Limited Liability Partnership (LLP) is a contemporary and advantageous business structure. Blending the strengths of partnership dynamics and the security of limited liability, an LLP offers a versatile platform for entrepreneurs to collaborate and innovate confidently.
Getting your LLP registered in India is super easy with IndiaFilings. Many businesses trust us to help them register their Limited Liability Partnerships and ensure they follow the rules. Our team of experts will guide you through the online registration process from beginning to end. It's the fastest and cheapest way to register your LLP – all you have to do is just reach out to us. Start now and set yourself up for a successful business future with LLP registration.
A Limited Liability Partnership (LLP) is a unique type of business setup that blends a partnership's and a company's features. In an LLP, partners enjoy limited liability, similar to shareholders in a company, while also benefiting from the flexibility and simplicity of a partnership. This arrangement grants the LLP its legal identity, allowing it to take legal actions and be subject to legal actions separately from its partners.
LLPs have become popular among entrepreneurs in various industries because they shield partners' assets and have more straightforward regulatory requirements than traditional corporations. The concept of LLP was introduced in India in 2008 and is governed by the Limited Liability Partnership Act, offering a dependable and adaptable option for businesses of all sizes.
To qualify for the registration of an LLP company in India, you must adhere to the subsequent criteria:
By satisfying these prerequisites, you can progress with the registration of an LLP in India and avail the advantages bestowed by this business structure.
The advantages of a Limited Liability Partnership (LLP) are elaborated in detail below:
Certainly, Limited Liability Partnerships (LLPs) present numerous advantages despite a few inherent disadvantages:
Choose a unique name that is not used by other businesses. This makes approval easier and establishes your identity. Include words that clearly describe what your business does. This helps people understand your services or products.
End your LLP name with "LLP" or "Limited Liability Partnership." This is necessary to show your business structure
To initiate the registration process for an LLP, partners are required to furnish the following documents:
The process of incorporating an LLP involves several key steps. Here is a comprehensive guide to incorporating your LLP:
All proposed partners of the LLP must obtain a Digital Signature Certificate (DSC) since all government filings require digital signatures.
Partners without a DIN need to apply for one. The Director Identification Number (DIN) is a unique identification number assigned to individuals aspiring to become directors or designated partners in LLPs.
Select a unique and suitable name for your LLP, adhering to Ministry of Corporate Affairs guidelines.
This form collects essential information about the proposed LLP, partners, LLP agreement, and registered office address. It includes a declaration from partners consenting to act as designated partners and comply with LLP regulations.
Create the LLP Agreement outlining partner rights, duties, and obligations. This agreement must be notarized and filed with the Ministry of Corporate Affairs within 30 days of incorporation.
Once forms and documents are filed and verified, the Registrar of Companies (RoC) will issue the Certificate of Incorporation, officially recognizing the LLP's existence.
After obtaining the Certificate of Incorporation, apply for the Permanent Account Number (PAN) and TAN for the LLP.
You can successfully register your LLP and embark on your entrepreneurial venture by following these steps diligently.
IndiaFilings is your trusted companion throughout the entire LLP registration journey. Here's how we can assist you:
With IndiaFilings as your partner, you can confidently navigate LLP registration, guided by experienced professionals who will ensure a hassle-free experience from start to finish.
To register a company in India, the first step is to obtain name approval for the business from the Ministry of Corporate Affairs (MCA). This process takes about 24-48 hours. A private limited company name in India must end with the words private limited. One Person Company ends with (OPC) private limited. LLP end with LLP and Section 8 companies can end with words like foundation, association or institution.
A company name proposed to be registered cannot be identical or similar to an existing company name. Also, every company name must include a word that denotes the activity undertaken. For example, in VERVE Financial Services Private Limited - Financial Services denote the activity undertaken. Check Business Name Availability
All trademarks are registered in India with the Office of the Controller General of Patents, Designs and Trade Marks. A trademark application has to be filed under a class that denotes the type of goods or services the brand or logo represents. There are 45 trademark classes and each class represent a distinct type of goods or service.
