LLP Registration

Limited Liability Partnership

Ideal for business structure Small and Medium sized
Enterprises in Which Compliance with Big Advantages

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Limited Liability Partnership

About LLP:-

Limited Liability Partnership is a form of business entity that is seen as a partnership. However, it does have the limited liability perk protecting the assets of the LLP owners. Introduced by the Limited Liability Partnership act of 2008, it is 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 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 aren’t going to affect the other partner.

Features:-

  • Members have access to limited liability
  • An LLP is more flexible than a Partnership.
  • Less Compliance & Good Image In Society.
  • No Audit Up to Rs. 40 Lakh Tunover or Rs. 25 Lakh Contribution(Capital).
  • A Limited Liability Partnership agreement is created and signed by the partners before hand before business is started.
  • It requires at least two designated members.
  • It comes under the Limited Liability Partnership Act of 2008.

These features are the reasons why many entrepreneurs around India gravitate towards the LLP registration in India.

Registration Process:-

The LLP Registration process in India is quite easy. As a result, several business individuals find it easier to establish their businesses as an LLP. The process is as follows:

  • Get the DSC (Digital Signature Certificate) of the members of the LLP
  • Get Approval for the name of the LLP.
  • Get the LLP incorporated under the LLP act of 2008 by filing the application along with the documents required.
  • File the Limited Liability Partnership Agreement

The LLP Agreement entails the details of powers & duties wielded by the partners of the LLP.

Required Documents for Registration:-

  • Submit your desired business name to check it's availability.
  • ID & Address proof of each partners
  • Photographs of each partners
  • Passport (If NRI/Foreign Nation).
  • Latest Electricity Bill of Business Premises
  • Rent Agreement of Business Premises
  • NOC of Business Premises

Regular Compliance:-

All LLPs registered under Limited Liability Act, 2008 have to file two forms annually Form 11 and Form 8.

Form 11:- Annual Return is to be submitted within 60 days of closure of the financial year i.e 30th May. (Financial year closes on 31st March.)

Form 8:- Statement of Account and Solvency is to be submitted within 30 days from the expiry of six months from the closure of the financial year i.e 30th October.

Frequently Asked Questions

What is the Minimum Number of Partners required to start a Limited Liability Partnership?
Who can become a partner in LLP?
What are the requirements in respect of Desiganted Partners
Who Can be Desiganted Partners
How much money do I need to invest upfront in starting the business?
Can NRIs/Foreign Nationals be a Designated Partner in LLP?
Can I register the LLP at my home address?
Can a Salaried working person also become a partner in an LLP?
Can I convert my Limited Liability Partnership (LLP) in a Private Limited company?
In which cities does KNTX provide LLP formation services?