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    Limited Liability Partnership

    LLP is the most preferred form of business structure combining the features of both limited company and partnership firm. LLP involves lesser compliance and offers limited liability of partners.

    • Separate legal entity
    • Perpetual succession
    • Limited liability of partners
    • Less compliances
    • Audit is not mandatory



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    How it works?


    1.

    Learn about the service and get all-inclusive price

    2.

    Pay and submit documents online

    3.

    Our expert will do the requisite filings and get Certificate

    Overview


    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 a 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.  

    Features


    • Separate Legal Entity

      As a juristic legal person, both the LLP and its partners have separate legal identity that is distinct from each other.

    • Perpetual Succession

      LLP existence is uninterrupted, even the death or insolvency of partners cannot affect the continuity of business of the LLP.

    • Limited liability of partners

      In LLP, all partners have limited liability similar to that of the shareholders of a limited company.

    • Less compliances

      The statutory compliances as applicable on LLP are less as compared to a company

    • Audit is not mandatory

      Unlike companies, audit requirement in case of LLP arises only when contributions exceed Rs. 25 lakh or turnover exceed Rs. 40 Lakh in any financial year.

    Things to Know


    Unique Name

    The proposed name selected by you should be unique and should not resemble to the name of an existing company or Limited Liability Partnership.

    Contribution Contribution of a partner may consist of tangible or intangible, movable or immovable property or other benefit to the LLP, including money, promissory notes, other agreements to contribute cash or property, and contracts for services performed or to be performed. Designated Partners Every LLP shall have at least two designated partners who are individuals and at least one of them shall be resident in India. Registered Office It is mandatory for every LLP to have a registered office to which all communications and notices as may be addressed and where they shall be received. Registered office of the LLP must be situated in India.  

    Process and Timelines


    Step 1.

    1-2 Days

    Obtaining requisite Documents and information

    Step 2.

    1-2 Days

    Obtaining DSC

    Step 3.

    1-2 Days

    Filing of Requisite forms with ROC

    Step 4.

    2-3 Days

    Certificate of Incorporation

    Document Required


      From Partners

    • Copy of PAN (in case of resident);
    • Copy of Passport (in case of non-resident);
    • Copy of proof of identity;
    • Copy of residential proof;
    • Disclosure of interest in other entities*
    • Consent Letter*

      From LLP

    • No-objection Certificate from the owner from the owner of the premises for its use as registered office*
    • Subscriber Sheet*
    • LLP Agreement*
    • Copy of Sale deed/ Property Deed (in case of owned property) or Lease Deed (in case of rented premises)
    • Copy of Telephone or Mobile/Electricity or Gas Bill of registered office (Any one, not older than 2 months)

    Note: *Draft will be provided by our team

    Why Companies Next


    At Companies Next, we have a dedicated team of professionals for providing quality services with accuracy and within given timelines. We provide a complete transparent and online platform for registration of your LLP.   Our Limited Liability Partnership registration include:

    • 1 DSC
    • 2 DIN
    • LLP Registration fees
    • Certificate of Incorporation
    • Drafting of LLP Agreement
    • Drafting of requisite declaration(s), consent letters, etc.


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    FAQ's


    Minimum two people / partner are required to incorporate a LLP and there is no limit on maximum number of Partners. At least one of the person should be resident in India.
    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 a 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.
    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 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 of 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 a LLP in which all the partners are bodies corporate, at least two individuals who are partners of such LLP
     
    Yes, a body corporate can become a partner of a LLP.
     
    Any individual or body corporate may be a partner in a LLP. However, an individual shall not be capable of becoming a partner of a LLP, if—
    • he has been found to be of unsound mind by a Court of competent jurisdiction and the finding is in force;
    • he is an undischarged insolvent; or
    • he has applied to be adjudicated as an insolvent and his application is pending. 
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