Limited Liability Partnership (LLP) Registration in India

Limited Liability Partnership (LLP) Registration in India

What is Limited Liability Partnership?

Trending observation has been acknowledged, is that new entrepreneurs are moving towards to opt Limited Liability Partnership (LLP), but what can be the main highlight for choosing a LLP as a form of organisation?
It is the type of organisation which is more preferred nowadays as it gives entrepreneurs both the benefits of partnership and company into a single form of organisation.

LLP has a separate legal entity just like firms. The name suggests limited liability partnership, the liability of each partner will be limited to the contribution they had made. The cost of forming LLP is comparatively less than other forms of organisation.

To incorporate LLP, minimum number of partners required are two and one of them should be an Indian resident. All the rights are governed by the LLP agreement. To start a firm under LLP, entrepreneurs need to insure themselves under the LLP Act 2008.

Benefits of Registering under LLP Act 2008

After deciding upon the business model, it is important to look at the key benefits of registering under LLP agreement. By registering under the LLP Act, the entrepreneurs get the following benefits:

Process of Registering a LLP

Step 1 : Digital Signature Certificate (DSC)

In order to register a LLP company, it is crucial for company members/partners to have a Digital Signature Certificate (DSC). The DSC should be obtained from the government only then can the certificate be issued to them.

Step 2 : Director Identification Number (DIN)

The partners of a company need to apply for DIN including partners intending to join the LLP. The form has to be signed by the company secretary(full-time) or by a managing director or CFO of the existing company from which the candidate shall be appointed as a director.

Step 3 : Reservation of the Name

For reserving a name of a LLP, it needs to file under RUN (Reserve Unique Name) which will be processed by the central registration center. The name of the LLP should not be similar to the existing companies. The final step is approval from the Registrar which is done after submission and payment of the form.

Step 4 : Incorporation of LLP

Step 5 : File Limited Liability Partnership Agreement

The LLP agreement permits the mutual duties and rights of all the partners and also of the firm.

Documents required to register as LLP

The list of documents required for registration are as follows:
  1. PAN Card

  2. Address proof of partners

  3. Residence proof of partners

  4. Photograph

  5. Passport (For foreign nationals or NRIs only).

Register for LLP today!

filinglounge is a Private Consultancy Firm, providing business consultancy services. We provide company registration for Limited Liability Partnership (LLP) as well as Digital Signatures.

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Tags LLP registration, Company registration, LLP registration process in India, What is LLP?