LLP Registration Online - Limited Liability Partnership India - Enterslice

A COMPLETE REGISTRATION GUIDE

LIMITED LIABILITY PARTNERSHIP

by Enterslice Fintech Private Limited

Overview LLP REGISTRATION LLP or Limited liability partnership (LLP) is a form of business organization in India.

An LLP registration offers more advantages to business owners in comparison to the general partnership.An LLP offers advantages of both a company as well as of a general partnership

The Limited Liability Partnership Act, 2008 governs the conduct of LLP's. Additionally, every LLP in India needs to add the word ‘LLP’ as suffix at the end of the LLP’s name.

LLP is the preferred form of business among professional service providers and small and medium size business owners. Businesses that are family-based or closely held by few people prominently opt for an LLP registration in India.

Limited liability partnership registration is the official process of incorporation of LLP form of business organization. The business partners provide necessary documents to the Ministry of corporate affairs to obtain the certificate of incorporation.This process is executed with the help of professionals.

BENEFITS OF AN LLP LIMITED LIABILITY The personal assets of the partners will not be confiscated to pay the losses incurred by the company.

NO AUDIT REQUIREMENT There is no requirement for an audit in case of LLP's unless the annual turnover crosses the limit of 40 lakhs INR or the capital contribution exceeds 25 lakhs INR.

NO MINIMUM CAPITAL REQUIREMENT There is no minimum capital requirement for incorporating an LLP.

EASY TRANSFER OF OWNERSHIP There is a facility for easy transfer of ownership in an LLP. Unlike, the traditional partnership,

MINIMUM REQUIREMENTS TO REGISTER AN LLP FIRM Minimum of two designated partners One Indian Partner Designated Partners Identification Number DSC (Digital Signature Certificate) Registered office

Necessary Documents for LLP Incorporation in India A Checklist

FROM ALL DESIGNATED PARTNERS PAN CARD

AADHAAR CARD

ADDRESS PROOF

IDENTITY PROOF

PHOTOGRAPH

PASSPORT

FOR PROPOSED REGISTERED OFFICE LATEST REGISTERED ADDRESS PROOF (ELECTRICITY BILL OR PROPERTY TAX RECEIPT OR WATER BILL OR LANDLINE BILL)

NOC FROM THE OWNER

SCANNED COPY OF NOTARIZED RENTAL AGREEMENT, IF THE PROPERTY IS ON RENT

REGISTRATION PROCEDURE STEP BY STEP PROCESS

APPLY FOR DIGITAL SIGNATURE CERTIFICATE (DSC)

NAME APPROVAL

FILING OF INCORPORATI ON APPLICATION

FILE LIMITED LIABILITY PARTNERSHIP AGREEMENT

STEP 5-FILE PAN APPLICATION

COMPLIANCE REQUIREMENTS POST-INCORPORATION COMPLIANCES PARTNERSHIP AGREEMENT FILING

APPLY FOR PAN & TAN

OPEN BANK ACCOUNT

ANNUAL COMPLIANCES REQUIREMENTS FOLLOWING RETURNS ARE REQUIRED TO BE FILED

STATEMENT OF ACCOUNT & SOLVENCY

LLP ANNUAL RETURN

INCOME TAX RETURN

PENALTY PROVISIONS In the case of MCA Filing

In the case of MCA Filing

Penalty Amount

Penalty Amount

A fixed amount of Rs. 100

Rs. 5,000 is imposed on it

per day for each

and filing is to be

compliance that is not

completed by 31st

filed. No maximum limit is

December of that year.

specified.

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