], and its registered office address shall be [Address].
2.NATURE OF BUSINESS:
The LLP shall engage in the business of [Describe the nature of the business activities].
3. DURATION OF THE LLP:
This LLP shall exist indefinitely unless dissolved by the mutual agreement of the partners or as otherwise provided by law.
4.CAPITAL CONTRIBUTIONS:
Each partner’s initial capital contribution and any additional contributions shall be as specified above. Capital contributions shall be made in cash or as otherwise agreed upon by the partners.
5. PROFIT AND LOSS SHARING:
Profits and losses of the LLP shall be allocated among the partners based on their profit-sharing ratios as specified above.
6. MANAGEMENT AND DECISION-MAKING:
The management of the LLP shall be vested in the partners. Major decisions shall require a unanimous vote of all partners, except as otherwise specified in this Agreement.
7. MEETINGS AND VOTING:
Regular meetings of the partners shall be held [Specify frequency]. Notice of meetings shall be provided [Specify notice period]. Voting shall be based on the profit-sharing ratios unless otherwise agreed.
8. WITHDRAWAL OR RESIGNATION:
A partner may withdraw or resign from the LLP by providing [Specify notice period] written notice to the other partners. The treatment of the withdrawing partner’s capital shall be determined as per the agreement.
9. ADMISSION OF NEW PARTNERS:
New partners may be admitted with the unanimous consent of the existing partners, subject to negotiation of their capital contribution and profit-sharing ratio
10. DISSOLUTION AND WINDING UP:
The LLP may be dissolved by a unanimous vote of the partners or as otherwise provided by law. Upon dissolution, the winding-up of affairs shall be conducted in accordance with applicable legal requirements.
11. GOVERNING LAW:
This Agreement shall be governed by and construed in accordance with the laws of [Jurisdiction].
12. AMENDMENT OF THE AGREEMENT:
This Agreement may be amended by written agreement of all partners.IN WITNESS WHEREOF, the partners hereto have executed this Agreement as of the date first above written.
Important Forms in LLP Registration
| Description | e-Form with Instruction kit | e-Form |
|---|---|---|
| Application for reservation or change of name | Form 1 | Form 1 |
| Incorporation document and subscriber’s statement | Form 2 | Form 2 |
| Details in respect of designated partners and partners of Limited Liability Partnership | Form 2A | Form 2A |
| Information with regard to limited liability partnership agreement and changes, if any, made therein | Form 3 | Form 3 |
| Notice of appointment, cessation, change in name/address/designation of a designated partner or partner, and consent to become a partner/designated partner | Form 4 | Form 4 |
| Notice for change of name | Form 5 | Form 5 |
| Annual Return of Limited Liability Partnership (LLP) | Form 11 | Form 11 |
| Notice for change of place of registered office | Form 17 | Form 17 |
| Application and Statement for conversion of a private company/unlisted public company into limited liability partnership (LLP) | Form 18 | Form 18 |
| Application for direction to Limited Liability Partnership (LLP) to change its name to the Registrar | Form 23 | Form 23 |
| Application for reservation/renewal of name by a Foreign Limited Liability Partnership (FLLP) or Foreign Company | Form 25 | Form 25 |
| Return of alteration in the incorporation document or other instrument constituting or defining the constitution; or the registered or principal office; or the partner or designated partner of limited liability partnership incorporated or registered outside India | Form 28 | Form 28 |
| Application for compounding of an offence under the Act | Form 31 | Form 31 |
| Form for filing addendum for rectification of defects or incompleteness | Form 32 | Form 32 |
Highlights
- The agreement must be submitted to the Ministry of Corporate Affairs (MCA) within 30 days from the date of incorporation. Failure to do so will result in a penalty of Rs. 100 per day until the actual filing date.
- The filing is done using LLP form-3, which remains the same as in the previous process. The verification and approval are now processed by the concerned State Registrar of Companies (ROC) instead of the Central Registration Centre (CRC).
- The name allotted under LLP-RUN will be reserved for a duration of 90 days. If the LLP registration application (FiLLiP) is not filed within this period, the name reservation will expire and can be reserved again through a new application.
- FiLLiP allows for the allocation of only 2 DPIN/DIN (Designated Partner Identification Number). If there are more than 2 designated partners, the additional partners will need to obtain DPIN/DIN by filing DIR-3 after the incorporation process. Subsequently, the LLP can add new designated partners or change the designation of partners as required.
- The certificate of incorporation serves as conclusive evidence that the limited liability partnership is incorporated under the specified name.
- The Registrar of Companies (ROC) assigns a unique Limited Liability Partnership Identification Number (LLPIN) to every registered LLP.
LLP need to file a tax return?
Yes, LLPs are required to file their annual income tax return irrespective of profit or loss. The LLP’s income tax return (ITR) must be filed electronically using the prescribed forms and within the due dates specified by the tax authorities.
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FAQs
The LLP Agreement is a legal document that outlines the rights, responsibilities, and obligations of partners in a Limited Liability Partnership (LLP). It governs the internal operations, profit sharing, decision-making, and dispute resolution within the LLP.
The income tax rate for an LLP is 30% of the total income. Additionally, a surcharge and health and education cess may apply based on the LLP's annual income and the prevailing tax regulations.
LLP compliance under the Companies Act of 2013 refers to the statutory obligations that LLPs must fulfil. This includes filing annual returns, maintaining proper books of accounts, conducting audits, complying with tax regulations, and adhering to other legal requirements.
A partner can be removed from an LLP by following the procedures specified in the LLP Agreement. Generally, this involves obtaining the consent of other partners, executing necessary documentation, updating the LLP agreement, and notifying the concerned authorities.
The LLP registration fee varies based on the authorised capital of the LLP. It is advisable to check the latest regulations or consult our legal experts.
LLP Registration Online is done with the Registrar of Companies (ROC) in the respective state. The registration process is simplified through Sumit Yadav & Co. It involves filing the necessary documents, including LLP incorporation forms.
LLPs are treated as separate legal entities for tax purposes. The LLP itself is not taxed, but its partners are individually taxed on their share of profits from the LLP. The tax liability of partners depends on their personal income tax slab rates.
An LLC is a business entity that combines the features of a corporation and a partnership. It is privately owned and managed by its directors. On the other hand, an LLP is a partnership where the liability of the participants is limited to the amount they invest in the business. In an LLP, the directors are also the owners of the firm.