Limited Liability Partnership in India

LLP Company Registration

Overview

A limited liability partnership (LLP) refers to a body corporate formed under LLP Act, 2008. The word LLP holds immense significance in the corporate world and refers to Limited Liability Partnership which differs from Private Limited Company and General Partnership in terms of liability, protection and cost. India has become one of the most attractive markets for start-ups, where LLP is one of the most usual business formations for startups. It allows partners to benefit from economies of scale by working together while also reducing their liability for the actions of other partners. The notion of the Limited Liability Partnership (LLP) found its way to India in the year 2008. At least two partners are needed for LLP incorporation. It has quickly become a popular choice for services and professional firms like Chartered Accountants, recruiting firms, consulting businesses, etc. Among the partners, there should be at least two designated partners who should be individual, and one of them ought to be an Indian national.

What are the Restrictions on LLP?

  • You can only have one LLP at a time.
  • You can’t have more than 3 LLP in your company.
  • Your LLP must be registered with the IRS.
  • It’s a type of business structure that allows you to limit your liability.
Documents Required Registering an LLP in India

Step by Step Registration for incorporation of Limited Liability Partnership Company

  • Step-1; Apply DSC and DIN at www.taxlegit.com
  • Step-2; Fill an application form for Name approval
  • Step-3; Draft an LLP Agreement
  • Step-4; Submit all the documents
  • Step-5; Apply for LLP incorporation Certificate
  • Step-6; Apply for PAN/TAN and Bank document

Registration of LLP is Simple with Taxlegit

Taxlegit is one of the platforms which coordinate to fulfil all your legal and financial requirements and connect you to expert professionals. Yes, our clients are happy with our legal service! We provide our best packages to clients. Taxlegit employs qualified company secretaries and chartered accountants, who ensure the highest customer satisfaction and timely delivery of service. The following are included in LLP Company Registration package-
  • DSC for 2 Directors
  • DIN for 2 Directors
  • DIN for 2 Directors
  • Drafting of MOA & AOA
  • Drafting Partnership Agreement
  • Registration Fees & Stamp Duty
  • Company Incorporation Certificate
  • PAN & TAN registration

Frequently Asked Questions

An LLP Agreement is a legal document that sets out the terms of an agreement between two or more parties. It’s used to set out the terms of a business relationship, including how the money will be paid and when.
Two designated partners are required to start an LLP according to the LLP act. Partners should be designated and responsible for fulfilling their essential requirements.
It is registered with the Ministry of corporate affairs Under Central Government. It takes to register an LLP 15-20 working days.
The following are eligible for designated partners in an LLP;
  • An Individual Person
  • A Company or an LLP
Following documents are required to be an LLP Registration.
  • Adhar Card
  • Passport
  • Electricity Bill
  • Driving License
  • Ration Card
  • Telephone Bill
  • Election Card
  • Voter Identity Card
You must have at least two people involved. You must be 18 years old or older. You can’t have any other business interests. You must have a registered agent in the state where you are doing business ment in credibility and customer confidence.
It’s a way to protect your assets. It’s a way to keep your business separate from your personal life. You can make it easier for other people to work with you. You can save on taxes.
A Limited Liability Partnership (LLP) is a type of business structure that allows the owners to be protected from personal liability.A General Partnership is a type of business structure that does not protect the owners from personal liability.
Limited liability partnerships (LLPs) are a type of business structure that allows you to invest in a company without the risk of losing your investment. You can buy shares in an LLP, and then receive dividends from the profits.LLPs are different from other types of businesses because they have no owners or shareholders.
  • Yes, you can
  • You can start an LLP business in India
  • You need to register your LLP with the Ministry of Corporate Affairs (MCA).
  • Low cost
  • Flexibility
  • Less paperwork and bureaucracy
  • It is a very expensive way to start a business.
  • It takes a long time to get started.
  • You have to pay for all the legal fees upfront.
LLPs are a great way to raise money for your business. They can be used as a tax shelter. They can be used to help your business grow.
Limited liability partnerships (LLPs) are a type of business structure that allows you to invest in a company without taking on any personal risk.The company is owned by the partners, who share the profits and losses equally.
  • Start small
  • Work on your business plan
  • Research the laws in your state and find out what you need to do to start an LLP
  • A Limited Liability Partnership (LLP) is a type of business structure that allows for the formation of a company with limited liability.
  • It’s an excellent way to start your own business.
  • You can use it to raise money from investors
LLP’s are a business structure that allows people to operate with low levels of taxation. Examples of companies that use LLPs in their business structure include:
  • Facebook Inc
  • Apple Inc
  • Google Inc
This type of business structure has many benefits including:
  • It allows entrepreneurs to protect their assets from lawsuits by establishing liability protection under the company’s name.
  • It can reduce taxes because it does not qualify as a corporation and is not taxed on corporate income or sales.
  • There are no restrictions on ownership and all partners can own 100% of the shares in an LLP without approval from outside parties such as banks or investors.
The following are the major factors that need to be considered to register a Limited Liability Partnership:
  • Type of business: Whether it is a partnership or a limited liability company (LLC)
  • Type of entity: A corporation, an LLC, or another type of entity such as a nonprofit organisation.
  • Principal place of business: The principal place where the LLP conducts its activities and carries on its affairs.

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