What is Limited Liability Partnership?

Limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner’s misconduct or negligence. A Limited Liability Partnership, popularly known as LLP combines the advantages of both the Company and Partnership into a single form of organization. Limited Liability Partnership is managed as per the LLP Agreement.

What are the documents required for Limited Liability Partnership Registration?

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What are the Advantages / features?

  • Separate Legal Existence
  • Limited Liability
  • Flexibility of Ownership
  • Separation of Ownership and Management
  • Tax Planning
  • Perpetual Succession
  • Low cost of Formation
  • Easy to establish
  • Easy to manage & run
  • No requirement of any minimum capital contribution
  • No restrictions as to maximum number of partners
  • Less Compliance level
  • No exposure to personal assets of the partners except in case of fraud
  • Borrowing Power

What are the Minimum Requirement of Limited Liability Partnership Registration?

  • Minimum 2 Designated Partners
  • Minimum 2 Partners
  • At least 1 of the designated partners shall be an Indian Resident
  • If a body corporate is a partner, it has to nominate a natural person as its nominee
  • The Designed Partner and Partner can be same
  • DPIN (Designated Partner Identification Number for all Designed Partners)
  • DSC (Digital Signature Certificate for all Designated Partners)
  • There is no requirement of Minimum Contribution
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Steps and Process for Register Limited Liability Partnership in India

  • Apply for your Partners DIN
  • Apply for your Parnters DSC
  • Application to Govt for Name Availability of the proposed LLP
  • Verification of Documents and Forms by Govt
  • Filing of Incorporation Documents and Forms by Goverment
  • Certificate of Incorporation
  • Drafting of LLP Agreement
  • Filing of LLP Agreement

 

FAQ Series on LLP Registration

a) Can we register our LLP at our Home Address ?

Yes, you can register your llp at your residential address.

b) What is the statutory cost for the llp registration ?

The statutory cost for registration of LLP is subject to amount of capital. For example, if the capital contribution say upto Rs. 500,000 then roughly the total statutory cost may not cross Rs. 15,000/-.

c) How many days takes for the llp registration ?

its takes minimum 10 to 15 days or more depend on state roc department.

d) Why I Choose compsec?

compsec is trusted by 1000+ Startups in india which provide you better and affordable pricing as compare to traditional offline with beyond client satisfaction.

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