Limited Liability Partnership

Limited Liability Partnership (LLP) is an incorporated business organization. It is a Body Corporate having the features of a Partnership Firm and a Limited Company. The management of LLP is defined by LLP agreement and partners have the freedom to regulate affairs of the LLP. Minimum two persons are required to register a LLP and there is no restriction regarding maximum number of members.

Benefits of LLP:

  • Separate Legal Entity
  • Limited Liability to Partners
  • Simple process of Registration
  • Perpetual existence irrespective of changes in
  • No requirement of audit of accounts until turnover reaches Rs.40 lakhs or Contribution Rs.25 lakhs
  • Less tax as compared to company
  • No requirement of minimum Capital Contribution
  • No restrictions as to maximum number of Partners

Steps for LLP Registration:
STEP 1 - DPIN and DSC:
Apply DPIN (Designated Partner Identification Number) for every proposed Designated Partners (Minimum - 2). At least one Designated Partner should have a valid Digital Signature.

STEP 2 - Apply for Name:
Selection of business name is crucial for the image of an organization. Select a name which reflects the planned business. Ensure selected name satisfy LLP Name Guidelines and file an online application.

STEP 3 - Filing of LLP Registration Documents:
After the approval of name LLP registration documents are filed. On scrutiny of documents filed, Registrar of LLP will register the LLP and certificate of Registration will be issued.

STEP 4 - Documentation of and filing of LLP agreement and Consent of Designated Partners:
Within 30 days from the date of Incorporation of LLP, partners of LLP have to execute the LLP agreement and same has to be filed with Registrar of LLP in Form 3 and the consent to act as Designated Partner/Partner has to be filed in Form 4.

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