LLP Registration- Requirements and Procedure

LLP registration provides number of benefits and perfectly fits in the requirements of people who wants to pool up their expertise and knowledge. 

We are pleased to inform that JR Compliance is an award winning compliance service provider with an experience of over 8 years provides finest LLP registration assistance to our clients. 

What is LLP Registration?

In India, Limited Liability Partnership (LLP) was established under the Limited Liability Partnership Act 2008 (which came into effect on 31st March 2009). An LLP is a type of partnership in which all or some partners have limited liabilities depending on the jurisdiction. Thus, it comprises the features of a corporation and partnership firm.

Consequently, LLP registration online (LLP company registration)  is the process of registering an LLP firm by fulfilling certain obligations. 

Moreover, LLP is unassociated with the limited partnership, yet, it carries out its operation like a limited partnership. But in an LLP company, the liability of each partner is limited (members/partners are liable to pay the debt of the company only to the extent of their capital contribution). 

Can a foreigner incorporate LLP? 

Under LLP Act 2008, foreign nationals which include Foreign Companies can incorporate LLP (LLP company registration) in India. However, for this, one partner should be a resident of India.

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Benefits of LLP Incorporation

It provides pliability without imposing comprehensive legal and procedural requirements.

The existence of the company is not affected by the bankruptcy, death, etc of a partner.

Flexible transfer of ownership without any procedural delay.

LLP having capital below 25 lakh and annual turnover below 40 lakhs need not maintain a formal audit.

LLP being a juristic person has the authority to own and acquire the property.

It is organized and managed by the agreement.

Provides professional or technical expertise to the company.

LLP registration

Characteristics of LLP Company

As a company, LLP is a separate legal entity. That means it has rights similar to a person. Thus, it can sue, be sued, own property, etc.

To commence an LLP, you need at least 2 members, while there is no restriction on the maximum number of members.

There is no restriction on the minimum amount required for LLP incorporation

It continues to operate regardless of a change in its partners. 

The mutual rights and duties of partners are controlled by agreement between partners or agreement between partners and LLP.

No partner in an LLP is answerable to the unaccredited or independent actions of the other partners.

Important Factors of Different Forms of Company

Limited Liability Company

Important Factors -
Incorporated under Limited Liability Act, 2008
At least two partners will be required for fomation
Partners have control over business
Duration of incorporation is 12-15 days

Private Limited Company

Important Factors -
Incorporated under Company Act, 2013
Minimum 2 members and 2 directors are required
Stakeholders have control over business
Duration of incorporation is 12-15 days

Public Limited Company

Important Factors -
Incorporated under Company Act, 2013
Minimum three directors are required for fomation
Stakeholders have control over business
Duration of incorporation is 15-20 days

Nidhi Company

Important Factors -
Incorporated under Section 406 of Companies Act
At least seven members required for fomation
Controlled by RBI guidelines
Duration of incorporation is 15 days approx

Checklist For LLP Registration Online | Checklist For LLP Company Registration

For LLP incorporation, you at least need 2 partners. Though, there is no restriction on the number of maximum partners.

Every partner should agree to the contribution towards the capital requirement.

In the case of Foreign Nationals and NRI, one designated partner should be a resident of India.

For LLP incorporation there is no restriction on the capital contribution.

Every partner should have a Designated Partner Identification Number (DPIN).

All the Designated Partners should obtain DSC.

You need the address proof of the LLP office, either rented or owned.

Documents Required For LLP Incorporation

For identity proof, you need to submit a photocopy of the Voter’s ID card, Driving license, etc.

Photocopy of electricity bill, telephone bill, latest bank statement, etc.

You are required to submit the No-Objection Certificate (NOC) from the property owner.

If your business is operating at a rented place, you need to submit a photocopy of the rental agreement.

In case you own the property, you need to submit the sale or property deed.

Foreign nationals and NRIs need to submit a replica of a PAN card and passport.

How to Do LLP Company Incorporation | LLP Registration Process

To commence an LLP registration process, the Digital Signature Certificate (DSC) and Director Identification Number (DIN) needs to be obtained.

An application in Form 1 will be filled to choose the appropriate name of the establishment.

After selecting name which is appropriate and meets all the standards, the incorporation Form 2 (including required information and affixing documents) will be filled.

Lastly, certificate of incorporation will be obtained after complying with all the requirements. 

Note- Within 30 days of LLP company incorporation, file an LLP agreement.

JR Compliance strive to provide you high standard compliance services (best of LLP company registration services) as our  LLP registration consultant are committed to provide you complete assistance to complete the LLP registration online without any hassle. For this, our  LLP registration consultant has up-to-date knowledge regarding the same which helps us in making the LLP registration process smooth. It saves your time and money in respect of LLP registration process/ LLP company registration.

Our Role in LLP Registration 

Our  LLP registration consultant will assist you in the process of documentation, and evaluation.

Our  LLP registration consultant will assist you in opening a Current Bank Account for an LLP firm.

OUr  LLP registration consultant will assist you in choosing the right name of your LLP company by doing proper research to avoid further inconvenience in LLP registration process.

Our  LLP registration consultant will ensure a smooth procedure as we will be available whenever required.

Our  LLP registration consultant will directly coordinate with LLP officials to prevent errors as well as for proper follow-ups in LLP registration process

Our  LLP registration consultant will provide the finest solution to all your queries concerning LLP incorporation process/ LLP registration process.

A man assisting a woman in LLP registration

Conclusion

JR Compliance has assisted reputed brands in the successful registration of their brands for different certificates. Our services are not limited to India only but our services are far-reaching to different parts of the globe. 

We ensure to provide you with our complete assistance in the process of LLP registration online. Also, we guarantee to avoid every inaccuracy which can be an obstacle in LLP incorporation. For this, we have highly professional and experienced LLP experts who will provide you promptitude assistance by keeping your concern such as LLP compliance checklist, LLP registration online requirements, LLP registration process and more in mind.

Our  LLP registration consultant understands the importance of procuring a certificate for a firm and for appropriate help contact us immediately regarding LLP registration process.

Have questions? We've got answers.

1. How is LLP different from a private limited company?

In an LLP, there is no clear distinction between its owner and management. While the ownership of the private limited company is determined on the basis of its shareholding.

2. Is it mandatory to register an LLP?

Indeed, registration of an LLP is mandatory.

3. Can an individual form an LLP?

No, one person can not form an LLP because it requires a minimum of two members to commence an LLP firm.

4. Is GST required for LLP?

Yes, GST is required for an LLP.

5. Is audit compulsory for LLP?

As per Rule 24 of LLP, Rules 2009, accounts of LLP must be audited. 

6. Whether an annual return an LLP has to file?

An LLP must file the annual return in Form 11 from ROC within 60 days closer to the financial year. 

7. Which document will be available for public inspection in the office of the registrar?

Below-mentioned are the documents that must be available for public inspection, 

  • Incorporation documents
  • Annual return
  • Statement of account and solvency
  • Partners’ name and change, if any
8. Does an LLP have directors?

Unlike a company, an LLP does not have directors.

9. Who control or owns the LLP?

LLP is controlled and owned by its members.

10. Can I register LLP online?

Yes, an LLP can be registered online.


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