Limited Liability Partnership (LLP) is a body corporate formed and registered under the Limited Liability Partnership Act, 2008 and is a legal entity separate from that of its partners. LLP has perpetual succession. Any change in the partners of LLP shall not affect the existence, rights or liabilities of the LLP.
Every LLP shall have at least two designated partners who are individuals and at least one of them shall be resident in India. In case of an LLP in which all the partners are bodies corporate or in which one or more partners are individuals and bodies corporate, at least two individuals who are partners of such LLP or nominees of such bodies corporate shall act as designated partners.
Private Limited Company
This is the most common and preferred Company structure in Bhopal . The owners involved have limited liability upto the amount of their contribution and number of shares they own. Though there will be certain limitations on the ownership of the business as it is privately owned.
Public Limited Company
This type of Company structure can raise funds from Public and offers Limited Liability up to the shares it has offered to the general public. It is very diligently regulated and is required to comply with all the applicable provisions periodically without any negligence.
Limited Liability Partnership (LLP)
LLP is governed under the Limited Liability Partnership Act, 2008 read with allied Rules. It is an alternative corporate business form allowing the benefits of limited liability of company and flexibility of partnership. Its partners liability is limited their agreed contribution in LLP, unlike a unregistered partnership.
One Person Company (OPC)
One person company is a kind of private company and incorporated for any lawful purposes by a natural person. It is incorporated with one person only whether residing in India or otherwise, where the legal and financial liabilities are limited to the Company.
Section 8 Company (NGO)
Any person or association of person can register a company under section 8 of the Companies Act, 2013 as a limited company by obtaining a license from Central Government. Such type of Company is dedicated towards the social welfare of the society and the objects of such company shall be promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object
Note 1: In case of foreign directors/subscribers, all the aforesaid documents should be notarized and apostilled or consularized. In case documents are not in english, translated copy in english should be notarized and apostiled or consularized. please read the attestation requirements of documents below in FAQs
Note 2: *Draft will be provided by our team
Note 3: Following additional documents will be required in case the subscriber of the company to be incorporated is another company: â€¢ Copy of resolution passed by the subscriber company; â€¢ Certificate of Incorporation of the Subscriber Company.
The liability of each member or shareholders is limited. It means that if a company faces loss under any circumstances then its shareholders are not liable to sell their own assets for payment. Thus, the personal, individual assets of the shareholders are not at risk
The Company keeps on existing in the eyes of law even in the case of death, insolvency, the bankruptcy of any of its members. This leads to perpetual succession of the company. The life of the company keeps on existing forever.
As a juristic legal person, both the company and its members have separate legal identity that is distinct from each other.
Registering a Company will create goodwill and brand in eyes of public at large as compared to a sole proprietorship
1. Name Approval
The first and the foremost step in Registering a Company in India is reservation of name by filing SPICe+ Part A. The company is required to provide two names in order of preference. The names shall be supported with a rationale and objectives of the company to be pursued upon incorporation.
2. Obtaining DSC and DIN
A Digital Signature Certificate (DSC) is mandatory for all the persons who intends to become a Director or Subscribers of the proposed Company.
Director Identification Number (DIN): it is mandatory for every Director to obtain DIN before being appointed as Director. The SPICE + form provides an option to apply for maximum 3 DIN.
3. Filing of application with ROC
For incorporation of Company an application in Form SPICE+ B is submitted with the Registrar of Companies along with MOA, AOA and AGILE-PRO-S linked web form for obtaining ‘Certificate of Incorporation’
4. Certificate of Incorporation
Obtaining "Certificate of Incorporation" from Registrar of Companies.
At CompaniesNext we ensure that our clients receive the best services at all times, our team is made up of CAs, Lawyers, CS, IIM graduates, Actuaries, and other auxiliary personnel. Our professionals deliver hassle-free services to any industry using adaptable and personalised solutions. Our current procedure is constantly being improved, and we look for fresh approaches to do the same jobs. We pledge to expedite the completion of every assignment and provide our clients with a smooth experience.
Our Company Registration service include:
DSC of designated partners
Drafting of requisite documents
LLP Registration fees
Certificate of Incorporation
LLP Agreement Drafting
Minimum two people / partners are required to incorporate a LLP and there is no limit on maximum number of Partners. At least one of the people should be resident in India.
Explanation. For the purposes of this section, the term resident in India means a person who has stayed in India for a period of not less than one hundred and twenty days during the financial year.
No, you are not required to be present at our office or appear at any office for the incorporation of a LLP. All the documents can be scanned and sent through email and the original hard copy can be couriered to our office.
To incorporate a LLP quickly, make sure the proposed name of the LLP is very unique. Names that are similar to an existing company / limited liability partnership / trademark can be rejected and additional time will be required for re-submission of names.
LLP is required to file Form 8 and Form 11 with the Registrar annually. Further, the financial statements of LLP are required to be audited in case its turnover exceeds Rs. 40,00,000 or capital contribution exceeds Rs. 25,00,000.
DPIN is a unique identification number assigned to all existing and proposed designated partners of a LLP. It is mandatory for all present or proposed partners to have a DPIN. DPIN never expires and a person can possess only one DPIN.
Every LLP shall be required to have at least two Designated Partners who shall be individuals and at least one of the Designated Partner shall be a resident of India. In case of an LLP in which all the partners are bodies corporate or in which one or more partners are individuals and bodies corporate, at least two individuals who are partners of such LLP or nominees of such bodies corporate shall act as designated partners.
Yes, Foreign Direct Investment can be made by a person resident outside India on a repatriable basis in the capital of an LLP.
For reservation of name of a LLP, Form RUN LLP is required to be filed with the Registrar of Companies with two proposed names.
No, LLPs are only allowed to do any lawful business that is carried out with a view to earn profit.
Any commercial/industrial/residential premises can be used as a registered office of the LLP in India where communication from MCA will be received for the purpose of smooth functioning of the business.
A Digital Signature Certificate (DSC) establishes the identity of the signee electronically while filing documents. The Ministry of Corporate Affairs (MCA) mandates that e-form(s) submitted on the MCA portal are digitally signed using DSC.
Yes, an existing partnership firm or a company that is unlisted can be converted into LLP. There are many advantages to converting a partnership firm or a company into LLP.
The Designated Partner needs to be over 18 years of age and must be a natural person. Even foreign nationals can be appointed as a Partner. In case of an LLP in which all the partners are corporate bodies, at least two individuals who are partners of such LLP.
Yes, a corporate body can become a partner of a LLP.
Investment by person resident outside India is prohibited in certain sectors namely:
Lottery business including Government/ private lottery, online lotteries;
Gambling and betting including casinos;
Chit funds (except for investment made by NRIs and OCIs on a non- repatriation basis);
Trading in Transferable Development Rights (TDRs);
Real Estate Business or Construction of Farm Houses;
Manufacturing of cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco substitutes. The prohibition is on manufacturing of the products mentioned and foreign investment in other activities relating to these products including wholesale cash and carry, retail trading etc. will be governed by the sectoral restrictions laid down in Regulation 16 of FEMA 20(R);
Activities/ sectors not open to private investment viz. atomic energy and railway operations;
Foreign technology collaboration in any form including licensing for franchise, trademark, brand name, management contract is also prohibited for Lottery business and Gambling and betting activities
Foreign direct investment in India has mainly two entry routes- Automatic Route and Government Route. Automatic Route is the entry route through which investment by a person resident outside India does not require the prior Reserve Bank approval or Government approval.
Government Route is the entry route through which investment by a person resident outside India requires prior Government approval. Foreign investment received under this route shall be in accordance with the conditions stipulated by the Government in its approval.