LLP Registration

Overview of LLP

A Limited Liability Partnership (LLP) is a popular business structure that combines the features of a partnership and a corporation. It provides the partners with limited liability protection while allowing them to actively participate in managing the business. LLPs are commonly chosen by professional service firms, such as law firms, accounting firms, and consulting agencies.

An LLP is a separate legal entity, meaning it has its own identity distinct from its partners. This means that the partners are not personally liable for the debts and obligations of the LLP, protecting their personal assets from being at risk. LLPs also offer flexibility in terms of taxation, allowing the partners to enjoy the benefits of partnership taxation, where the profits and losses are passed through to the individual partners’ tax returns.

Benefits of LLP

There are several benefits to choosing an LLP as a business structure:

  1. Limited Liability: The primary advantage of an LLP is that it provides limited liability protection to its partners. Unlike sole proprietorships and general partnerships, where the partners are personally liable for the debts and liabilities of the business, LLP partners are only liable to the extent of their investment in the LLP. This means that their personal assets, such as homes and cars, are protected in case of business-related claims or lawsuits.
  2. Flexibility in Management: LLPs offer flexibility in terms of management structure. The partners can actively participate in the day-to-day operations and decision-making processes of the business. This allows for greater control and involvement compared to corporations where there is a clear separation between ownership and management.
  3. Pass-Through Taxation: LLPs enjoy the benefits of pass-through taxation. This means that the LLP itself does not pay taxes on its income. Instead, the profits and losses are passed through to the individual partners, who report them on their personal tax returns. This can result in potential tax savings, as the partners can utilize deductions and credits available to individuals.
  4. Increased credibility: An LLP is seen as a more credible business structure than a sole proprietorship or general partnership, which can help attract investors and customers.

Fees & Deliverable: You have the option to submit your LLP registration online using our Expert Team Registration Plan.Our Partnership Firm Registration Plan is priced at ₹12,500* and covers the following services:

  • Drafting of LLP Deed
  • Designated Partner Identification Numbers for two partners
  • Digital Signature Certificates for two partners
  • Issuance of Incorporation Certificate.

Required for Formation of LLP

The following are the key documents required for LLP formation:

  1. At Least Two Partners: An LLP needs at least two people to start it.
  2. Partners’ KYC Documents: Each partner must provide their Know Your Customer (KYC) documents, which include proof of identity, address, and photographs: –
    • PAN Card/ID Proof of Partners: Address Proof of Partners: Partners can submit the following documents: Voter’s ID, Passport, Driver’s License, or Aadhar Card.
    • Residence Proof of Partners: Partners need to provide recent documents such as a bank statement, telephone bill, mobile bill, electricity bill, or gas bill from the last 2-3 months.
    • Passport-size Photograph: Partners should provide a passport-size photograph with a white background.
    • For Foreign Nationals and NRIs: Foreign nationals and NRIs intending to partner in an Indian LLP should submit their passport. Additionally, proof of address, such as a driving license, bank statement, residence card, or any government-issued identity proof containing the address, is required.
  3. LLP Agreement: An LLP Agreement is a legally binding document that defines the rights, duties, and obligations of the partners and their relationship with the LLP. It covers aspects such as profit sharing, decision-making, admission and retirement of partners, and dispute resolution mechanisms. The LLP Agreement must be executed by all partners and filed with the regulatory authority.
    • Address Proof: The LLP must submit address proof for its registered office. This can be in the form of a utility bill, lease agreement, or ownership document.
    • Digital Signature Certificate (DSC): At least one designated partner must have a DSC for digitally signing documents.

Why Us?

Choosing the right service provider for LLP formation is difficult. Here’s why you should consider our services:

  • Expertise: We have extensive experience and expertise in helping businesses set up LLPs. Our team of professionals understands the intricacies of LLP formation and can guide you through the process seamlessly.
  • Personalized Assistance: We believe in providing personalized assistance to our clients. Our dedicated team will work closely with you to understand your specific requirements and customize the LLP formation process accordingly. We will be there to answer your questions, address your concerns, and ensure a smooth experience from start to finish.
  • Compliance and Accuracy: LLP formation involves adherence to various legal and regulatory requirements. We prioritize compliance and accuracy, ensuring that all documents are prepared and filed correctly, minimizing the risk of delays or rejections.
  • DSC and DPIN: We will help you obtain the Digital Signature Certificate (DSC) and Designated Partner Identification Number (DPIN) which is required for the process.
  • LLP Agreement: Our experts will assist in drafting the LLP Agreement, ensuring that it is legally sound. We will also manage the filing of necessary documents with the authorities.
  • PAN and TAN: We will also apply for Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) of your LLP.
  • Competitive Pricing: We offer competitive pricing for our LLP formation services. We believe that setting up an LLP should be affordable and accessible to businesses of all sizes.

In conclusion, LLP formation provides an attractive business structure with limited liability protection, flexibility in management, and potential tax benefits. By following the necessary documentation requirements and choosing a reliable service provider, you can embark on your business journey with confidence and peace of mind.

Remember, starting an LLP is a significant step, and it’s essential to seek professional advice to ensure compliance with the relevant laws and regulations. Contact us today to get started on your LLP formation journey!