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Limited liability partnership (LLP)

Register your business with India's leading consultancy firm. Register your business starting at INR 999 only.CharteredMunshi's price for LLP registration is INR 8999* including GST.

What's for you

 

  • DSC and DIN

  • LLP agreement

  • Government fees included

  • Incorporation certificate

  • PAN and TAN

  • Dedicated manager for solving business queries

Documents required from members
 

  • Minimum 2 member

  • LLP Name

  • Aadhar & PAN card.

  • Office Address Proof

  • Photo ID proof

  • Latest bank statement

  • Passport size photo

  • Email and phone number

Documents required for registered office address
 

  • Electricity bill/Gas bill/mobile bill

  • NOC from the landlord if premises is rented.

Easily Register A LLP

Limited Liability Partnership (LLP) is an excellent way to offer protection to Entrepreneurs venturing into partnership. In LLP one partner of the company is not liable or responsible for another partners misconduct. A Limited Liability Partnership is also ideal for small businesses.

Online LLP registration in India

What Is Meant By LLP Or Why Is LLP Needed?

In INDIA, partnership firms are formed under the partnership act of 1932. Such partnerships can be registered with the Registrar of firms or can operate as unregistered as well as there is no penalty for unregistered partnership, However, in case of an unregistered partnership, a partner cannot file a suit in any court against the firm or other partners for the enforcement of any right arising from a contract or right conferred by the Partnership Act. Hence it was not advisable for businesses to operate as unregistered firms. Also, there was no transparency in the partnership firm from the viewpoint of stakeholders.

Concept of LLP came into force in 2008 which provided a solution to all problems and hurdles faced by partnership firms registered under the partnership act,1932. Limited liability partnership (LLP) is a body corporate governed by The Limited Liability Partnership Act, 2008(LLP Act). LLP means an association of a minimum of two individuals, body corporate, or any combination of such. LLP has a separate entity from its partners and enjoys perpetual succession like a private limited company.

Advantages Of Registering An LLP

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  • Easy to form

    Forming an LLP is an easy process in comparison to a private limited company.

  • Limited liability

    Limited liability in the case of LLP means that partners are not personally liable for the company's debts. Additionally, no partner is responsible for the misconduct of any other partner.

  • Perpetual Succession

    An LLP enjoys perpetual succession and is not affected by death, insolvency, or retirement of a partner.

  • Easy transferability of ownership

    There is no restriction as to the addition and removal of partners as the shares are easily transferable.

  • Taxation

    An LLP is not subject to DDT (Dividend Distribution Tax), Distributed profits are not taxable in the hands of partners.

  • No Compulsory audit

    LLP, unlike companies, are not required to appoint an auditor unless the turnover increases by 40 lacs annually and contribution exceeds 25 lakhs.

  • Less compliance requirement

    An LLP is much easier and cheaper as compared to a private limited company as there are only 3 compliances which we need to do every year. On the other hand, a private limited company needs to file many compliances with ROC.

  • Easy wind up

    Not only it’s easy to set up an LLP it’s also relatively easier to close an LLP in comparison to a private limited company.

Disadvantages Of LLP

  • Restricted Access to capital markets

  • LLPs are a small form of business and cannot get themselves listed on any stock exchange, hence they cannot raise capital through IPO’s (Initial public offering).

  • Public Disclosure of LLP Information

  • An LLP must file its Annual Returns, Financial Statements, etc. to the Registrar of LLPs annually. Which becomes a public document once filed with the Registrar of LLPs and may be inspected by the general public including competitors by paying some fees to the Registrar of LLPs.

  • Limitation in External Commercial Borrowings (ECB)

  • Limited Liability Partnerships are not allowed to raise ECB. Therefore, an LLP cannot avail commercial loans from its foreign partners, FIIs, Foreign Banks, and any financial institution located outside India.

  • So, whether you need to incorporate an LLP, a normal partnership firm or any other business format will entirely depend upon your specific industry and your future vision. Chartered Munshi offers free business advice for making such important decisions by evaluating your current and future needs.

Procedure For The Incorporation Of LLP

  • Charteredmunshi offers 100% online registration of LLP. After verifying your documents, we will immediately start preparing documents like DSC, DPIN, AOA, MOA, etc. to be filled with MCA. Here is a brief about registering an LLP.

    The incorporation document shall be filed in Form FiLLiP (Form for incorporation of Limited Liability Partnership)

  • Procure DSC and DPIN

  • Procure DSC and DPIN for the individuals acting as Designated Partners of LLP. A person, who already has a DPIN, is not required to obtain any new DPIN. Existing DPIN to be used for Designated Partner (However, DPIN should have all the latest details such as a resident of India, name, address, etc.).

  • Name reservation

  • The first step in the incorporation of an LLP is the reservation of the name of the proposed LLP. There are two ways of reserving the name of the proposed LLP.

  • File an application under LLP-RUN for ascertaining availability and reservation of the name of an LLP

  • Name can be proposed in e-form FiLLiP, an application for incorporation of LLP

  • Incorporate LLP

  • After reserving a name under LLP-RUN, the applicant should file e form FiLLiP for incorporating a new LLP.

