LLP Registration for Partnership Business in India
LLP Registration is governed by MCA and is best suited for business looking a “Corporate entity with lowest compliance’s”. Registration starts at a lowest fee of just Rs 1,999/- (+ Govt Fees and expenses).
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Relaxation in Audit & Auditor Requirement: LLP’s having turnover below prescribed limit Rs 40 lakhs or whose contribution dosen’t exceed Rs. 25 lakhs in any financial year are not required to mandatorily appoint a LLP Auditor.
Complete Package for Sartup’s: LLP Registration + GST Registration + MSME Registration + etc…
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Limited Liability Partnership Registration
Corporate Partnership Business from MCA
Minimum Eligibility to start a Limited Liability Partnership? Steps to Register a Limited Liability Partnership in India? Key Documents Required to register a LLP in India?
A Limited Liabilty Partnership (LLP) is a hybrid structure between a partnership firm & a private limited company where the business is carried out in a corporate framework, guided by terms of the mutually adopted partnership deed. Limited Liability Partnership are prevailed by ‘The Limited Liability Partnership Act, 2008’ and various Rules made thereunder LLP was introduced to provide a form of business that is easy to maintain and to help owners by providing them with limited liability. The name of LLP Company must finish with the suffix “LLP”, as it is the requirement of a “Limited liability partnership”
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Minimum Requirements to Register a LLP
Although it is a very easy task to start and Register a Limited Liability Partnership, but there are basic minimum requirements to do a LLP Registration in India. Few of them are as below:
Minimum 2 Partners
Minimum 2 Partners / Designated Partners are required.
DPIN Number
Minimum 2 Director Identification Numbers
Capital Contribution
We recommend a Minimum Contribution of Rs 10,000/-
Unique LLP Name
RUN Application to apply LLP Name
Digital Signature Certificate
Mandatory Digital Signature Certificate for Partners.
Registered Office
A Physical Place for Registered Office of the LLP.
Benefits of LLP Registration
The basic benefit of LLP Registration is that accounts of an LLP are required to be audited only when the turnover is Rs. 40 lakh or more or when the total capital contribution is Rs. 25 lakh or more. However below are quick Benefits about the Limited Liability Partnership:
- It has a Low Cost of Formation and is Easy to Form.
- LLP is a separate legal entity from the partners. Each partner can sue the other in case a situation arises.
- Less Restrictions and Compliance are enforced on a LLP by the Govt as compared to the restrictions enforced on a Company.
- An LLP can sue in its name and be sued by others.
- LLPs have assets and liabilities that are separate from that of the promoters.
- An LLP can raise funds from Partners, Banks and NBFCs.
Registration Process | How to Register a LLP Online?
The Ministry of Corporate Affairs (MCA), under the Companies Act 2013 has made the LLP Registration a complete online process. You can get your LLP registered within few days online. Below are the Steps Involved in LLP Registration online:
- Step 1: Application for Digital Signature Certificate (DSC) for the Partners.
- Step 2: Application for Director Identification Number (DIN) for all Partners.
- Step 3: Apply for New Unique Name on MCA using RUN Facility.
- Step 4: Upon Submission of final Application Registration Certificate is being issued by MCA.
- Step 5: Drafting of LLP Deed for the new Limited Liability Partnership.
- Step 6: Now you can get your PAN and open Current Account in LLP and proceed with GST Registration
Documents Required to Register a LLP
Limited Liability Partnership Registration is an Online Procedure and requires some key documents. We have divided it into two parts as below:
Part 1: Basic Documents for the Partners / Designated Partners:
- Passport Size Photograph – 2 (Scanned)
- Self Attested Copy of PAN Card
- Proof of Identity (Passport / Aadhar / Driving License / Voter ID)
- Proof of Residence (Recent Bank Statement / Electric Bill / Telephone Bill)
- Important Points:
- The Documents Scanned must be clear and self attested.
- The address proof shall be not older than 30 days (In case of Telephone bill, Bank statement, Electric & Mobile bill)
- Important Points:
- A Unique Email Id & Mobile Number is required for each director to make Digital Signature Certificate.
Part 2: Proof for Registered Address of LLP:
- If Property is Owned by the Partner.
- Sale Deed of Property
- NOC from the Owner of the Property (We will provide you copy of NOC)
- If Property is taken on Rent or Lease
- Rent Agreement / Lease Deed
- Rent Payment Receipt for last 2 months.
