An LLP Company registration in India is an alternative business structure that combines the benefits of a company with the adaptability of a partnership. The Limited Liability Partnership Act of 2008 introduced the LLP concept in India. This unique hybrid can help to establish small and medium-sized businesses.
In India, governing and incorporating a Limited Liability Partnership firm is quite simple and easy. An LLP company registration requires a minimum of two partners; there is no maximum number. LLP agreement outlines the Partners’ obligations and rights. In an LLP one partner is not liable for the fraudulent and carelessness of the other partner. It is necessary for all partners to take charge of all LLP’s agreements and to follow all the requirements of it.
Do you know about LLP company registration?
This article will cover an in-depth discussion of the many aspects of online LLP Registration in India.
What Is LLP Company Registration?
Limited Liability Partnership, often known as LLP, is a different corporate business structure from a Private Limited Company and One Person Company.
A limited liability partnership is a cross between a company and a partnership, as it provides the advantages of the limited liability company and the flexibility of a partnership.
Each business partner in an LLP has limited responsibility, which means they are not liable for any losses, debts, or obligations the company may incur.
Advantages Of An LLP Company Registration
(i) It Takes less time to set up:
Establishing an LLP is simple, less expensive, and takes less time.
(ii) Organized structure:
A Limited Liability Partnership gives a company a well-organized structure and runs on a contract.
(iii) Tax advantages:
An LLP has a lower tax rate than other business entities and is free from several taxes, including the alternative minimum tax and the tax on dividend distributions.
(iv) Provides Flexibility:
Limited Liability Partnerships offer flexibility without imposing complex legal and procedural restrictions.
(v) Simple Transfer Procedure:
There are no limits on entering or leaving an LLP, making ownership transfers simple.
Checklist For LLP Company Online | Checklist For Online LLP Registration
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You must have a minimum of two partners to form an LLP. However, there is no limit for the maximum number of partners.
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Each partner should approve the capital requirement contribution.
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One specified partner must be an Indian citizen for Foreign Nationals and NRIs.
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There are no capital contribution limitations for LLP incorporation.
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Each partner should have a Designated Partner Identification Number (DPIN).
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All Designated Partners should obtain DSC.
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You need proof of the LLP office’s address, whether it is rented or owned.
Requirements For an online LLP Registration
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Digital Signature Certificate:
Authenticating and certifying the identity of the person holding this certificate is done using a digital certificate known as a “digital signature certificate.”
A DSC is a secure digital key issued by certifying authorities and used to encrypt public key signatures.
The digital signature certificate includes useful user data, such as the user’s name, pin code, country, email address, the date the certificate was issued, and the name of the certifying body.
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Director Identification Number (DIN):
Given to anyone who intends to serve as a company’s director and any director currently serving on the board, the Director Identification Number is an 8-digit unique identification number assigned by the Central Government.
It is an 8-digit, lifetime-valid unique identification number that allows for the database-keeping of the directors’ information.
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Designated Partner Identification Number (DPIN):
A person must have a DPIN for an LLP registration online or become a Designated Partner of an existing LLP. The proposed LLP designated partners must all get a Designated Partner Identification Number (DPIN).
[Note: A DIN (Director Identification Number) can be utilized as a DPIN if you already have one.]
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LLP Agreement:
As the name implies, it is a written agreement between the LLP and its chosen partners or between the LLP and its partners.
The LLP Agreement establishes the designated partners’ obligations to one another and the LLP.
Documents Required For Online LLP Registration
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ID/PAN Card Validating the Partners’ Address
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Validating the Partners
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Passport (in the case of foreign nationals/NRIs)
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Proof of address of Registered Office
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All partner’s address proof
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Photograph
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Digital Signature Certificate
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Designated Partner Identification Number
Process to do LLP Registration Online
Step 1: Apply for and get a DSC (Digital Signature Certificate)
Step 2: Request a DPIN (Designated Partner Identification Number, Form 7 is required)
Step 3: Apply for name approval and availability (needs Form 1/ RUN-LLP).
Step 4: Incorporation of an LLP (requires Form 2/FiLLiP)
Step 5: Submit LLP Agreement Form (requires Form 3)
The professionals at our business know the online LLP Registration Process in numerous industries. Online legal counsel is available from our team of chartered accountants, who will also walk you through the process of filing tax returns, GST, VAT, and other necessary taxes. They will also assist you in keeping your books organized to avoid confusion.
It’s now your chance to launch your business by completing all necessary legal documentation. Our team will assist you as your business develops at every stage.
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