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LLP Audit and Income Tax Filing

LLP Registration in India is quick and easy with filingsfirst.com. More than 6,000 businesses trust us to register Limited Liability Partnerships and keep their businesses compliant with the law. Our team of expert CA and CS help you with the process of online registration.

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Overview

Less Government Intervention

Sole Shareholder and Director

Turnover should be less than Rs. 2 crores

Paid up capital should be less than Rs. 50 lakhs

Option to convert into a Private Limited Company or Public Limited Company

Sole Shareholder and Director

Overview

PAN and Aadhaar Card

Both PAN and Aadhaar Card of all Indian Shareholders and Directors

Identity Proof

Either Voter ID, Passport, or Driving License of the Shareholders and Directors.

Proof of Address

Copy of the latest Telephone Bill, Electricity Bill, or Bank Account Statement of the Shareholders and Directors

Photographs

Latest passport size photographs of all the Shareholders and Directors

Business Address Proof

Either of the latest Utility Bill (Electricity, Telephone, Gas, Water) or Property Tax Bill of the registered office address. Rent agreement and NOC from the owner in case of rented property

Proof of Address

Copy of the latest Telephone Bill, Electricity Bill, or Bank Account Statement of the Shareholders and Directors

Why Should You Register Your Business as a Limited Liability Partnership?

Partners' Liabilities are Limited

The key advantage of registering as a Limited Liability Partnership as opposed to a Partnership Firm is that it counts for a separate legal identity. Hence, LLP provides a limited liability benefit to the partners. In case of a business loss or insolvency, the liability of the partners is restricted to the capital contribution as per the LLP agreement. Further, one partner is not held responsible for the actions of negligence or misconduct of any other partner.

Operational Flexibility

LLP Agreement, deed among partners of an LLP, clarifies operating structure including rights and responsibilities of the partners. Typically, LLP has a “Designated Member” who would control day-to-day operations. It can have individuals or existing businesses as members. Further, this structure allows to clearly define the roles and responsibilities of the partners. It could also help in protecting the partner’s interest in case of loss because of an unlawful act of any other partner.

Separate Legal Existence

Limited Liability Partnership Registration creates a separate legal identity from its partners. Governed by the LLP Act of 2008, it allows the business to contract with other entities, take legal action, own assets, and borrow funds in the name of the LLP itself. It provides flexibility to the business to function independently and in perpetuity, irrespective of change or death of partners.

Lower Compliance Requirement

Compliance requirements for an LLP are lesser as compared to Private Limited Companies. It doesn’t have a mandatory audit requirement until a certain level of turnover or contribution. Unlike companies, compliances related to board meetings, statutory meetings, etc. do not apply to LLPs. Professional services for compliance are typically available at cheaper rates than that for companies, making it a cost-effective formation type to maintain.

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Documents Required for LLP Registration in India

PAN Card

PAN Card of all partners Foreign nationals may provide passport

Partners Address Proof

Aadhar Card/ Voter ID/ Passport/ Driving License of all partners

Photograph

Latest Passport size photograph of all partners

Business Address Proof

Latest Electricity Bill/ Telephone Bill of the registered office address

NOC from owner

No Objection Certificate to be obtained from the owner of registered office

Rent Agreement

Rent Agreement of the registered office should be provided, if any

Note

In case of NRI or Foreign National, documents of the partner must be notarized or apostilled

Business Address Proof

Latest Electricity Bill/ Telephone Bill of the registered office address

ONLINE REGISTRATION

Start Your LLP – Quick and Easy!

  • Pick a package for LLP registration that best fits your requirements
  • It takes less than 10 minutes to fill in our questionnaires
  • Provide basic details & documents required for LLP registration
  • Make payment through secured payment gateways for LLP registration fees
  • You are assisted by our experts throughout the process
  • Assigned Relationship Manager
  • Procurement of Digital Signatures (DSC)
  • Application for LLP Name Reservation
  • Certificate of LLP Incorporation
  • Application for Director Identification Number (DIN)
  • Application for PAN and TAN
  • Drafting of LLP agreement and other required documents
  • Your business is registered, get-set-grow!
  • All it takes is 15 – 18 working days to register and incorporate your LLP in India

THE PROCESS

How Long does It Take?

  • Application for Digital Signature Certificate
  • Checking LLP Name availability
  • Application for Name Reservation under “LLP-RUN”
  • Reservation of LLP Name
  • Drafting the LLP incorporation document
  • Filing application for LLP registration
  • Application for DIN allotment of Designated Partners
  • Certificate of LLP Incorporation
  • Application for PAN and TAN of LLP
  • Drafting of LLP Agreement
  • Payment of Stamp Duty
  • Filing of LLP Agreement
  • Government processing time

Our Clients

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Questions You May Have on LLP Incorporation in India

There must be at least two individuals to be appointed as Designated Partners, out of which one must be an Indian
resident. Also, there is a pre-requisite to have an address of a business in India so as to register it as a registered
office for your LLP.

No. There is no minimum amount prescribed to form an LLP in India. It can be started with any amount of capital
demanded by the business. Although there is no minimum requirement, every partner must make a contribution
financially to form LLP. The amount of capital contribution is disclosed in the LLP Agreement and amount of stamp
duty is decided by the total contribution amount.

LLP name availability is as an essential part for an online LLP registration. The name of an LLP is reserved through a
web based form named "LLP-RUN" (Reserve Unique Name). The partners can provide maximum of 2 names in
preferential order to reserve any one. The registrar may ask to re-submit the application with different name, if names
do not fall under criteria of uniqueness, relevancy or does not fulfil the necessary requirements.

There are no limitations in terms of citizenship or residential status to be a Partner in LLP. Therefore, the LLP Act,
2008 allows Foreign Nationals, including Foreign Companies & LPs to incorporate LLP in India. The pre-requisite is to
have at least one Designated Partner who is a resident of India. However, the person should be of the age 18 years.
This is to ensure that the person in LLP is not a minor and competent enough to enter into contract. Also, the
proposed Designated Partner shall have DIN.

The concept of DPIN (Designated Partner Identification Number) is replaced by DIN with respect to the LLP
incorporation. Director Identification Number is a unique number assigned by the MCA to Individuals on whose behalf
the application is made. This allows any individual to be Director in any Company or Designated Partner in LLP.
The application of DIN allotment is made with incorporation application in FiLLiP subiect to maximum 2 DIN.

More Questions? Seek Help of an Expert

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