LLP Registration in India
Limited Liability Company in India or LLP was launched in the year 2008 which is a type of business registration that provided the dual benefit of a Partnership Firm and company. It is one of the best registration types popular among start-up and professional service-based businesses. You can apply for LLP registration with Groom Tax. You’ll get hassle-free registration, complete documentation, and compliance processes done with our LLP Registration in India.
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A Limited Liability Partnership (LLP) is a partnership in which all the partners have limited liability. It therefore displays fundamentals of partnerships and corporations. One partner is not liable or responsible for misconduct or negligence of another partners in LLP. This is a main difference from that type of an unlimited partnership.
Every LLP must have at least two designated partners being individuals, at least one of them should be resident in India. Liability of partners is limited to the extent of agreed contribution in the LLP and no partner is liable for un-authorized actions of other partners, thus each individual partners are protected from joint liability created by wrongful business decisions or misconduct of another partners. LLP has lesser compliance requirements as compared to a Private limited company.
Limited Liability: The Liability of partners is limited to the capital contribution as per LLP agreement. Partners not liable to pay losses and liability of LLP by personal assets.
Separate Legal Entity: LLP is a separate legal person in the eyes of law and different from its partners. LLP can operate, contract and own assets and liabilities by its own name like any individual person.
Eligible for FDI: You can get the investment from foreign countries also easily in the LLP under automatic approval route.
Eligible for startup India Recognition: LLP can be recognized as startup and get the benefit of income tax exemption u/s 80-IAC of the income tax act.
Lower Compliance Burden: Main benefit to form an LLP over company is less compliance burden in terms of no need of mandatory audit up to certain level of turnover or contribution and no requirement of holding of general meeting and board meetings.
List of Documents Required
- Two proposed names
- The objective of the proposed LLP
- Latest Utility bill i.e., electricity bill, landline bill or water bill, etc.
- For rented place, NOC required in the name of the proposed LLP
- Pan card of all the subscribers/partners
- Photograph of all the subscribers/partners
- Aadhar card of the subscribers/partners
- Mobile No. and email Id of all the subscribers/partners
- DL/voter id/ passport, anyone documents of all the subscribers/partners
- Bank statement/ electricity bill in the name of the subscribers/partners, anyone documents of all the subscribers/partners
- Capital Contribution and sharing ratio of partners
- Whether director or partner in any existing Co/LLP
- Place of birth, Occupation and Educational qualification of director
- Present residential address and duration of stay
Select a unique name for your LLP
Apply for DSC of subscribers/partners.
Preparation of form-9, consent letter & other documents.
Preparation and filing of form fillip.
Get certificate of incorporation, and then apply separately for PAN & TAN.
Drafting of LLP deed
Online filing of form-3 within 30 days from the date of incorporation
- Certificate Of Incorporation
- LLP Name Approval
- 2 Partner Identification Numbers (DIN)
- Digital Signature Token For 2 Partners
- Draft LLP Deed
- LLP PAN Card
- LLP TAN Number
|Particulars||Private Ltd Company||Limited Liability Partnership||One Person Company||Partnership||Proprietorship|
|Separate Legal Entity||Yes||Yes||Yes||Yes||No|
|Owners/Partners||2 - 200||2 - Unlimited||1 Person||2 - 50||1 Person|
|Tax Rate||25%||30%||25%||30%||Slab Rate|
|Eligible for Start-up India Benefits||Yes||Yes||Yes||Limited||No|
|Eligible for FDI||Yes||Yes||No||No||No|
|Funding from Investor||Yes||No||No||No||No|
|Click Here||Click Here||Click Here||Click Here||Click Here|
As per provisions of the LLP Act, in the absence of agreement as to any matter, the mutual rights and liabilities shall be as provided for under Schedule I to the Act. Therefore, in case any LLP proposes to exclude provisions/requirements of Schedule I to the Act, it would have to enter into an LLP Agreement, specifically excluding applicability of any or all paragraphs of Schedule I