The most important benefit of an LLP is the limited liability on the members. By registering as an LLP, the members are liable only for a small amount of debt incurred by it and the personal assets of directors and partners stays protected if the business becomes bankrupt.
Limited Liability Partnership
Governed by LLP Act 2008, Limited Liability Partnership is a hybrid structure that combines the benefits of a partnership with that of a limited liability company. Being one of the easiest forms of business to incorporate and manage in India, LLPs are preferred by professionals and small businesses that are family owned or closely-held. LLPs are best suited for businesses that has plans for raising equity funds during its lifecycle. Firms, private companies and unlisted public companies also can convert itself into LLP. A Limited Liability Partnership registration involves much lesser compliance issues when compared to a PLC registration. Bizpole is one of the most affordable and reliable service providers for Limited Liability Partnership registration in India.
Benefits of llp
- A legally recognized, separate entity with a minimum capital of Rs. 10000
- Limited liability to some partners
- Lesser tax liability than corporations
- Freedom to sort out their management and business affairs directly
- Simple and quick process of registration
- Uninterrupted existence with Perpetual succession, irrespective of changes in partners
- A minimum of two partners are required for its formation no restriction to the maximum number of partners
- No minimum capital contribution recommendations
- Less Government intervention.
- Body corporate can be a partner of an LLP.
- No exposure to personal assets of the partners except in a fraud case.
Application for Name approval.
The Registrar of Companies (RoC) has issued several guidelines for naming LLPs. You need to choose a legal name which is not already taken and reserve it before registering your LLP. A free name search facility is available on the MCA portal. The registrar only approves LLP names that conform to the naming guidelines and those that are not taken before.
Application for DSC (Digital Signature) & DIN of partners.
It is necessary to obtain the DSC of the desired partners of the Limited Liability Partnership. All the forms that need to be submitted online require the directors' digital signatures. All directors need to file for a DIN number.
Drafting of LLP Deed.
To determine the mutual rights and duties amongst the partners, and between the LLP and the partners, an LLP agreement needs to be drafted. This is a very crucial document in a limited liability partnership. To enter into the LLP agreement, the partners need to file form 3 on the MCA portal within 30 days of the date of incorporation.
Once the registrar approves MOA and AOA, the next step is to get the LLP Incorporation Certificate. All relevant documents needs to be submitted to the registrar. It takes about 2- 12 days to get your LLP Incorporation Certificate.
Apply for PAN, TAN and bank account
Once the incorporation certificate is issued, an application to obtain your company PAN & TAN is made with the NSDL.
- Pan card of partners (Mandatory).
- Two passport size photo of partners.
- Address proof of partners.
- Bank statement of partners.
- Utility bill for company registered office.
- Rent agreement in b/w Proposed company and owner.
- Owner NOC
With our comprehensive LLP services we have assisted many clients register their businesses as LLP in India including but not limited to entrepreneurs, financial advisory, and ad agencies etc. At Bizpole our experts makes it easy to register an LLP in India.
Our services include
- Name Approval Certificate
- Digital Signature Certificate (DSC) of partners
- DPIN of partners (Director Identification Number)
- Registration fees and stamp duty
- Certificate of Incorporation (COI)
- Drafting of LLP Deed