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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.
The other features of LLP are as follows:
These features are the reasons why many entrepreneurs around India gravitate towards the LLP registration in India.
Process of Registration
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:
The LLP Agreement entails the details of powers wielded by the partners of the LLP.
Start LLP registration process
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Note:- Your registered office need not be a commercial space; it can be your residence, too.
How an LLP is different from a Private Limited Company?
An LLP is known to have partners whereas a Private Limited Company features shareholders.
What happens to LLP in case of misconduct?
A partner who is behind the act of misconduct is held responsible for the act, and not the other partners.
What is Designated Partner Identification Number (DPIN)?
This unique number is allotted to an individual and remains valid for whole life. That individual needs to become a partner in any LLP.
What is the procedure to choose the name of an LLP?
The partners and consumers as well as competitors refer the LLP by its name. The name should not be similar with any existing company/ LLP and also with any Trademark. It should not include any word, prohibited by the Government or under any law prevailing in India. It is advisable to check on Google, MCA portal, MCA guidelines and trademark site the availability of company name.
When can I get the Certificate of Incorporation?
After submitting LLP incorporation details, the ROC issues certificate of incorporation if the details are correct.
One can use the Form 3 to file an LLP agreement.
Yes
Any two individuals who choose to become partners can establish an LLP.
What is Digital Signature Certificate (DSC) and its role in company incorporation?
Giving by its name, it is basically a digital signature of a person and is needed for filing the e-forms of LLP setup electronically to Ministry of Corporate Affairs. Digital Signature Certificates or DSC or Digital Signature are being accepted by various government agencies and now is a statutory requirement in different applications. It is a useful way of electronically signing documents.
How much minimum capital is required for LLP incorporation?
There is no minimum capital requirement for LLP incorporation.
Is it necessary for partners to actively present during LLP incorporation?
No, they dont need to present in this case.
How much time it takes to incorporate an LLP?
The time consumed for LLP incorporation will depend on the filing of relevant documents by the client and speed of Government Approvals. To ensure a speedy process of incorporation, it is advisable to pick a unique name for your LLP and ensure you have all the required documents are provided before starting the incorporation process.
What is the Certificate of Incorporation of the LLP?
Certificate of Incorporation is a certificate allotted by the registrar of companies after due verification of the documents submitted by the proposed partners of an LLP. It is the conclusive evidence of incorporation of an LLP.
I am a salaried person. Can I become a partner in LLP?
Yes, a salaried person can become partner in an LLP.
Can NRI/foreigners become the partner in an LLP?
Yes, an NRI/Foreigner can become a partner of an LLP.
How many maximum numbers of partners can be there in an LLP?
In case of LLP, there is no limit on the maximum number of partners.
Can an LLP be incorporated for nonprofit activities?
No, an LLP can’t be incorporated for nonprofit activities.
Are there any annual compliance requirements for LLP?
An LLP is needed to file annual return and Statement of Accounts and Solvency as a part of annual compliance.
Can I convert an existing partnership firm or company into an LLP?
Yes, you can convert an existing partnership firm or company into an LLP. There could be several reasons behind this conversion.
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