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A Partnership with a Company's Advantage (LLP)

Establish a partnership like a company with limited liability partnership registration and get the benefits of both. Avail of our quick, easy, and completely online services to register your LLP in India. Contact Taxtorium to begin with LLP registration in India.

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LLP Firm

Key Highlights:-

Separate legal entity
More flexible than a Partnership
Members have access to limited liability
Dual advantages of both a “Company and a Partnership”
An Ideal business structure for all “Small and Medium sized Enterprises” which are going for Partnership
All partners are not jointly and severally liable, but those who commit unauthorized actions or independent actions are liable.

Pricing

(Simple & Clear Pricing. No Hidden Charges)

₨14000

₨ 6499

Two Digital Signature
DIN For Two Partners
Name Approval of LLP
LLP Registration Certificate
LLP e-PAN & TAN
LLP Agreement & Form 2

₹17000

₹ 9999

Everything of Basic Pack +
Dedicated Relationship Manager
Bank A/c Opening Support
GST Registration
MSME Registration
Incorporation Kit

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₨24000

₨ 16999

Everything from Advance Pack +
GST Ready Cloud A/c Software
6 Months GST Return Filing
6 Months TDS Return Filing
Priority Processing
Free Tax Consultation

Limited Liability Partnership (LLP)

(All you need to know)

LLP is a Hybrid combination of limited liability of a company and the flexibility of a
partnership. It can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name. It is a separate legal entity which is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP. Further, no partner is liable on account of the independent or unauthorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s wrongful business decisions or misconduct.

LLP shall be a body corporate and a legal entity separate from its partners. It will have perpetual succession.

Key Highlights

Separate legal entity
More flexible than a Partnership
Members have access to limited liability
Dual advantages of both a “Company and a Partnership”
An Ideal business structure for all “Small and Medium sized Enterprises” which are going for Partnership
All partners are not jointly and severally liable, but those who commit unauthorized actions or independent actions are liable.

Checklist for LLP Firm Registration

At least two partners
At least two designated partners
At least one designated partner who is a resident Indian
The Digital Signature Certificate is required for any one of designated partners
Capital contribution by the Partners of the LLP
Proof of Registered office (Latest Utility Bill)
Rent Agreement (If Property is Rented) OR NOC (if property is not rented)
The name of the LLP should be such that it is not similar to the name of any existing LLP or Trademark registration.

Documents Required for LLP Firm Registration

The documents required for LLP registration can be categorised into the documents of all partners and Documents of LLP.

Documents of Partners

ID Proof of Partners

All the partners are required to provide their PAN at the time of registering LLP. PAN card acts as a primary ID proof.

Address Proof of Partners

Partner can submit any document out of Voter’s ID, Passport, Driver’s license or Aadhar Card. Name and other details as per address proof and PAN card should be exactly the same. If the spelling of one's own name or father’s name or date of birth is different in address proof and PAN card, it should be corrected before submitting to RoC.

Residence Proof of Partners

Latest bank statement, telephone bill, mobile bill, electricity bill or gas bill should be submitted as a residence proof. Such a bill or statement shouldn’t be more than 2 months old and must contain the name of the partner as mentioned in the PAN card.

Photograph

Partners should also provide their passport size photograph, preferably on white background.

Passport (in case of Foreign Nationals/ NRIs)

For becoming a partner in Indian LLP, foreign nationals and NRIs have to submit their passport compulsorily. Passport has to be notarised or apostilled by the relevant authorities in the country of such foreign nationals and NRI, else Indian Embassy situated in that country can also sign the documents.

Documents of LLP

Proof of Registered Office Address

Proof of registered office has to be submitted during registration, or within 30 days of its incorporation. If the registered office is taken on rent, rent agreement and a no objection certificate from the landlord has to be submitted. No objection certificate will be the consent of the landlord to allow the LLP to use the place as ‘registered office’.

Besides, any document out of utility bills like gas, electricity, or telephone bill must be submitted. The bill should contain the complete address of the premise and owner’s name and the document shouldn’t be older than 2 months.

Digital Signature Certificate

One of the designated partners needs to opt for a digital signature certificate also since all documents and applications will be digitally signed by the authorized signatory.

Procedure for obtaining LLP Registration

Taxtorium can help you in obtaining LLP Registration in India. All you need to do is place an online order with us and we shall help you start it in no time. Your order shall be processed by our highly qualified team who shall ensure that the best quality services are provided to you. As mentioned earlier, our process of LLP Registration is completely online so there is no need for you to visit our office. Please do contact us for any clarifications you need. We have elaborated the step wise process of LLP registration below.

Documentation

Once we receive your request an expert reaches you, explains the whole process, and collects the necessary documents. The documents can be submitted online through our Taxtorium website.

Obtaining DSC

In parallel to this the process to obtain the Digital Signature Certificate of the applicant begins. Once the DSC is applied, the applicant has to complete the OTP Verification or the video KYC check.

Name Approval

A request is filed with MCA for reserving the name of the LLP. On receiving the documents the incorporation documents are drafted and sent to the partners for signatures.

LLP Document Submission

The signed documents along with the application are then sent for approval to the MCA which takes around 2-5 working days.

LLP Partnership Deed

In parallel to this we draft the LLP Partnership deed. This deed is signed by all the partners and on a stamp paper which has to be then uploaded to the Taxtorium platform within 25 days of Incorporation. The Signed deed is then verified by the expert and uploaded on the MCA Portal within 30 days of incorporation.

PAN Card & TAN Number

The PAN and TAN of the LLP can be applied in the forms 49 A and 49 B, as prescribed under the Income Tax Act. Both PAN and TAN are allotted by the Income Tax Department of India. While PAN is necessary for paying income tax, TAN is required to gain entitlement to deduct and collect tax at source.

Frequently Asked Questions

What is difference between LLP & traditional partnership firm?

Under “traditional partnership firm”, every partner is liable, jointly with all the other partners and also severally for all acts of the firm done while he is a partner.
Under LLP structure, liability of the partner is limited to his agreed contribution. Further, no partner is liable on account of the independent or unauthorized acts of other partners, thus allowing individual partners to be shielded from joint liability created by another partner’s wrongful acts or misconduct.

What is difference between LLP & a Company?

A basic difference between an LLP and a joint stock company lies in that the internal governance structure of a company is regulated by statute (i.e. Companies Act, 1956/ Companies Act 2013) whereas for an LLP it would be by a contractual agreement between partners.
The management-ownership divide inherent in a company is not there in a limited liability partnership.
LLP will have more flexibility as compared to a company.
LLP will have lesser compliance requirements as compared to a company.

What is the minimum number of partners required to start a LLP?

At least two partners are required for an LLP registration. There is no limit to the maximum number of partners. If you are the sole owner, you can register as a One Person Company.

Who can become a partner in LLP?

Any individual / organisation can become the partner in an LLP including foreigners/NRI’s. However, an individual must be above 18 years and should have a valid PAN card.

Can I register the LLP at my home address?

Yes, you can register your LLP at your residential address. It is perfectly legal to start the company at your home or in your garage. MCA team typically doesn’t visit your office. You just have to provide your home address proof such as rent agreement or electricity bill.

Is Limited Liability Partnership a Company?

No, while a Limited Liability Partnership possesses the same traits as that of a company including the perks of Limited Liability, Separate legal entities, it is not a company.

Can you convert an existing company into an LLP?

It is possible to convert an existing company into a Limited Liability Partnership by adhering to the provisions of clause 58 of Schedule III and IV for the LLP Act. To initiate the conversion, the applicant must fill Form 18 and Form 2