Limited Liability Partnership Registration

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Overview

A Limited Liability Partnership (LLP) is an ideal business structure for small and medium-sized enterprises, offering flexibility in management, limited liability for partners, and minimal compliance requirements. It combines the benefits of both a partnership firm and a company. 

LLPs provide a separate legal identity, enabling businesses that work in partnership to own property, incur debts, and enter into contracts independently of their partner's personal assets. This structure is increasingly popular in India due to its ease of formation, operational flexibility, and tax advantages.


Benefits of limited liability partnership

Limited liability partnerships (LLPs) are becoming a widely used company form due to its special combination of security and flexibility in India. some of the main benefits of LLP registration in India.

Limited Liability Protection

  • Limited liability is the main benefit. In contrast to conventional partnerships, which subject participants to personal liability for corporate obligations, an LLC protects your assets. The LLP's agreed-upon contribution limits partners' liability, shielding them from the financial risks associated with running a corporation.

Flexibility and Management

  • LLPs offer flexibility in internal management. Partners have the freedom to structure their agreement as per their needs, defining profit-sharing, decision-making, and governance processes. This allows for a more customized approach to managing the business.

  • No minimum capital requirement: Unlike companies, LLPs don't have a mandatory minimum capital contribution, making them accessible to businesses starting with limited resources.

Taxation Benefits

  • LLPs are taxed as pass-through entities, meaning the business profits or losses directly pass through to the partners' individual tax returns. This avoids double taxation, which occurs when companies pay corporate tax and then shareholders pay dividend tax on distributed profits.

  • Dividend Distribution Tax (DDT) does not apply to LLPs, offering an additional tax advantage compared to private limited companies.

    Simple Registration process

    • In general, incorporating a limited liability partnership is quicker and less complicated than founding a corporation. Optional online registration speeds up the procedure even further.

    Process of limited liability partnership in India

    Registering an LLP involves several steps, each with a specific purpose and process:

    1. Obtain Digital Signature Certificate (DSC)

      • Why: It is required for all designated partners to sign electronic documents.

      • How: Apply through certifying authorities such as E-Mudhra, Ncode, or Sify.

    2. Apply for a Director Identification Number (DIN)

      • Why: Every designated partner must have a unique DIN.

      • How: Apply through the MCA portal using Form DIR-3.

    3. Name Approval

      • Why: The LLP must have a unique name.

      • How: Submit a name reservation application via the RUN-LLP form on the MCA portal.

    4. Submission of Incorporation Documents

      • Why: Legal documentation to establish the LLP.

      • How: Prepare and submit the LLP Agreement and incorporation documents like Form FiLLiP.

    5. Certificate of Incorporation

      • Why: Confirms the LLP’s formation.

      • How: Upon approval of documents, the Registrar of Companies (ROC) issues the Certificate of Incorporation, along with LLPIN.

    Documents Required for LLP Registration

    The documents required for LLP registration in India can be broadly categorized into two sections:

    1. Documents related to partners

    • Identity Proof:

    Partners' PAN cards (required).

    a passport or an Aadhar card (for identification verification).

    • Address Proof: Any one document from voter ID, passport, driver's license, utility bills (not older than 2 months), or Aadhaar card. Ensure details match PAN card.

    • Photograph: A passport-sized photograph of each partner, preferably on white background.

    • Passport (for Foreign Nationals/NRIs): Mandatory for foreign nationals and NRIs becoming partners.

    • Digital Signature Certificate (DSC): Required for filing forms electronically. Obtain a Class 2 or 3 DSC from authorized agencies.

    2. Documents related to the office

    • Proof of Registered Office Address: Any one document from the rental agreement, electricity bill, property tax receipt, NOC from landlord (if rented), or sale deed/purchase agreement (if owned).

    • Consent Letter (if rented): The landlord's consent to use the premises as the registered office, on company letterhead.

    LLP Registration Fees

    LLP registration fees in India depend on two main factors

    Services
    Government Fees
    Professional Fees
    Name Reservation
    ₹200
    As per industry standards
    Incorporation
    ₹500-₹2000
    As per industry standards
    LLP Agreement
    ₹1000 and above
    As per industry standards
    Professional Fees
    N/A
    As per industry standards

    Breakdown of LLP Registration Fees

    Limited Liability Partnership (LLP) registration in India involves specific services and associated fees. Here’s a detailed breakdown to help you understand the costs involved:

    1. Name Reservation

    • Government Fees: ₹200
    • Professional Fees: As per industry standards

    Reserving a unique name for your LLP is the first step in the registration process. The government charges a nominal fee of ₹200 for this service. Professional fees can vary based on the consultant or service provider you choose.

    2. Incorporation

    • Government Fees: ₹500-₹2000
    • Professional Fees: As per industry standards

    The incorporation of an LLP involves filing various documents and obtaining approvals. Government fees range from ₹500 to ₹2000, depending on specific requirements and the number of partners. Professional fees are additional and depend on the complexity of the incorporation process.

    3. LLP Agreement

    • Government Fees: ₹1000 and above
    • Professional Fees: As per industry standards

    The LLP agreement outlines the rights and duties of partners and is a mandatory document. The government charges a fee starting from ₹1000 for this agreement. Professional fees vary based on the legal services you engage.

    4. Professional Fees

    • Government Fees: N/A
    • Professional Fees: As per industry standards

    Professional fees are additional costs incurred for availing services from consultants, legal advisors, or registration service providers. These fees are essential for ensuring a smooth registration process and compliance with legal requirements.

