LLP Registration in India

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The required documents for LLP registration are as follows:

  • Latest passport size Photographs of all partners
  • PAN (Permanent Account Number) of all Partners (Minimum 2)
  • Identity Proof of each partner, (Aadhar Card, Passport, Driving License or Voter ID Card)
  • Address Proof of all partners (Bank Statement or Passbook, electricity bill, telephone bill, Aadhar card or any utility bill)
  • Copy of Mobile bill, telephone bill, electricity bill or Bank Statement of all Partners with Present address
  • Registered Office Address Proof – Rent Agreement with NOC if rented property or sale deed with the 7. latest utility bill copy if self-owned
  • Stamp paper for LLP Agreement of State where LLP is to be Incorporated. Documents Must be self-attested.
ParticularsLLP registrationPartnership
Registration Under ActIt is Registered under LLP Act 2008It is registered under Partnership Act 1932
Registered toLLP registration is done with to Ministry of Corporate AffairsPartnership registration is done with to Registrar of firm
LiabilityPartners have separate legal entity and the liability is limited to the investment.No separate entity to the partners, therefore, there is no limit to liabilities.
QualificationsMinimum two partners are required, and they must not be minor or ineligible to enter into a contract as per the Contracts Act.Minimum two and maximum twenty partners and all must be eligible to enter into a contract as per the Contract Act.
Transferability/conversionShares can be easily transferred to another person subjected to consent of other partners. Though the transferee does not become eligible to be a partner just by the transfer of shares.Same can be done in a Partnership firm, but the process is bit complicated compared to LLP
ComplianceAnnual filing is compulsoryNot compulsory

Number of Partners: minimum two. There is no maximum limitation, but all the partners must be eligible to enter into a contract.

Government fee for LLP registration:

  • LLP whose contribution is limited to Rs 1,00,000 – Rs. 500.
  • LLP whose contribution exceeds Rs 1,00,000 but is limited to Rs 5,00,000 – Rs. 2000.
  • LLP whose contribution exceeds Rs 5,00,000 but is limited to Rs 10,00,000 – Rs. 4000.
  • LLP whose contribution exceeds Rs 10,00,000 – Rs. 5000.

There is no minimum capital requirement in LLP registration. An LLP can be formed with the least possible capital. Moreover, the contribution of a partner can consist of tangible, movable or immovable or intangible property or other benefits to the LLP.

File LLP Form No. 1 (Application for reservation or change of name) by logging on to the LLP portal along with the fee prescribed and attaching the digital signature of the designated partner proposing to incorporate an LLP.

Also, refer to the LLP name availability guidelines prescribed under section-15 read with Rule-18 of LLP Rules, 2009.

For the LLP, the designated partners can only be individuals. Among the members of a Limited Liability Partnership, two or more partners can be designated as a Designated Partner. In all LLP, at least one of the Designated Partner must be an Indian Resident.

Disqualification:

  • An undischarged insolvent.
  • A person who was declared involvement in the preceding five years.
  • A person who has withheld payments to his creditors at any point of time in the preceding five years of time, and has not made a composition with the creditors.
  • A person who has been imprisoned for any immoral acts, and where the period of the sentence was at least 6 months.
  • Minors below the age of 18 years.

DIN is a unique Director identification number allotted by the Central Government to any person intending to be a Director or an existing director of a company. It is an 8-digit unique identification number which has lifetime validity. Through DIN, details of the directors are maintained in a database.

DIN is specific to a person, which means even if he is a director in 2 or more companies, he has to obtain only 1 DIN. And if he leaves a company and joins some other, the same DIN would work in the other company as well.

DIN for LLP:

The form DIR – 3 will allow only application for DIN allotment by for the individual willing to be appointed as Designated Partner of any existing LLP.

To form a new LLP, the proposed Designated Partners cannot make an application for DIN allotment.

The Designated Partners do not require DPIN (Designated Partner Identification Number). The Director Identification Number allotted is sufficient for said purpose. The amendment is also brought the Companies (Appointment and Qualification of Directors) Rules, 2014 along with LLP Rules for enforcement of said change.

Digital Signature Certificates (DSC) are the digital equivalent (that is electronic format) of physical or paper certificates. A few Examples of physical certificates are drivers’ licenses, passports or membership cards. Certificates serve as proof of identity of an individual for a certain purpose; for example, a driver’s license identifies someone who can legally drive in a particular country. Likewise, a digital certificate can be presented electronically to prove one’s identity, to access information or services on the Internet or to sign certain documents digitally.

Every form or application is filed online with the MCA, which requires to be signed digitally by the applicants and partners of the LLP. Therefore, the DSC with the validity of 2 years is procured for the Designated Partners of the Limited Liability Partnership.

It has been provided in the Act that a document may be served on an LLP or a partner or designated partner by sending it by post or by any other mode (to be prescribed under Rules) at the registered office and any other address specifically declared by the LLP for the purpose in such form and manner as may be prescribed (in the rules). Thus, an LLP shall have the option to declare one more address within the jurisdiction of the same ROC (other than the registered office) for getting statutory notices/letters etc. from Registrar.

Yes, it is mandatory to execute and file the LLP Agreement in view of Section 2(0) & (q) , 22 and 23 of the Act.

As per provisions of the LLP Act, in the absence of agreement as to any matter, the mutual rights and liabilities shall be as provided for under Schedule I to the Act. Therefore, in case any LLP proposes to exclude provisions/requirements of Schedule I to the Act, it would have to enter into an LLP Agreement, specifically excluding applicability of any or all paragraphs of Schedule I

Yes, but they should be relevant in nature.

Sec. 25 of the Companies Act says In India nonprofit/public charitable organizations can be registered as trusts, societies, or a private limited nonprofit company.

Soon after LLP is incorporated, PAN and TAN application has to be made separately.

Yes, Body corporate broadly means a corporate entity that has a legal existence. The term “body corporate” is defined in Section 2(11) of the Companies Act 2013. This includes a private company, public company, one-person company, small company, Limited Liability Partnerships, a foreign company, etc.

FDI in LLP is subject to the compliance of the conditions of the Limited Liability Partnership Act, 2008. An Indian company or an LLP, having foreign investment, will be permitted to make downstream investment in another company or LLP engaged in sectors in which 100% FDI is allowed under the automatic route and there are no FDI linked performance conditions. The onus shall be on the Indian company / LLP accepting downstream investment to ensure compliance with the above conditions.

Yes, an existing partnership firm can be converted into LLP by complying with the provisions of clause 58 and Schedule II of the LLP Act. Form 17 needs to be filed along with Form 2 for such conversion and incorporation of LLP.
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