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LIMITED LIABILITY PARTNERSHIP
Term & condition

5 Simple Steps

 

About

An LLP is different from a Limited Partnership. An LLP operates like a limited partnership, but in an LLP, each member is protected from personal liability, except to the extent of their capital contribution in the LLP. It is a form of business entity, which allows individual partners to be restricted from joint liability of partners in a partnership firm. The liability of the partners incurred in the normal course of business is that of LLP and it does not extend to the personal assets of the partners. This is a great relief to the partners, particularly professionals like Company Secretaries, Chartered Accountants, Cost Accountants, Advocates and other professionals. LLP has better image and credibility among corporate customers, governments and large institutions.

These professionals may also form multi-disciplinary LLPs to meet the changing economic environment. The hybrid structure of LLP will facilitate entrepreneurs, service providers and professionals to organize and operate in an innovative and efficient manner for effectively competing in the global market. 

Benefits

LLP is easy to form and operate for the start-ups. LLP is a form of business that is simple to maintain while providing the limited liability.
Compared to the incorporation of other business entities, the incorporation of LLP involves low cost.
The only requirement for an LLP is a minimum number of 2 partners, no restrictions as to maximum number of partners.
Personal assets of the partners are secured, as LLP have the feature of limited liability. As compared to the traditional partnership, liability of each partner in limited to his share as mentioned in the agreement.
Audit is not mandatory for LLP, as in other registered companies it is mandatory. If LLP has a turnover less than Rs.40 lakhs and capital contribution less than Rs. 25 lakhs then only LLP required to audit its account.
LLP is not required to file taxes; only partners individually have to file their taxes that means no dividend distribution tax and no minimum alternate tax have to be paid by LLP.
The Partners are not accountable for any error or negligence or any misconduct act of any other partner. This is a key difference from that of an unlimited partnership.
There is no need to maintain any statutory records except books of accounts. Less government intervention and less compliance level are enforced on an LLP as compared to the restrictions enforced on other business entities.
Professionals can form Multi-disciplinary Professional LLP. Unlike in unlimited partnership, there is no restriction on entering into a partnership with professionals of another discipline.
LLP have no liability to the creditors for the debts, as LLP is a separate legal entity and a juristic person who has the wide legal capacity.
Similar to those of a company, the LLP have the facility of nominating the successor. However, it is restricted that a partner cannot be a minor. It has an uninterrupted existence i.e. perpetual succession until its legally dead.
Being a separate legal entity, it's easy to transfer the ownership of the LLP to another person by admitting them as a partner of the LLP.

Documents Required

Individual / Director

Pan Card

Aadhar card/ Voter ID/ Passport/ Driving License of the Director

Latest Bank Statement (should not be older than two months)

Latest Passport Size Photograph

For the Registered Office

Copy of Property Paper (if self owned Property)

NOC (if Parents owned Property)

Electricity Bill (should not be older than two months)

Rent Agreement

Package Includes

Basic

5899

all inclusive fees

upto 1 lakh capital

DIN 2 Partners

Digital Signature For 2 Partners

Name search & approval

LLP Agreement

ROC Fees

Pan Card & TAN

LLP Certificate

MSME Registration Certificate (If)

Sample Invoice( GST)

Resolution for Opening a Bank Account

Pay Now

Gold

5899

all inclusive fees

upto 1 lakh capital

DIN 2 Partners

Digital Signature For 2 Partners

Name search & approval

LLP Agreement

ROC Fees

Pan Card & TAN

Gst Registration

Form 8 Filing

Form 11 Filing

LLP Income Tax Filing

MSME Registration Certificate (If)

Sample Invoice( GST)

Resolution for Opening a Bank Account

Pay Now

Customize

all inclusive fees

Make a Package according to your specifications at a very reasonable price

Submit your Reqiurment

Enquiry Now

How long will it take?

DSC

1 Working Day

DIN

1 Working Day

Name Approval

Approx 5 Working Days

Incorporation Documents

Approx 8-13 Working Days

Frequently Asked Question

A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence.
To form a LLP you would need at least two individuals as 'Designated Partners' and one of them must be a resident of India.
No, only private / unlisted public company can be converted into LLP
An LLP shall have 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.
No, name of the LLP shall end with either 'Limited Liability Partnership' or 'LLP'.
No, there is no need to renew the LLP registration every year.
LLP is required to file 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.
Yes, it mandatory to execute and file LLP Agreement.
Yes, any existing private company or existing unlisted public company can be converted into LLP.
Digital Signature Certificates (DSC) are the digital equivalent (that is electronic format) of physical or paper certificates. Certificates serve as proof of identity of an individual for a certain purpose; for example, a driver's license identifies someone who can legally drive in a particular country. Likewise, a digital certificate can be presented electronically to prove one's identity, to access information or services on the Internet or to sign certain documents digitally. DSC or Digital Signature is a physical signature in an electronic format. Digital Signatures are used in India for online transactions such as Filing Annual Return, Company or LLP Incorporation, Income Tax E-Filing, E-Tenders, etc. The different types of Digital Signature Certificates are: Class 2: Here, the identity of a person is verified against a trusted, pre-verified database. Class 3: This is the highest level where the person needs to present himself or herself in front of a Registration Authority (RA) and prove his/ her identity.
DIN is the acronym for Director Identification Number issued to any person who has applied to the Ministry of Corporate Affairs and is a pre requisite to be appointed as a Director of any private or public limited company.

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