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Limited Liability Partnership

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Limited Liability Partnership (LLP)

Register your LLLP Anywhere in India Online

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Limited Liability Partnership

Process LLP

llp
2 DSC + 2 DPIN + LLP Agreement + Pan/Tan
rate
Rate
stamp
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Advantages

2 DSC + 2 DPIN + LLP Agreement + Pan/Tan
Rate
Stamp duties extra
Stamp duties extra

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FAQ LLP

What is a Limited Liability Partnership (LLP) ?

A Limited Liability Partnership is a hybrid of Company and Partnership form of business. It combines the advantages of both the Company and Partnership into a single form of organization. It enjoys the benefits of having a separate legal entity, perpetual succession and a limited liability.

What are the advantages of forming an LLP?
  • Low cost of incorporation of LLP.
  • It is easy to register an  LLP due to lesser technical formalities and legal complexities.
  • No requirement of audit of the LLP upto a certain limit, hence it is easier to maintain than a LLP.
  • There is no minimum authorized capital requirement for an LLP.
  • There is no restriction on the maximum number of partners.
  • Individual Partners are not liable for the acts of other partners, unlike a partnership.
  • The partners have limited liability and their personal assets are not exposed except in cases of fraud ,so startups choice.
  • Lesser formalities to maintain statutory records of LLP.
  • Professional such as CS / CA / CWA / Lawyers can form Multi-disciplinary Professional LLP.
What is difference between LLP and a Partnership?
  • An LLP is governed by the provisions of the LLP Act, 2008 whereas a Partnership is governed by the Partnership Act, 1932.
  • Registration of an LLP is compulsory but the registration of a partnership firm is optional.
  • A partnership firm does not have a perpetual succession.
  • An LLP can purchase immovable property in its own name, unlike a partnership firm,which cannot purchase property in its own name.
Who can be a “Designated Partner” and what are its requirements?

Appointment of at least two “Designated Partners” is mandatory for all LLPs. And both shall be individuals and at least one of the Designated Partner shall be a resident of India. In case of a LLP in which either one or all the partners are bodies corporate, then at least two individuals who are partners of such LLP or nominees of such bodies corporate shall act as designated partners.

When does audit becomes mandatory in case of LLP?

‘LLP’ is required to get their books of accounts audited when the total revenue is more than INR Rs. 40 lacs or total capital of partners exceeds INR Rs. 25 lacs.

Whether annual return would be required to be filed?

Every LLP would be required to file with ROC an Annual Return every year.

What are the registration formalities relating to LLPs?

Every LLP shall have a registered office and it shall be registered with the ROC. An incorporation Document subscribed by at least two partners shall have to be delivered to the Registrar in form 2. Every LLP so registered shall be assigned a LLP identification number (LLPIN).

Whether LLPs would be required to maintain books of accounts?

An LLP shall be under an obligation to maintain annual accounts reflecting true and fair view of its state of affairs. A “Statement of Accounts and Solvency” in prescribed form shall be filed by every LLP with the Registrar every year.

Can a Non-Profit Organization form LLP?

No. The essential requirement for setting LLP is carrying on a business with a view to make “profit”.

Can a foreign LLP reserve its existing name while registering in India?

A foreign LLP can reserve its existing name by which it is registered in the country of its incorporation by making an application to Ministry of Corporate Affairs. The reservation will be valid initially for three years and is renewable thereafter.

Does an LLP also has to maintain the record of meetings?

Yes, proper Minutes Book should be maintained by the LLP to record Minutes of the Meetings of the partners.

I am based out of Kolkata andStartups Advise is based out of Delhi and Jaipur. Can Startups Advise help me in registering my LLP?

Definitely we can for you.

The entire process of registration is online. Hence, the location difference is out of question.

Startups Advise has network firms and qualified professionals as associates in all the major cities of India. Even though our Global Delivery Center is in Delhi and in all metros, we have local presence in over 101 cities in India and abroad.

Do I need to courier all the copies of the documents which you require them?

Not at all. You only need to send us the scanned soft copies through email. All documents are filed electronically with the department. Hence, there is no requirement of couriered hard copies.