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A Limited Liability Partnership or LLP Registration is a type of partnership that combines the benefits of a regular partnership and a company. To create an LLP, at least two partners need to agree and sign a document called the LLP agreement. One advantage of an LLP is that the partners are not responsible in their personal capacity for the debts of the business beyond their investment. Also, similar to a company the LLP can continue to exist in case one of the partners leaves or dies.
The Limited Liability Partnership Act, 2008 governs processes related to Limited Liability Partnerships in India.
Given below are the main features of LLP in India:
The benefits of choosing registration of LLP are:
The following are the essential eligibility criteria for LLP Registration in India:
Criteria |
Requirements |
Minimum number of Partners |
A minimum of two partners are needed for registration of LLP in India. |
Distinct Entity Name |
The entity's name must be distinct and not identical to any existing brand or company. |
LLP Agreement |
An LLP agreement laying down necessary formalities and clauses must be filed in Form 3 online on the MCA Portal within 30 days of incorporation. |
Indian Citizen Partner |
At least one partner must be an Indian citizen. |
DPIN Number |
All partners must obtain a Designated Partner Identification Number (DPIN). |
Digital Signature Certificates |
All partners must obtain digital signature certificates for electronic document and signature storage. |
Physical Office Address |
A physical office location is required for regular interaction with regulatory bodies, as per the LLP Act of 2008. |
The following are the documents required for LLP registration:
The LLPregistration fees depend on the capital contribution made. As per Ministry of Corporate Affairs (MCA), the following fee slabs are given:
Capital Contribution Range |
Incorporation Fee |
Less than Rs. 1 lakh |
Rs. 500/- |
Rs. 1 lakh to Rs. 5 lakhs |
Rs. 2000/- |
Rs. 5 lakhs to Rs. 10 lakhs |
Rs. 4000/- |
More than Rs. 10 lakhs |
Rs. 5000/- |
For LLP firm registration in India, the following steps must be followed:
The different LLP forms required for LLP company registration are:
Form Name |
Purpose of the Form |
FiLLiP |
Incorporation of Limited Liability Partnership (LLP) |
RUN LLP |
Reservation of a name for the LLP |
Form 3 |
Provision of information about LLP agreement |
Form 8 |
Submission of Statement of Account and Solvency |
Form 11 |
Filing of Annual Return of Limited Liability Partnership (LLP) |
Form 24 |
Application for striking off name of LLP from Registrar of Companies |
Compliances after Online LLP Registration in India
In line with the requirements under the statute, all LLPs need to file certain statutory filings with the government each year, which are:
Compliance |
Details |
Books of Account |
|
|
|
|
|
Annual Return Filing |
|
Form 8 |
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|
Form 11 |
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Income Tax Return Filing |
|
Maintenance of Documents |
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|
A few important changes have been made through the LLP (2nd Amendment) Rule, 2022, which are as follows:
Change |
Details |
Number of Designated Partners at Incorporation |
Increased from 2 to 5 without a DIN. |
Availability of LLP Forms Online |
All LLP forms are now accessible online. |
Issuance of PAN and TAN with Certificate of Incorporation |
LLPs will receive PAN and TAN along with the Certificate of Incorporation. |
Signing of Statement of Account and Solvency |
The LLP's interim resolution professional will sign on its behalf. |
Web-Based Form 9 for Consent of Partners |
A web-based Form 9 is available for submitting Consent of Partners. |
LLPs have gained much popularity since they were introduced in 2008. While forming an LLP, you need at least two partners and there is no maximum limit on the number of members, unlike with a company.
StartupFino is a company that specialises in offering complete services for onlineLLP Registration. We can help you with everything from providing advice in the initial phase to ensuring that you meet all the necessary requirements and keeping your LLP in good legal standing.
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