LLP stands for Limited Liability Partnership. Furthermore, an LLP Registration takes place under the Limited Liability Partnership Act 2008. In simple words, LLP limited the liability of partners if the company runs into trouble. An LLP incorporation makes the company a separate entity for which partners are responsible but with limited liability. Here’s a simple and easy guide for an LLP Company Registration:
Documents Required For LLP Formation
- A copy of the PAN card of all the Partners
- A passport size photograph of each of the Partners
- The official address proof of the registered office
- Valid email id and phone number
- Copy of Aadhar/ Voter card of all the Partners
- Every Partner must acquire a DSC and DPIN
- Furthermore, a copy of the Rent agreement in case a property is rented
- Also, Electric/Water bill of the office of the company
- A copy of property papers if the company owns any property
- Lastly, the Landlord NOC
These documents are a must for LLP formation.
Minimum Requirements For LLP Company Registration
- Firstly, a minimum of two Partners are a must
- Secondly, at least one Partner must be an Indian citizen
- Furthermore, there are no capital requirements
- A DPIN for every Partner
LLP Registration Process
- Firstly, you’ll have to apply for the name of your company. Make sure that you apply with a name that doesn’t trigger any copyrights or trademarks. Normally if everything goes well, your request will be accepted in a couple of days.
- Next, you’ll have to obtain a Digital Signature Certificate for your LLP. As all the forms are filled online a DSC is compulsory.
- Furthermore, you’ll have to fill the Form For Incorporation Of Limited Liability Partnership. The form can be completed with the help of the documents mentioned above.
- Once the form is ready to be submitted it has to be digitally signed by the Partners. Also, an Advocate, Cost Accountant in whole-time practise, Chartered Accountant in whole-time practise and Company Secretary in whole-time practise will have to sign the form.
- Moreover, you’ll get an LLP Registration Number by the Registrar. Once you get the number, start drafting the bye-laws for the partnership.
- Once you’ve finished drafting the agreement, attach it to the E-Form 3 and file it. In any case, you must file the form within 30 days of receiving the registration number.
- Lastly, your company will become an LLP after approval. Thus the LLP Registration process is complete.
LLP Registration Cost
The LLP Registration cost solely depends on the expert you work with. Government fees are quite low. Moreover, the cost can vary vastly. Therefore, Taxolawgy connects you to the right match. Be it a cheap alternative or the best one, we got them all.
Pros Of LLP
- The company is a separate legal entity. This makes the company separate from its Founders and Directors. The company can sue them and the other way round.
- Furthermore, perpetual succession allows the company to exist forever and not die with its Founders. The company can only be dissolved by mutual agreement among the Partners
- Partners can transfer the ownership of the company very easily. Al they have to do is appoint the person as a Designated Partner.
- The company can acquire, loan and sell property in its own name
- Furthermore, if the annual turnover is less than 40 Lakh no audit is necessary
- Lastly, Partners don’t have to carry the burden of losses of the company
How Taxolawgy Helps You
Taxolawgy is a service provider that connects you the best experts in the industry. Furthermore, keeping our customers in mind, we make sure that there’s a minimum hassle in the process. The entire process is online from where our experts take charge. Moreover, we believe in minimum paperwork and low prices. Be it LLP Registration or Taxation we do it all at a low price and high efficiency. If you’re looking for an easy life on the business front, Taxolawgy is the right bet.