Lllp Registration In India

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Benefits of LLP Company Registration:

1)Limited Liability: The primary advantage of an LLP is that the partners have limited liability, which means their personal assets are protected in case of business debts or liabilities.

2) Separate Legal Entity: An LLP is considered a separate legal entity, which means it can own assets, enter into contracts, and sue or be sued in its name.

3)Ease of Formation: LLP registration is relatively easy and cost-effective compared to a private limited company.

4)No Minimum Capital Requirement: There is no minimum capital requirement for LLP registration.

5)Flexibility: LLPs offer flexibility in management and operations, and partners can decide how to share profits and manage the business.

Eligibility and Applicability:
  • 1. LLP registration is suitable for the following
  • 2. Professionals such as lawyers, accountants, consultants, etc., who want limited liability protection.
  • 3. Small and medium-sized enterprises (SMEs) looking for a simple and flexible business structure.
  • 4. Guidelines and Process for LLP Registration.
Here are the steps to register an LLP in India:
  • Step 1: Obtain Designated Partner Identification Number (DPIN): Partners must obtain DPIN from the Ministry of Corporate Affairs (MCA).
  • Step 2: Digital Signature Certificate (DSC): Partners need to obtain a DSC for signing documents online
  • Step 3: Name Reservation: Apply for LLP name reservation through the MCA's Name Reservation portal.
  • Step 4: Filing LLP Registration Documents: Prepare the LLP Agreement and file Form 3 and Form 4 with the MCA.
  • Step 5: Payment of Fees: Pay the prescribed registration fees based on the LLP's capital contribution.
  • Step 6: Certificate of Incorporation: Once the documents are verified, the MCA will issue the Certificate of Incorporation.
  • Step 7: LLP Agreement: Draft an LLP Agreement defining the roles, responsibilities, and profit-sharing ratios of partners. This agreement must be filed within 30 days of incorporation.
  • Step 8: PAN and TAN Application: Apply for Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) for the LLP.
  • Step 9: Compliance: Comply with annual filing requirements and other regulatory obligations.It's crucial to consult with a legal or financial advisor or a professional service provider to ensure compliance with all regulations during the LLP registration process

LLP Registration Timeline (Approximate)

  • 1) Name Reservation: Like Private Limited Company registration, the process begins with applying for the reservation of the LLP name with the Registrar of Companies (ROC). This step can typically take 1-2 business days, assuming the name you've chosen is available and complies with regulations.
  • 2)Drafting Documents: You need to prepare and draft the LLP Agreement, which outlines the rights and responsibilities of partners. This process can take a few days, depending on legal counsel's availability.
  • 3)Filing Documents: After drafting the LLP Agreement, you need to file the incorporation documents with the ROC. The filing process can take 2-3 business days.
  • 4)ROC Approval: Similar to Private Limited Company registration, the ROC will review the documents. If there are no issues or discrepancies, they will typically approve the application within 5-10 business days.
  • 5)Certificate of Incorporation: Once the ROC approves your application, you will receive the Certificate of Incorporation, signifying the formal registration of your LLP. This can take about 1-2 weeks after ROC approval.

How We Work?

  • 1. Fill out the form, scan the document, and upload it to the Pralekh app.
  • 2. Receive a call from one of our experts.
  • 3. Please upload all required documentation.