    Procedure of LLP Registration in India

    The procedure for LLP registration in India is primarily online and involves several key steps:

    1. Obtain Digital Signature Certificates (DSCs): All designated partners need Class 2 or Class 3 DSCs for filing documents electronically with the Ministry of Corporate Affairs (MCA). Numerous government and private agencies issue DSCs.

    2. Apply for Designated Partner Identification Numbers (DPINs): Via the MCA's online eForm, each designated partner must have a DPIN.

    3. Get the LLP name Approved: Choose 6 preferred names for your LLP and file Form-1 online via the MCA portal. After payment and processing, you'll receive an approval letter valid for 60 days.

    4. Incorporate the LLP: Fill out Form-2 electronically using the approved name and DPINs of all partners. Upload scanned copies of the required documents, including:

    • Partner PAN cards and ID proofs

    • LLP Agreement (signed by all partners)

    • Proof of registered office address

    • DSCs of designated partners

    5. Pay Registration Fees: Make the requisite fees based on authorized capital through MCA portal options like credit card or net banking.

    6. Obtain a Certificate of Incorporation: Upon successful processing, an electronic Certificate of Incorporation will be issued, signifying your LLP's official registration.

    7. File the LLP Agreement: Within 30 days of incorporation, electronically file the signed LLP Agreement using Form-3 on the MCA portal.

    Taxlegit help in LLP registration

    • We apply for name approval on your behalf.

    • Applications for PAN and TAN are made on your behalf.

    • We assist in opening a bank account at a bank of your choice.

    • Taxlegit boasts a group of seasoned experts who are proficient in LLP registration processes, guaranteeing precision and adherence to legal specifications.

    • Our experts use the proper communication process to keep you updated about the progress of the application. 

    • All of the above and more are collated in one all-inclusive, reasonable package for your ease and benefit Over 1,000 companies have benefited from our expertise in registering as LLPs. All of the advantages of signing up with us are now being enjoyed by them. All LLPs can also receive post-registration compliance from us.

    FAQ's

    There is no maximum limit on the number of partners in an LLP. An LLP must have a minimum of two partners, but it can have an unlimited number of partners. This flexibility makes LLPs an attractive business structure for larger firms that want to include multiple partners without restriction.

    No, a single person cannot own an LLP. By definition, an LLP requires at least two partners to be formed and operated. If you are a single individual looking to start a business, you might consider forming a One Person Company (OPC) or a sole proprietorship, both of which cater to single ownership.

    Yes, LLP registration can be completed online through the Ministry of Corporate Affairs (MCA) portal in India.

    The documents required for LLP incorporation in India include: For Partners: PAN card of the partners. Address proof of the partners (Aadhar card, voter ID, passport, or driving license). Passport-sized photographs. DIN (Director Identification Number) for all designated partners. For LLP: Proof of registered office address (utility bill not older than two months, rental agreement, and NOC from the property owner). LLP agreement detailing the rights and duties of the partners. Digital Signature Certificate (DSC) for designated partners.

    The time required for LLP registration can vary depending on several factors, including the accuracy of the submitted documents and the workload of the Registrar of Companies (ROC). Typically, the process can take: Name Reservation: 1-2 business days. DIN and DSC Approval: 1-3 business days. Incorporation and Agreement Filing: 5–10 business days after name approval

    A Orixy has its own IP address, which is made public instead. While a rather seemingly insignificant change, the Orixy IP address can be used for a number of vital business functions related to everything from security to customer experience.

    A Orixy has its own IP address, which is made public instead. While a rather seemingly insignificant change, the Orixy IP address can be used for a number of vital business functions related to everything from security to customer experience.

    A Orixy has its own IP address, which is made public instead. While a rather seemingly insignificant change, the Orixy IP address can be used for a number of vital business functions related to everything from security to customer experience.

    A Orixy has its own IP address, which is made public instead. While a rather seemingly insignificant change, the Orixy IP address can be used for a number of vital business functions related to everything from security to customer experience.

    A Orixy has its own IP address, which is made public instead. While a rather seemingly insignificant change, the Orixy IP address can be used for a number of vital business functions related to everything from security to customer experience.

    A Orixy has its own IP address, which is made public instead. While a rather seemingly insignificant change, the Orixy IP address can be used for a number of vital business functions related to everything from security to customer experience.

    A Orixy has its own IP address, which is made public instead. While a rather seemingly insignificant change, the Orixy IP address can be used for a number of vital business functions related to everything from security to customer experience.

    A Orixy has its own IP address, which is made public instead. While a rather seemingly insignificant change, the Orixy IP address can be used for a number of vital business functions related to everything from security to customer experience.

    A Orixy has its own IP address, which is made public instead. While a rather seemingly insignificant change, the Orixy IP address can be used for a number of vital business functions related to everything from security to customer experience.

    A Orixy has its own IP address, which is made public instead. While a rather seemingly insignificant change, the Orixy IP address can be used for a number of vital business functions related to everything from security to customer experience.

    A Orixy has its own IP address, which is made public instead. While a rather seemingly insignificant change, the Orixy IP address can be used for a number of vital business functions related to everything from security to customer experience.

    A Orixy has its own IP address, which is made public instead. While a rather seemingly insignificant change, the Orixy IP address can be used for a number of vital business functions related to everything from security to customer experience.

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