Limited liability partnership (LLP) Registration

What is LLP?

A Limited Liability Partnership (LLP) is a hybrid business structure that combines the flexibility of a partnership with the limited liability protection of a company. It was introduced under the LLP Act, 2008, which came into effect on March 31, 2009, with accompanying regulations effective from May 31, 2009

LLP registration provides partners with limited liability, safeguards personal assets during financial setbacks, and grants the business a distinct legal identity. It also boosts credibility with clients and vendors. As per the Act, a statutory audit is mandatory if annual turnover exceeds ₹40 lakhs or capital contribution exceeds ₹25 lakhs.

The LLP Agreement outlines partner roles, responsibilities, business nature, and profit-sharing ratios. To ensure smooth and compliant registration, it is advisable to consult a professional LLP registration service provider.

What is llp

Eligibility Criteria for LLP Registration

It is mandatory to comply with the following criteria during the LLP registration:

GST Registration Process
Minimum 2 partners required.
Cost Benefits
One of the partner has to mandatorily be a resident in India.
Partners should contribute Capital (No Minimum).
Should not be a non-profit organization
Proof of address for a registered office.
A company name
A DSC for each partner.

Documents for incorporation of LLPS

Registered office Address for LLP

Email ID and contact number of designated partner for LLP
Significance of abbreviated or coined name
Total capital contribution by partners in the LLP (Share capital) – Break up of each partners (We need partner contribution with %)
Proof of Registered office ( Latest Utility bill, Gas Bill or rental agreement (if rented) (not later than 2 month old)
ID Proof and Address proof of Designated Partners with necessary signature on all pages
Consent letters duly signed by the both the Directors (format shall be provided by us once the name got approved)
Subscription sheet duly signed by the members of the Company (format shall be provided by us once the name got approved)
A draft LLP agreement shall be provided by us after incorporation of LLP within 30 days to be filed with ROC.
Duration of staying in the residence
Place of Birth
Educational Qualifications
Occupation of partners
If DSC (Digital signature certificate) not available we will apply for it. Please confirm.
ID Proof to be accepted only below documents
Driving license
Voter ID
Passport
Address Proof to be accepted only below documents
Bank statement
Electricity bill
Telephone bill
Mobile Bill

Address proof not later than two month old

Step-by-Step LLP Incorporation Process

1.Obtain Digital Signature Certificate (DSC)

Required for all designated partners to sign documents electronically.

2. Apply for Director Identification Number (DIN/DPIN)

Can be done while filing the incorporation form (FiLLiP).

Requires PAN, Aadhaar, and a passport-size photo.

3. Reserve LLP Name (RUN-LLP)

Use the MCA portal to file the Reserve Unique Name form.

Ensure the name is unique and follows MCA guidelines.

4. File Form FiLLiP (Incorporation Form)

This refers to the Form for Incorporation of Limited Liability Partnership.

Includes partner details, registered office address, and business activity.

You can also apply for DINs and name reservation through this form.

5. Obtain Incorporation certificate

Certificate of the Incorporation with your LLP Identification Number (LLPIN)

PAN and TAN automatically allotted by the income tax Department.

6. Draft and File LLP Agreement

Defines roles, responsibilities, profit-sharing, and decision-making.

Must be filed within 30 days of incorporation using Form 3.

Should be printed on stamp paper (Value Varies by state)

7. Bank Account Open

Use the incorporation certificate, PAN, and LLP Agreement to open the current account. After that, partners must transfer their capital contribution.

After opening the bank account share holders need to transfer their contribution tocompany account.

Advantages & Disadvantages of LLP

Advantages

  • Limited Liability - Partner’s personal assets are protected from default risk.
  • Unlimited number of members/partners.
  • Lesser Compliance compared to Private Limited Company.
  • No taxes on distribution of profits.
  • Can accept Foreign Direct Investment (FDI) - gives link to invest in India LLP.

Disadvantages

  • Less attractive to investors – No distinction between partner and manager.
  • Higher income tax rate of 30% compared to 22% for PLC.
  • No Automatic External commercial borrowings.

Why Choose BC Shetty & Co For LLP Registration

GST Registration Process
Expertise and Experience

Experts with almost four decades of experience in chartered accountancy and financial accounting advisory services.

GST Registration Process
Online LLP Registration

We offer an efficient online LLP registration that enables you to complete the entire registration process from the ease of your home or office, saving time and effort, and resulting in a quick and efficient registration process.

GST Registration Process
Competitive Pricing

Ensuring you get the best value for your money, our pricing is transparent, without hidden charges.

GST Registration Process
Customized Solutions

We attempt to comprehend your business requirements and provide tailored solutions to ensure you get the most out of your LLP registration online.

GST Registration Process
Post-Registration Support

After the LLP incorporation, we provide comprehensive assistance to ensure that your LLP adheres to all applicable laws and regulations and provide ongoing accounting, taxation, and compliance services, allowing you to concentrate on growing your company.