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Limited Liability Partnership

Limited Liability Partnership

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Limited Liability Partnership is a form of business entity that is seen as a partnership. However, it does have limited liability perk protecting the assets of the LLP owners. Introduced by the Limited Liability Partnership act of 2008, it is the most popular form of business infrastructure after a company. In order to establish it, you need to go through LLP registration in India. Being Limited Liable is not the only way that an LLP differs from a partnership. In a partnership firm, if one partner does something wrong, both the partners are held accountable. However, one of the major benefits of LLP registration in India is that one partner’s misconduct isn’t going to affect the other partner. The other features of LLP are as follows:

Separate Legal Entity
An LLP is a separate legal entity from the partners in it. It has an uninterrupted existence that follows perpetual succession, i.e., the partners might leave, but the business remains. The terms of dissolution have to be mutually agreed upon for the firm to dissolve.

Members have access to limited liability
The members of an LLP are only liable for a small amount of debt incurred by the firm. In case of business loss or insolvency, the personal assets of the partners will not be taken into account. On the other hand, for proprietorships and partnerships, the personal assets of directors and partners will be seized if the business goes business loss or insolvency.

An LLP is more flexible than a partnership
LLP Agreement, deed among partners of an LLP, clarifies operating structure including rights and responsibilities of the partners. Typically, LLP has a “Designated Member” who would control day-to-day operations. It can have individuals or existing businesses as members. Further, this structure allows to clearly define the roles and responsibilities of the partners. It could also help in protecting the partner’s interest in case of loss because of an unlawful act of any other partner.

A Limited Liability Partnership Agreement is created and signed by the partners beforehand before the business is started.

Lower Compliance Requirement
Compliance requirements for an LLP are lesser as compared to Private Limited Companies. It doesn’t have a mandatory audit requirement until a certain level of turnover or contribution. Unlike companies, compliances related to board meetings, statutory meetings, etc. It does not apply to LLPs.

Why Taxcomate for registering your Limited Liability Partnership (LLP)?

  1. Dedicated Relationship Manager and On-call Support on working days
  2. Expert Team of Qualified CA, CS, and Lawyers
  3. Company Incorporation Certificate
  4. Quick Turnaround and Economical Pricing
  5. The following are included in the Taxcomate for LLP Registration in India package:
    1. DSCs for 2 directors
    2. DINs for 2 directors
    3. Drafting partnership agreement
    4. Registration fees
    5. Company incorporation certificate
    6. Stamp duty up to Rs. 1000/-
    7. PAN and TAN Registration.
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The LLP Agreement entails the details of powers wielded by the partners of the LLP.

Start the LLP registration process

Starting a Limited liability partnership firm in India can be made easy through Taxcomate. Our business professionals that consist of Chartered Accountants, Company Secretaries, and others can aid you establish your LLP.

And then, you can touch the skies with your business.

Frequently Asked Questions

A Limited Liabilty Partnership firm (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.

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There is no minimum capital contribution requirement. It can be registered even with Rs. 100 as total capital contribution.

The amount of capital contribution is taken into consideration in deciding the stamp duty on the LLP Agreement in India. The rate of stamp duty varies from State to State. The State Stamp Act will be applied depending on where the registered office is situated. The amount of ₹ 500 is included in our package cost. Further, the Notary on the Agreement is not a statutory requirement and not required by the MCA. A notary can be required by the bank officials but is not mandatory for incorporation of an LLP.

Yes, a Limited Liability Partnership registered in India can carry on more than one business subject to their relevancy. The activities must be related or in the same field itself. Unrelated activities such as Interior Designing and Legal consultancy cannot be carried under same LLP. The business activities are mentioned in the agreement and must be approved from RoC.

You will need to have exactly the same details on all your documents to incorporate your company.

Yes, a body corporate can be a Partner in an LLP. However, to fulfill the requirement of minimum Designated Partner, any of the two Partners or the nominee of the Body Corporate shall act as an authorized individual on behalf of the body corporate in the LLP.

Regarding the relationship between the various partners in the LLP, an LLP agreement is made between the partners and the LLP. An LLP agreement typically includes management guidelines, provisions for adding new partners, methods for formulating policy, etc.

  • Both general partnerships and LLPs are taxed at flat rate of 30%.
  • All the other income tax act provisions apply similarly except that general partnership firms are covered under presumptive taxation scheme i.e if turnover is below Rs. 2 crore in business or Rs. 50 lakh in case of profession, there is no need to maintain books of accounts or get accounts audited whereas, LLPs are explicitly not covered.

  • 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.

Yes, an existing partnership firm or a company (unlisted) can be converted into LLP. There are many advantages to converting a partnership firm into an LLP.

  • Liability- In a general partnership firm, partners are personally liable for debts of the business which means that even their personal property may be used to settle the firm’s debts. Whereas, the liability of partners is limited in case of an LLP.
  • Immunity against wrong doings of other partners- Under LLP structure, partners are not responsible for negligence or misconduct of other partners whereas in general partnership firms, partners can be held responsible

Required Documents for Limited Liability Partnership

In regard to the Limited Liability Partnership registration, the following documents are needed:

  1. Aadhar and PAN Card copy
  2. Passport size Colour Photograph
  3. Any one of the Identity Proof like Driving License, Passport, or Voter ID.
  4. Any one of the Address Proof like Bank Pass Book/Bank Statement, Telephone Landline Bill/ Mobile Bill, or Electricity Bill.
  5. Mobile Number and Email ID
  6. Email ID for Proposed LLP
  7. For the Business Address proof Electricity Bill, Telephone Bill, Mobile Bill or Gas Bill AND Rent Agreement (If Rented) AND NOC for doing Business & for taking Registration.
  8. Capital Contribution
  9. Capital Ratio

Note:- Your registered office need not be a commercial space; it can be your residence, too.

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Limited Liability Partnership Registration

₹6,999.00

Limited Liability Partnership in just 7 to 10 Days

Never let the businessman see down by giving your small business a shining name with Limited Liability Partnership registration. It is extremely easy to start and run!

Why choose Company registration in INDIA ?

  • Shields from personal liability and protects from other risks and losses.

  • A registered company makes it genuine and increases the authenticity of your business.

  • Procures bank credits and good investment from reliable investors with ease.

  • Offers liability protection to protect your company’s assets

  • Greater capital contribution leading to greater stability of business

  • Increases the potential to grow big and expand the business