Limited Liability Partnership Registration

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Overview

Limited Liability Partnership registration offers the right balance between flexibility and protection, making it ideal for startups and established businesses. An LLP protects your assets from business debts while offering partnership advantages. 

A Limited Liability Partnership (LLP) is a modern and effective business setup. It combines the teamwork of a partnership with the safety of limited liability, providing entrepreneurs with a flexible platform to collaborate and innovate confidently. 

Registering your LLP in India is easy with taxlegit. Many businesses trust us for their Limited Liability Partnership registration, ensuring compliance with all rules. Our expert team guides you through the online process from start to finish. It’s the fastest and most affordable way to register your LLP. 

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 limited liability partnership 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 pass directly through to the partners' 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 Registration

Registering a Limited Liability Partnership is simple when you have the right help. Here’s a step-by-step guide to the Limited Liability Partnership registration process: 

Step 1: Obtain Digital Signature Certificates (DSC) 

Since Limited Liability Partnership registration is done online, you need Digital Signature Certificates (DSC) for all designated partners. DSCs ensure that the documents you submit online are secure and authentic. 

Step 2: Get Your Director Identification Number (DIN) 

Each designated partner is required to have a Director Identification Number (DIN). You can apply for DIN by submitting the required documents and information through the online portal. 

Step 3: Name Reservation 

Pick a unique name for your LLP and send it for approval. Ensure the name follows the naming rules set by the Ministry of Corporate Affairs (MCA). 

Step 4: Drafting of LLP Agreement 

Create the LLP agreement that outlines the rights, duties, and responsibilities of the partners. This agreement must be filed with the Registrar within 30 days of your LLP's incorporation. 

Step 5: Filing Incorporation Forms 

Submit the incorporation forms and the necessary documents to the Registrar of Companies (ROC). Once the ROC approves your application, they will issue a Certificate of Incorporation, officially registering your LLP. 

Step 6: PAN and TAN Application 

Request a Permanent Account Number (PAN) and a Tax Deduction and Collection Account Number (TAN) for your LLP. These are needed for tax purposes and other financial activities. 

Step 7: Open a Bank Account 

With the Certificate of Incorporation, PAN, and TAN, you can open a bank account in your LLP’s name, making it easier to handle financial transactions. 

Documents Required for Limited Liability Partnership Registration

Having all the necessary documents ready can speed up the Limited Liability Partnership registration process. Here’s a list of the required documents: 

1. Address Proof of the Registered Office 

  • Provide a valid proof of your LLP’s registered office, such as a utility bill, rental agreement, or property ownership documents. 

2. Identity and Address Proof of All Partners 

  • Submit copies of PAN cards, Aadhaar cards, or passports of all partners to verify their identity and address. 

3. Digital Signature Certificates (DSC) 

  • Obtain DSCs for all designated partners to help with the online registration process. 

4. Director Identification Number (DIN) 

  • Ensure each designated partner has a valid DIN obtained through the online application. 

5. LLP Agreement 

  • Draft and file the LLP agreement detailing the understanding and operating procedures between the partners. 

6. Name Approval Letter 

  • Once the Registrar approves the name, include the name approval letter in your documents. 

7. Declaration of Compliance 

  • Submit a declaration signed by an advocate, notary, or company secretary. 

8. No Objection Certificate (NOC) 

  • If the registered office is in a rented property, provide a No Objection Certificate from the property owner. 

9. Partner Consent Forms 

  • All partners must sign consent forms agreeing to act as designated partners in the LLP. 

LLP Registration Fees

Understanding the fee structure for Limited Liability Partnership registration is important for planning your budget. Here’s a breakdown of the typical fees: 

Service 

Cost (INR) 

Digital Signature Certificate 

2000 each 

Name Reservation 

200 

Registration Fees 

1,000 - 2,000 

LLP Agreement Filing 

1800-2,000 

Professional Fees (if any) 

3,000 - 5,000 

Total Estimated Cost 

10,000 - 13,700 


Note: Fees may vary based on the number of partners and specific requirements. 

Limited Liability Partnership 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 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.

Post-Compliance for Limited Liability Partnership

Post-compliance services for a Limited Liability Partnership (LLP) are crucial to ensure that the LLP remains compliant with all regulatory requirements after its formation. Here are the key post-compliance services for an LLP:

1. Annual Filing Requirements

Annual Return Filing (Form 11): Every LLP is required to file an annual return in Form 11 with the Registrar of Companies (RoC) within 60 days from the end of the financial year. This form includes details of the partners and any changes in the LLP during the year.

Statement of Account and Solvency (Form 8):

LLPs must file Form 8, which includes the statement of account and solvency, within 30 days from the end of six months of the financial year.
This form must be signed by designated partners and certified by a Chartered Accountant.

2. Income Tax Compliance

Filing of Income Tax Returns: LLPs are required to file their income tax returns annually.
The due date is generally July 31st, but it may be extended if the LLP is subject to audit under the Income Tax Act.

Tax Audits

If the turnover exceeds the specified limit, the LLP is required to undergo a tax audit and file the tax audit report.

3. GST Compliance

GST Registration: Ensure that the LLP is registered under GST if it meets the threshold limits for registration.
Monthly/Quarterly GST Returns: File monthly or quarterly GST returns (GSTR-1, GSTR-3B) as applicable.
Ensure proper reconciliation of input tax credit (ITC) with GSTR-2A/2B.
Annual GST Return: File the annual GST return (GSTR-9) and the audit report (GSTR-9C, if applicable).

4. Secretarial Compliance

Maintenance of Statutory Registers: Maintain various statutory registers such as the Register of Partners, Register of Contributions, etc.
Minutes of Meetings: Proper documentation and maintenance of minutes of meetings of partners and designated partners.

5. Event-Based Compliance

Changes in LLP Agreement: File Form 3 for any amendments or changes to the LLP Agreement.
Change in Partners/Designated Partners: File Form 4 for changes in partners or designated partners, including their appointment, cessation, or change in particulars.
Change in Registered Office: File Form 15 for any changes in the registered office of the LLP.
Filing of Charges: File Form 8 for the creation or modification of charges on the assets of the LLP.

6. Other Compliances

DIN KYC: Ensure that all designated partners complete their annual DIN KYC compliance.
Professional Tax: Compliance with professional tax regulations, if applicable in the respective state.
ESI/PF Compliance: Compliance with Employee State Insurance (ESI) and Provident Fund (PF) regulations if the LLP has employees.

7. Compliance Monitoring and Advisory

Regular Compliance Monitoring: Ongoing monitoring of compliance requirements and due dates to avoid penalties.
Advisory Services: Providing advisory services on various compliance matters, legal updates, and changes in regulations.

How Taxlegit help in LLP registration

When considering LLP (Limited Liability Partnership) registration, Taxlegit could be a suitable choice for various reasons. Here are some potential advantages

Expertise and Experience

  • Knowledgeable Professionals: Taxlegit likely has a team of experts specializing in LLP registration, ensuring that all legal and procedural aspects are correctly handled.
  • Experience in the Field: Having completed numerous registrations, they can navigate complexities and avoid common pitfalls.

Comprehensive Services

  • End-to-End Support: They might offer comprehensive services, including name reservation, document drafting, filing with the Ministry of Corporate Affairs, and obtaining the LLP agreement.
  • Post-Registration Services: Taxlegit may provide ongoing compliance services, ensuring the LLP adheres to annual filings and other legal requirements.

Efficiency and Speed

  • Streamlined Processes: With established procedures and automation, they can expedite the registration process.
  • Minimized Errors: Expert handling reduces the likelihood of errors that can delay registration.

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
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