Trademark search can be conducted using the tool above to check if any identical or similar brand or logo is registered or applied for under the same class. If there is an existing application, care must be taken while reapplying to ensure that the application is not rejected by the Trademark Registrar. Trademark Search
|Definition||Unregistered type of business entity managed by one single person||A formal agreement between two or more parties to manage and operate a business||A Limited Liability Partnership is a hybrid combination having features similar to a partnership firm and liabilities similar to a company.||Registered type of entity with limited liability to the owners and shareholders|
For One Person Company
|Registration Time||7-9 working days|
|Promoter Liability||Unlimited Liability||Limited Liability|
|Governance||-||Under Partnership Act||LLP Act, 2008||Under Companies Act,2013|
|Transferability||Non Transferable||Transferable if registered under ROF||Transferable|
|Compliance Requirements||Know More|
Many small businesses pay lakhs in penalty every year to the Government for late filing various statutory returns. Such penalty or late fee paid is not tax deductible and is a drain on profitability. At IndiaFilings, our mission is to provide the most affordable services to our customers and help them avoid all late fee.To achieve our mission - we have built enterprise grade technology to help you proactively know the upcoming compliance and avoid penalty.Checkout our compliance services below, talk to an Advisor and stop paying unwanted late fees.
In addition to registration or incorporation, a business may require other registrations depending on the business activity undertaken. Talk to an Advisor to find out registrations your business may require post registration.
Every registered entity has to comply with all the compliance obligations after the completion of each financial year. Majorly, it includes the audit of books of accounts, income tax return filing, and annual forms with the MCA.
|Form||Company Compliance||Due date||Penalty|
|COB Filing||Commence of Business Certificate||To be filed before 180 days of company Incorporation||Rs.50,000 for non-compliance|
|DIR 3 EKYC||Any director with DIN||Before 30th September every year||Deactivation of the DIN
A late filing fee of Rs.5,000
Disqualification of the Directors
|Form ADT 1||Appointment of auditor||Within 15 days from the date of appointment of the Auditor||Late fees will be applicable, with fees ranging from 2 to 12 times the nominal fee, depending on the number of days of delay.|
|Form AOC 4||Filing financial statements of the company||30 days from the conclusion of the AGM||Late fees will be applicable, with fees ranging from 2 to 12 times the nominal fee, depending on the number of days of delay.|
|Form MGT 7||Annual Returns of the Company||60 days from the conclusion of the AGM|
In addition to the above filings, depending on the type of entity and business activity more compliance filing maybe applicable. Please check with an IndiaFilings Advisor to help you with the compliance for your company.
All Limited Liability Partnerships (LLP) registered in India are required to file statutory returns with the Ministry of Corporate Affairs (MCA) each year. IndiaFilings can help you maintain your LLP Compliance at a very affordable price.
|Form||LLP Compliance||Due date||Penalty|
|DIR 3 KYC||For every designated partners of a limited liability partnership (LLP) with DIN||Before 30th September every year||Deactivation of the DIN
A late filing fee of Rs.5,000
Disqualification of the Partners
|Form 11||Annual Returns||May 30th every year||Late fees will be applicable, with fees ranging from 1 to 50 times the nominal fee, depending on the number of days of delay.|
|Form 8||Statements of Accounts and Solvency||30th October every year||Late fees will be applicable, with fees ranging from 1 to 50 times the nominal fee, depending on the number of days of delay.|
Apart from the aforementioned filings, there might be additional compliance filings that could be relevant for LLPs. Please consult with an IndiaFilings Advisor to assist you with the compliance needs of your LLP.
|Private Limited Company||Annual Return (Form MGT-7)||60 days from the conclusion of the AGM or 28th November 2023 (Which Ever is Earlier)|
|Financial Statements (Form AOC-4)||29th October 2023|
|DIR-3 KYC||30th September 2023|
|Form DPT-3||30th June 2023|
|Form ADT-1||15th October 2023|
|ITR 6 (Non audit case)||31st July 2023|
|ITR 6 (Audit Cases)||31st October 2023|
|GSTR 9||31st Dec 2023|
|Limited Liability Partnership||ITR 5 (Non audit case)||31st July 2023|
|ITR Form 5 (Audit case)||30th September 2023|
|Annual return - Form 11||30 May 2023|
|Financial Statements - Form 8||30 October 2023|
Note : Get in touch with our experts to efficiently handle your compliance filings, whether you are an LLP, a company, partnership firm or a proprietorship. Contact us to ensure your compliance is filed before the due date.
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