- NOC from the Owner of the Property (We will provide you copy of NOC)
- Note: Furthermore, in addition to the above documents we also need a copy of Electricity Bill / Telephone Bill / Gas Bill + Property Tax Receipt / Postpaid Mobile Bill + Property Tax Receipt.
- Important Points related to Rent Agreement/ Lease Deed:
- If you are showing your registered office address on your Rented property, Rent Agreement must be in one of the director’s/Partner’s name.
- Rent Agreement in the name of proposed/yet to be registered company is not allowed.
Total Cost for LLP Registration
“We Deliver what we promise!” is not a tag line that we invented, it is actually how clients describe us.
| S. No. | Description of Service | Amount (Rs) |
|---|---|---|
| 1 | (2 Nos) X Digital Certificate Signature (Rs 847 x 2) | Rs 1,694 |
| 2 | PROFESSIONAL FEES:--> LLP Registration: Package Includes: (Form 1 Filing for LLP Name Approval, Form 2 Filing for Incorporation of LLP, LLP Deed Drafting, 2 x DIN Approval, 2 x Class 3 DSC (Validity 2 Years), Assistance in PAN Application, GST Registration, MSME Registration, Current Account Opening) | Rs 1,999 (Limited Period Offer) |
| 3 | GST @ 18% (Point 1 & 2) i.e. Rs 3,693 | Rs 665 |
| Total Fee Excluding Govt. Fees --> | Rs 4,358 | |
| Govt Fees (ROC Name Approval & eFiling Fee) (Upto Capital Contribution of Rs 1,00,000) | Rs 700 |
Post Incorporation Compliance's
Limited Liability Partnership has to comply all the rules frames under Company’s Act, 2013
There are certain LLP Compliances set by the Ministry of Corporate Affairs (MCA) which regulates LLP after incorporation. These are given below:
- Preparation and filing LLP Agreement with MCA: Within 30 days after incorporation, LLP must be filed with the Ministry of Corporate Affairs.
- Appointment of Auditor: There is no requirement of the auditor in LLP. It’s Mandatory only if turnover of the LLP exceeds Rs. 40,00,000/- or capital contribution exceeds Rs. 25,00,000/-
- Filing MCA Form 11: Annual return – Within 60 days from the end financial year (30th May)
- Filing MCA Form 8: Statement of Account and Solvency – Within 30 days from the end of 6 months from the end of a financial year (30 October)
- DIN KYC for all the Existing Partners / Directors has to be done each year.
Bank Account Opening Process
Open a Current account in the name of LLP for all your financial transactions
As it is considered as a corporate entity so it has to open a Current Bank account with the following documents:-
- LLP agreement
- PAN of the LLP
- LLP Registration certificate issued by ROC
- Resolution to open a bank account
- List of partners
- PAN and address proof of partners.
Frequently Asked Questions
FAQ Resolution to Common Queries for your doubts related to LLP Registration
Following are the Minimum Requirements for LLP Registration:
- Minimum 2 Partners
- DIN (Director Identification Number) for all the Designated Partners
- If a body corporate is a Partner, it has to nominate a natural person as its Nominee
- DSC (Digital Signature Certificate) for all the Designated Partners
- There is no concept of share capital, but each Partner has to contribute towards capital of LLP
- Address proof for office of LLP
DPIN is an identification number required by a person who wishes to register an LLP or become a Designated Partner of an existing LLP. All designated partners of the proposed LLP shall obtain a Designated Partner Identification Number (DPIN).
LLP agreement is very crucial in a limited liability partnership as it determines the mutual rights and duties amongst the partners, and between the LLP and the partners. LLP agreement must be filed within 30 days of incorporation in form 3. The LLP Agreement has to be printed on Stamp Paper. The value of Stamp Paper is different for every state.
If such an agreement is not made, then the Act governs the mutual rights and duties of all partners.
To register a proposed LLP, the applicant needs to get a Limited Liability Partnership-Reserve Unique Name (LLP-RUN) that can be processed at the Central Registration Centre. However, before citing or quoting the name, it is always advisable to check from the Ministry of Corporate Affairs (MCA) portal for a free name.
The registrar will approve the name only if the name is not undesirable in the opinion of the Central Government and does not resemble any existing partnership firm or an LLP or a body corporate or a trademark.
Accounts of an LLP are required to be audited when the turnover is Rs. 40 lakh or more or when the total capital contribution is Rs. 25 lakh or more.
The auditor of an LLP is appointed annually by the designated partners. The first auditor is appointed before the end of the financial year.
Subsequent appointment or reappointment of the auditors is made one month before the closing of the financial year by the designated partners.