Register your LLP online hassel-free
Register your Limited Liability Partnership today
(Package start at Rs. 7,999/- all inclusive govt. fees and taxes)
Package is inclusive of
- DIN No. for Two partners
We will secure DIN/DPIN no. for partners with Digital Signatures (DSC)
- Name Search and Reservation of LLP
Help you pick the right name of LLP and register with MCA
- LLP Agreement
We will draft legally vetted LLP Constitution agreement
- Incorporation Certificate
Finally, your LLP is incorporated and we shall get Incorporation Certificate
- LLP PAN and TAN
We will obtain PAN and TAN for your newly created LLP as complimentary offering with every incorporation.
What is Limited Liability Partnership ?
As the name indicates, it limits the liabilities of its partners to their contributions to the business and also offers each partner protection from the negligence, misdeeds or incompetence of the other partners and ensures in way safeguards partners individual liability to third-parties.
Cost of Incorporation and Maintenance of LLP is quite lower, compared to Private Limited Company as it require fewer compliances and provide an edge from tax benefit perspective as well.
Ministry of Corporate Affairs (MCA), governs LLP registration and compliances and every LLP needs to be registered with MCA and required to file regular compliances with this apex body.
LLP structure is preferable for Startups, SMEs and professional organizations who are primarily closely held business and does not require external Equity funding. LLP is incapable of issuing equity shares, hence if you’re looking to raise Investment through Private Equity, Angel Investors or offers Employee stock options, Private Limited Company structure is best suited for the same, since LLP cannot accommodate such arrangements.
LLP is fast and easy mode of incorporating business in cost effective manner with lesser compliances, at the same time provide separate identity to the business like corporate structure.
India Kickstart team is keen to assist you with registering your LLP business with complete professional support on consultation, documentation, Liasoning and getting registration of business with our startup friendly packages to choose from.
Advantage of Limited Liability Partnership:
Business is prone to all the external liabilities. In Traditional partnership firm, partners are personally liable for the debts taken by the firm. If firm is unable to repay the debts, partners have to dispose off their personal asset. While in LLP, Partners are liable only to the extent of their Capital invested in the firm and firms default in no way be extended to partners personal assets ensuring safety of personal assets to partners in LLP.
Similar to Companies, LLP is an artificial legal person in the eyes of the law, distinct from its partners. As LLP is separate legal entity, it can enter into contracts, own assets, borrow funds and also can sue or be sued in its own name.
It simply means LLP will continue to exist until legally dissolved, irrespective of changes in their partners. Partners may be admitted or retired, without endangering existence of business. It gives more credibility to various stakeholders who deals with the LLP.
An LLP requires only 3 major compliances viz. Filing of Annual Return, Filing of Statement of Solvency and Income Tax Return Filings. Audit of Accounts is required only in case where annual Turnover of LLP exceeds Rs.40 Lacs or partner’s contribution exceeds Rs.25 Lacs. Thus LLP has quite limited compliance requirement vis-a-vis private limited company.
Statutory filing fees payable by an LLP is lesser compared to a company. Hence, even small businesses can think of incorporating their firms as the running costs are very low.
There are various tax advantages available to LLP compared to Private Limited Company. LLPs are taxed as Partnership firms. Hence, no dividend distribution tax, Minimum Alternate Tax and surcharges applies to LLP. Loans to partners are also not treated as deemed taxable income.
Partners are the Owners of LLP. One can easily transfer ownership of LLP by inducting them as new partner in LLP. This feature of transferability provides an edge over private limited company which has lengthy process of share transfers.
How can we help with LLP Incorporation
We can get your LLP incorporated with complete professional support in estimated 20 working days with following Steps :-
Digital Signatures Certificate (DSC) and Designated Partner Identification No. (DPIN) will be obtained for all the proposed partners of LLP which takes about 5 to 7 working days time.
Maximum of upto Six Name Choices in the order of preference must be submitted to MCA for Name Reservation of LLP. As per availability and guidelines, MCA approves name of LLP which will be reserved for a period of upto 3 months from date of approval. We will secure your name reservation in 7 days time.
Later, Our team will draft legally vetted LLP Agreements (Constitution document) and submit with MCA along with application for Incorporation and necessary supportings. MCA usually approves incorporation application in about 12 working days, subject to govt. processing time. On approval, Final Registration Certificate for LLP has been issued.
On successful incorporation of LLP, we will make application for obtaining Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) for LLP with Income Tax Department ourselves, but you will need to courier hard copies of the required documents yourself. The PAN and TAN will be couriered to your registered office address in 21 working days.
On receipt of PAN, TAN and LLP Registration Certificate, you can open Current Account with any Bank for your LLP and begin transacting business.
FAQ on Limited Liability Partnership Registration
A : Minimum Two Designated partners are required to incorporate LLP, of which atleast One designated partner must be Indian citizen. The designated partners are responsible for fulfilling all the essential requirements involved in starting and running an LLP.
A : Any individual, or even a company or an LLP, can become a partner. However, only an individual can become a ‘designated partner’ in an LLP.
A: LLP can be opened for any line of business. However, its important to bear in mind that LLP cannot issue equity shares and hence fund raising by way of Venture Capital or Private equity would not be possible.
A : Yes, non-resident Indians and foreign nationals who are willing to enter into an LLP partnership can do so, provided they submit the necessary documents after getting it notarized by the concerned authorities. Although, at laest one of the designated partners in an LLP should be an Indian national.
A : An LLP agreement is one that is made between the partners and the LLP regarding the relationship between the individual partners in the LLP. An LLP agreement usually consists of nature of business activity, management policies, inclusion of new partners, policy making strategies, remuneration of partners etc., which essentially act as legal document for smooth conduct of business of LLP.
A:Ofcourse, LLP requires very fewer compliances as compared to private limited companies. Audit requirements are also relaxed above certain turnover limits. Hence, Cost of running LLP is significantly lower.
A: LLPs are generally preferred in closely held structures of Small business, family business, trading concerns, professional organisations or even startups where external equity investment would not be required.
A: Yes, you can very well convert LLP to Private Limited Company in future. Typically Startups during early stage prefer LLP and once established and in the need of Equity Capital converts to Private Limited Company later.
Documents required for LLP Incorporation
Copy of PAN Card of Partner
Copy of Rent agreement (If rented property)
Landlord NOC (Format will be provided)
Passport size photograph of Partner
Latest Electricity/ Maintenance bill (Place of Business)
Copy of Aadhaar Card/ Voter identity card
Copy of Property papers (If owned property)
Why India Kickstart?
About India Kickstart
Just tell us a little bit about your business and you’ll have the incorporation certificate in 20 working days. It’s that simple. In addition to yours, we’ll be handling around 400 requests this month.
We make your interaction with government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.
Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we’ll try to ensure that your doubts are cleared before they even arise.