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BASIC
- LLP Registration
- Current Account
- GST Registration
- 2 Digital Signatures
- PAN Application
Suitable for Startups and Small Businesses
pro
- All of Basic Plan
- 1 Year GST Filing
- 1 Year MCA Filing
- 1 Year DIN KYC
- 1 Year IT Filing
- 3 Digital Signatures
Suitable for Professional Users and Large Businesses
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Benefits
Here are some benefits of Limited Partnership Firm.
An alternate business structure that combines the benefits of a company and a partnership firm. Limited Liability Partnership (LLP) combines the benefits of a partnership with that of a limited liability company
LLP have limited Liability: The partners of the LLP is having limited liability which means partners are not liable to pay the debts of the company from their personal assets
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An LLP has partners, who own and manage the business. This is different from a private limited company, whose directors may be different from shareholders.
The life of the Limited Liability Partnership is not affected by death, retirement or insolvency of the partner. The LLP will get wound up only as per provisions of the LLP Act.
Documents Required from Directors, Shareholders
- Pan Card Copy (Mandatory)
- ID Proof (Any one) – Driving License/ Voter ID/ Passport Copy/ Aadhaar Car
- Address Proof – Latest Bank Statement/ Latest Telephone or Mobile Bill/ Latest Electricity Bill.(MUST be less than 30 days old)
- Passport Size Photograph
Documents Required for Registered Office Address
- NOC - No Objection Certificate from the Owner of the Property Address Proof - Latest
- Address Proof - Latest Telephone Bill or Mobile Bill/ Gas Bill/ Electricity Bill (MUST be less than 30 days old)
Requirements to register a Limited Liabilty Partnership.
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No of Designated Partners
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2 Designated partners
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Contribution
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No minimum contribution
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Auditor
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Not Required Initially
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Statutory Audit
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Not required initially
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Procedure for Applying
Access to Funding
Venture capitalists and private equity funds are likely to invest in Privalte Limited Companies. Hence, private limited companies better than the partnership entities.
Borrowing Capacity
The private limited companies in India enjoy the privileges of borrowing more funds than the LLPs as there are more options of taking debt.
Greater Credibility
A private limited company is required to make a lot of information about the structure, operations, and financials available to the Registrar of the companies.
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FAQs
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A Limited Liability Partnership must have a minimum of two Partners and an LLP can have any number of Partners.
The registrar of companies (RoC) across India expect applicants to follow a few naming guidelines. Some of them are subjective, which means that approval can depend on the opinion of the officer handling your application. However, the more closely you follow the rules listed below, the better your chances of approval. First, however, do ensure that your name is available.
How to be a Partner in an LLP?
The designated Partner must be a natural person who is above 18 years of age. LLP Act 2008 allows a foreign national including Foreign Companies to incorporate an LLP in India, provided at least one designated partner is Indian.
How much capital is required to start a Limited Liability Partnership?
An LLP can be started with any amount of money there is no such minimum requirement. A partner may contribute both tangible and intangible property.
What is a Digital Signature Certificate?
A DSC is helpful in identifying the sender or the signee electronically. The Ministry of Corporate Affairs (MCA) has made it mandatory for all the designated partners to apply with the Digital Signatures.
What is DPIN?
Designated Partner Identification Number is a unique identification number that is assigned to all existing and proposed Designated partners of an LLP. All the present or proposed Directors must have a DPIN.
How long does it take to incorporate an LLP?
The time taken for incorporation depends on the submission of relevant documents by the client as well as the Approvals from the Government authorities. IndiaFilings can help you Incorporate an LLP in 14-20 days.
Can NRIs/ Foreign Nationals be designated partners in LLP?
An NRI can be a designated partner in a Limited Liability Partnership if he has a Designated Partner Identification Number. However, at least one Designated Partner in the LLP must be a resident Indian.
Do LLPs allow Foreign Direct Investment (FDI)?
No, new company registration is a fully online process. As all documents are filed electronically, you would not need to be physically present at all. You would need to send us scanned copies of all the required documents & forms.
Do LLPs allow Foreign Direct Investment (FDI)?
FDI is allowed under automated route in an LLP by the Foreign Investments Promotion Board (FIPB). Note: Foreign Institutional Investors and Foreign Capital Investors are not allowed to invest in LLPs.