Limited Liability Partnership

Elevate Your Business with Our Limited Liability Partnership Services.

    About Our Service

    The Limited Liability Partnership (LLP), which combines the benefits of both partnership firms and corporations, has become a popular organisational structure for business owners in India. When at least two partners sign an LLP agreement, an LLP is created. Notably, an LLP has perpetual succession similar to a firm and the partners are protected from lawsuits by limited liability.

    With the flexibility of a partnership firm and the advantages of a company, LLP Registration in India has become a popular alternative business form. Through the Limited Liability Partnership Act of 2008, the LLP concept was first established in India. Setting up small and medium-sized firms is a good fit for this unique hybrid structure.

    It is simple to organise and incorporate a Limited Liability Partnership (LLP) in India. There is no maximum number of partners; only a minimum of two are needed to register an LLP.

    The rights and obligations of the partners are described in the LLP agreement. In an LLP, one partner is not liable for the misconduct or ignorance of another partner. All conditions of the LLP Agreement and the performance of the required obligations under it shall be the joint responsibility of the partners. Due to its flexibility in terms of management structure and decision-making procedures, LLPs are frequently used by professionals such as lawyers, accountants, architects, and consultants. Additionally, according on their agreed-upon amount of ownership, each partner gets the chance to split the business's gains and losses.

    Registration Process

    Step 1 :

    Obtain the DSC (Digital Signature Certificate) for the authorised partners of the LLP before starting the registration process.

    Step 2:

    All designated partners or people wishing to become designated partners of the LLP must apply for a DIN (Director Identification Number).

    Step 3:

    To reserve the suggested name for the LLP, submit the LLP-RUN or LLP-Reserve Unique Name form. This request is handled by the Central Registration Centre using Non-STP (Straight Through Processing). Before offering a name, it is suggested that you check its availability on the MCA portal.

    Step 4:

    The incorporation of the LLP is done in step four.

      The LLP incorporation form must be filed and delivered to the state's registrar where the LLP's registered office is located, along with all necessary supporting documentation. Additionally, you must pay the required LLP registration fees listed in Annexure "A."

      In the event that the person named as a designated partner does not already have a DIN (Director Identification Number) or DPIN, this form offers the chance to apply for one.

      Two people should submit the DPIN application in order to receive one. The FiLLiP (Form for Incorporation of Limited Liability Partnership) mechanism is another option for reserving the name of the LLP.

      If the suggested name is accepted, the limited liability partnership firm may adopt it as its proposed name.

    Step 5:

    Complete the Limited Liability Partnership (LLP) Agreement filing. This agreement serves as the governing instrument describing the duties and rights of the partners and the LLP.

    Essential Documents

    a self-attested copy of their PAN card for directors and shareholders.

    a self-attested copy of one identifying document, such as a passport, driver's licence, or voter identification card.

    a copy of a recent utility bill, such as a phone bill, water or electricity bill, or bank statement, that has been self-attested and shows the director's residence.

    A Passport Size Photo

    Other Documents

    Additional documentation necessary from the registered office are below-

    A no-objection letter from the property owner

    a notarized rent agreement

    the most recent bank statement

    phone or electricity bill statement

    The most current gas bill

    an English-language selling deed or property deed

    LLP Registration Costs

    Individual contributions, the number of partners, and any additional registration fees all affect how much it costs to form an LLP in India. Establishing an LLP in India entails additional costs as well, such as professional fees, stamp duty, and other registration requirements.
    LLP Registration

    ₹ 2,999 / Only

    Plus Government Fees, Stamp Duty Extra.

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      LLP Registration Timeframe

      LLP Formation Timeline: Considering the approval process and response time from the relevant department, it typically takes 10 days from obtaining DSC to filing Form 3.

      Benefits of LLP

      Distinct Legal Status

      LLPs are acknowledged as different legal entities, therefore in the perspective of the law, the partners and the LLP are separate from one another.

      No Compulsory Audit Requirement

      Businesses in an LLP are only required to have their accounts audited annually by a chartered accountant if their annual turnover or contribution exceeds Rs. 40 lakhs/Rs. 25 lakhs.

      Simplified Ownership Transfer

      According to the conditions contained in the LLP Agreement, ownership transfer is facilitated easily, enabling partners—both departing and incoming—to transition into the business without any difficulty.

      Capital/Money Mobilization

      It might be difficult to get funding for a small firm, such as a sole proprietorship or partnership. An LLP, however, has the benefit of receiving funding from a variety of sources, including private equity investors, financial institutions, and more because it is a regulated entity similar to a business.

      Tax Benefits

      LLPs are exempt from paying income tax surcharges and are not required to pay tax on distributions of profits to partners. On the other hand, businesses must pay dividend tax on profits that are distributed to shareholders.

      Continuous Succession

      An incorporated LLP has perpetual succession, which means that regardless of any changes in the partners, the LLP will continue to exist and keep its rights, exemptions, estates, and property.

      Why Choose FilingMan

      For Limited Liability Partnership (LLP) Registration?

      FilingMan stands out as your best option for Limited Liability Partnership (LLP) registration. Our knowledgeable staff walks you through a simplified procedure and takes care of all the small aspects to make sure you don't have to worry. We provide thorough document preparation services, guaranteeing accuracy at every stage, and ensure prompt submissions to the appropriate authorities.

      FilingMan stands out due to our dedication to offering thorough compliance help. We are aware that, particularly for small firms, navigating the legal system can be intimidating. Because of this, we not only aid you in effectively registering your LLP but also offer continuous support to make sure you continue to comply with all applicable laws. For LLP registration that is distinguished by professionalism, accuracy, and a partnership that goes beyond the registration process, choose FilingMan.

      LLP FAQ'S

      What exactly is a Limited Liability Partnership (LLP) and how does it vary from other types of business entities?
      A Limited Liability Partnership (LLP) is a type of legal corporate entity in which the partners are each only partially liable for the firm's debts and independent of one another. It offers flexibility in administration and limited liability protection for partners by combining aspects of corporations and partnerships.
      What are the primary benefits of establishing a Limited Liability Partnership?
      The main benefits of an LLP include limited personal liability for partners, simplicity in compliance requirements, ease of formation and dissolution, flexibility in internal management, and the capacity to draw experts from other sectors into the partnership.
      What conditions must be met in order to form a Limited Liability Partnership?
      A minimum of two partners are required to form an LLP, and each partner must have a specific duty. The LLP agreement is crucial since it outlines the contributions, profit-sharing, and duties. The LLP should also be registered with the appropriate regulatory body.
      What level of liability protection does an LLP provide?
      In an LLP, partners' personal assets are protected from the firm's obligations, debts, or other partners' bad behaviour. Partners may nevertheless be held personally accountable for their improper conduct or professional carelessness.
      Can an LLP later be changed into another type of corporate structure?
      LLPs may be able to change into other legal entities in some jurisdictions, like a private limited company or a conventional partnership. The conversion procedure is subject to following the law and receiving regulatory agencies' clearance, which may differ depending on the country's legislation.