  • Documents to be attached with form FiLLiP

  • Consent of partners;

  • In case of partners are body corporates, certified true copy of board resolution passed by such body corporate partners;

  • Proof of address of registered office of LLP

  • Subscribers’ sheet including consent

  • Details of LLP(s) and/ or company(s) in which partner/ designated partner is a director/ partner

  • Copy of approval obtained from any sectoral regulator/in-principle approval

  • Identity and address proof of individuals acting as Partner and/or Designated Partner

  • List of main objects of an LLP

  • If the name proposed is likely to be a registered trademark, NoC from the trademark owner

  • NOC of foreign body corporate for the usage of the name (In case of foreign entities intending to incorporate LLPs in India)

  • Drafting of LLP agreement

  • After incorporating LLP, we will draft an LLP agreement between the partners after taking inputs from each partner and file the same with ROC.How to prepare LLP agreement?

  • Draft the agreement and print it on a Stamp paper of requisite value. Value of Non-judicial Stamp Paper depends on the state in which Registration of LLP is done and on the amount of capital contribution.

  • All partners should sign the agreement at the bottom of all pages

  • Two witnesses should sign the agreement at the end of the document

  • Each partner should be provided with a copy of the agreement

  • Essential points to include while preparing LLP document.

  • INTERPRETATION / DEFINITIONS
    This clause is the essence of any LLP agreement. An LLP Agreement must provide for various definitions such as the definition of designated partners, the accounting period, the business of LLP, and the name with which the LLP will be known. The agreement must also provide with full address of the registered office of the LLP as well as the address of all the partners.

  • The designated partners-LLP agreement should clearly state the name, address and age of designated partners.

  • Name of the LLP

  • The registered office of LLP

  • Business of LLP

  • Capital contribution

  • Profit-sharing ratio

  • Rights and duties of designated partners

  • Clauses relating to admission, retirement, insolvency, death of a partner

  • Remuneration and interest to be paid by partners.

  • Bank accounts and their handling

  • Books of accounts and accounting year

  • Meetings of partners

  • Indemnity Bond

  • Dispute resolution

  • Winding up of LLP/Term of LLP

What Are The Documents Required For Registering An LLP ?

INDIAN Nationals​

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  • Aadhar card is a necessary document needed for creating a digital signature of proposed directors.

  • PAN card of directors is mandatorily required for incorporation of the company, details in PAN card should be correct, there should be no mismatch in name of Aadhaar card and PAN card. if there is such an error it would be advisable to first apply for rectification in PAN details or Aadhaar card.

    Identity proof 
    The address proof that has to be submitted should contain the exact name as mentioned in the PAN card. Following documents are accepted as address proof. Any one of the documents required:
     

  • Election card or voter id card.

  • Ration card.

  • Passport.

  • Driving license.

    Residential proof 
    Along with identity proof, a residential proof of the current address of the directors needs to be submitted. Following documents are acceptable as residential proof. Same should not be older than 2 months. Any one of the documents required.
     

  • Bank statement containing recent transactions along with a clear display of the applicant's name and address.

  • Electricity bill.

  • Telephone bill.

  • Mobile bill.

  • Passport size photo

  • Email id

  • Mobile number
     

​FOREIGN Nationals

  • Passport

  • A Passport is a mandatory document required in the case of foreigners. It should be apostilled or notarized in the country it was issued. If a passport is in a foreign language other than English it should be converted to English by an official translator and it will be apostilled or notarized. It must contain the date of birth of the applicant else a separate document stating the date of birth will be required in the notarized or apostilled form.

  • Identity proof

  • Identity proof acceptable should not be more than 1 year old and should have the latest address of the foreign director. Following is a list of acceptable documents.

  • Driving license.

  • Residence card.

  • Bank statement.

  • A government-issued form of identity card.

  • Residence proof

  • Residence proof should not be older than 1 year. Residence proof can be given from the following list

  • Bank statement.

  • Electricity bill

  • Telephone bill

  • Mobile bill


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Registered office address proof
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  • Electricity /Water/ Mobile bill

  • Rent agreement(If rented) or Scanned copy of initial pages of property papers if the premises is owned.

  • NOC from landlord if the premises is rented.

Why CharteredMunshi ?

We value all our customers and attempt to offer our services as though they were our 'first client'. We ensure that the process is fast and smooth. Unlike others, we do not outsource our work and offer in house services coming through our specialists who are experts in their respective fields. We will assign you a dedicated manager who will support you from the start to end of the process and address any queries that you might have.

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With every service we provide 

  • Free consultation and meetings for the understanding scope of work.

  • Updates on various regulations and compliances.

  • Assisting in opening a current account.

  • A dedicated manager for clearing your doubts.

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What you will get after registration?

Our prices include-

  • Two class-3 Digital signatures(Signing).

  • Two Director identification numbers.

  • Incorporation certificate.

  • One RUN approval(Name approval).

  • Incorporation fees and stamp duty.

  • PF registration.

  • ESI registration.

  • PAN and Tan

  • Professional tax(Maharashtra)

  • LLP agreement

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