The Limited Liability Partnership (LLP) is one of the business concepts in India, introduced by the Ministry of Corporate Affairs (MCA), Government of India during the year 2008. Unlike a partnership firm, a limited liability partnership have limited liability in which some or all partners will have the limited liability. It exhibits the elements of both partnership and company. In LLP, one partner is not responsible or liable for another partner's negligence or misconduct. The LLC, Inc, PJSC, GMBC companies are western formats and are not available in India but if they want to use their company name in India, they can register in India as Foreign Company.
The limited liability partnership is a legal entity and an alternative to corporate business form. It is liable for to the extent of it's total assets whereas the partners liability is limited to the extent of their capital contribution. We can say LLP is an hybrid between a company and a partnership. LLP Registration or LLP Incorporation or LLP Formation is regulated by the Central Registration Center (CRC), Manesar, Haryana on behalf of each state jurisdictional Registrar of LLPs, Ministry of Corporate Affairs, Government of India. The governing law for the LLP is Limited Liability Partnership Act, 2008.
Your proposed LLP's name should be unique, it should not be similar to an already registered Company/LLP. You should thoroughly check the status of Name Availability before making an application. The LLP name should contain Key or Coined word, Object and Type of Entity. The following table shows an example:
Key or Coined Word
You need to check it on MCA portal and you also need to check whether the key or coined word used in LLP name is already regisrted under Trademarks Act or not. Ministry of Corporate Affairs (MCA) has revised Rule 8 of Companies (Incorporation) Rules, 2014 on May 10, 2019. You are kindly advised to refer revised name availability rules before making any application for LLP/Company Name Reservation in RUN. Click here for Revised Name Availability Rules.
You can apply LLP name onlline on MCA portal by loging into your account. For this, you need to create an account on MCA Portal. You can create an account on MCA portal at Register section. Select user category as Registered User. Once you create an account on MCA potal, log in to your account, select MCA Services section. On MCA Services section you can find LLP name application RUN service. Click RUN Service, select LLP type as new LLP, enter the proposed LLP name, significance of the key word and objects in comments section and then submit. It will ask you to pay the challn amount of Rs. 200/-. Pay the callan amount. Once the payment is confirmed, the MCA Portal will generate the Challn. You need to wait for a day or two and the name will be approved by the MCA officials subject to Name Availability Rules. The name approval letter will be sent to you through email.
LLP Registration is completely online and you need to sign the documents digitally. Class II digital signature certificate (DSC) is rquired for the designated parter to register an LLP. The designated partner has to sign the Digital Signature Application (DSC) Form. Signature is not required if his/her mobile number is linked with his/her Aadhaar card. CompaniesHouse will process the application and you will get the Digital Signature Certificate (DSC) with in half an hour. During the DSC issuance process, you need to verify your mobile and do the video recording. Our consultants will guide you how to verify your mobile and how to do video recording.
Get the above MCA documents attested by a professional (ie. a Pracicing Company Secretary or a Chartered Accountant and upload the documents with MCA portal. Once you upload the documents, MCA will generate challan, you can now pay that challan amount and save the challan for your records. Wait for 3 or 4 working days, then MCA will verify the documents filed and issues the Certificate of Incorporation if all the documents are in order. Then, you can apply for PAN & TAN.
Our LLP Registration Consultants will help you in getting your LLP registered. Once you get your Certificate of Incorporation, we will provide you all the documents required for opening LLP's current banking account. You can then open your account and deposit the contribution amount and start the business.
You need to register with other departments depending on the nature of business your LLP carries. For example if you are a taxable dealer of supply of goods or services, you need to register under Goods and Services Tax Act, if you are an importer or exporter, you need to get Import Export Code (IEC) with the office of Director General of Foreign Trade (DGFT) etc.,.
A DSC stands for Digital Signature Certificate, DSC is required for the designated partners to sign the LLP incorporation forms.
What is DIN?
DIN stands for Director Identification Number, which is an unique identification number generated by the Ministry of Corporate Affairs.
Once the LLP is incorporated, a DIN is generated for each designated partner.
Is auditor appointment compulsory in LLP?
No. If the turnover of an LLP during the financial year exceeds Rs. 40,00,000/- (Rupees Forty Lakshs) or the capital contribution exceeds Rs. 25,00,000/- (Rupees Twenty Five Lakhs), then auditor appointment is mandatory or else it is not required.
Are MOA and AOA available in LLP?
No. In LLP, you will get LLP Agreement instead of MOA & AOA. MOA & AOA are available in company not in LLP.
What is LLPIN?
An LLPIN stands for Limited Liability Partnership Identification Number, which is a registration number of an LLP generated by the Ministry of Corporate Affairs at the time of incorporation.
We can treat it as the LLP registration number.
In how many days an LLP can be registered?
If we apply direct incorporation without applying for Certificate of Name Availability, it may take 3 to 5 working days. Some times, it may be incorporated even in one day.
But it is advisable to apply first llp name and then incorporation and in this case it may take 10 to 15 days.
What is the government fee for LLP Registration?
For one lakh capital contribution, the total government fee including Digital Signature Certificates would be approximately Rs. 4,000/-.
CompaniesHouse is authorised by the Ministry of Corporate Affairs to provide LLP registration service throughout India.
Designated Partners Photos
Designated Partners PAN
Designated Partners ID Proof: Aadhaar/Voter Id/Passport
Designated Partners Address Proof: Latest Bank Statement
If the capital contribution is more than Rs. 1,00,000/-, the quote will be varied.
LLP Name is subject to MCA Approval, you can apply 4 names with one application. CompaniesHouse guides you how to choose LLP Name.
The stamp duty on LLP Agreement is to be born by the client and the government fee will be by CompaniesHosue. CompaniesHouse, will inform you the stamp duty payable on LLP Agreement upon the incorporation.
If there are more than two designated partners, then for each desognated partner an extra amount of Rs. 2,000/- will be incurred.
If the LLP is registered by NRI Designated Partners, then an additional amount of Rs. 10,000/- will be incurred.
In case of Annual Compliance, the govt challans will be born by the client.
Audit fee is at actuals on annual basis.
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