LLP: Benefits of a Partnership Firm & Security of a Private Limited Company
Get your Limited Liability Partnership registered to enjoy the double benefits of a partnership firm and a limited liability company.
Enjoy hassle-free processing, timely updates and, what’s more, pay just ₹499/- now to get started and pay the rest conveniently after the process begins.
LLP Registration Online – An Overview
Less Government Intervention
Sole Shareholder and Director
Turnover should be less than Rs. 2 crores
Paid up capital should be less than Rs. 50 lakhs
Option to convert into a Private Limited Company or Public Limited Company
Sole Shareholder and Director
Why register an LLP company? - Benefits
Seperate Legal Entity
-LLP is a separate legal entity from the partners. Each partner can sue the other if the situation arises.
-It has an uninterrupted existence that follows perpetual succession, i.e., the partners may leave, but the business remains. A period of dissolution has to be mutually agreed upon for the dissolution of the firm
No Owner /manager Distinction
An LLP consists of partners, who own and manage the business. It is different from a private limited company, whose directors can be different from the shareholders. For this reason, VCs do not invest in LLP structure.
Suitable For Small Business
-LLPs with capital amount less than 25 lakhs and turnover less than 40 lakhs per annum do not require any formal audit. This makes registration as LLP beneficial for small businesses and startups.
-An LLP can own or acquire property as it is recognized as a juridical person. Partners of LLP cannot claim their assets.
Flexible Agreement
Transferring the ownership of LLP is also simple. An individual can be quickly incorporated as a designated partner and the ownership passes to them.
Flexible Agreement
Transferring the ownership of LLP is also simple. An individual can be quickly incorporated as a designated partner and the ownership passes to them.
Suitable For Small Business
How to Register Company Online - A detailed registration process
Step 1
Arrange basic documents of Partners
Step 2
Fill in an online form with accurate information
Step 3
Apply for Digital Signature and DIN of Partners
Step 4
Prepare all legal documents
Step 5
Apply to name availability of the proposed LLP
Step 6
Verification of all documents and forms by the respective Government dept and authorities
Step 7
File Incorporation Docs with ROC
Step 8
Get LLP Incorporation Certificate
Step 9
Drafting of LLP Agreement
Step 10
Filing of LLP Agreement
Step 9
Certificate of Incorporation
Step 8
Documents drafting including MOA and AOA
Documents required for registration of an LLP
PAN Card of all partners Foreign nationals may provide passport
Aadhar Card/ Voter ID/ Passport/ Driving License of all partners
Rent Agreement of the registered office should be provided, if any
Latest Electricity Bill/ Telephone Bill of the registered office address
Latest Passport size photograph of all partners
No Objection Certificate to be obtained from the owner of registered office
Rent Agreement
Photograph
Business Address Proof
Compare different business structures to choose the right entity type
.
Act- Registration
- Number of members
- Separate Legal Entity
- Liability Protection
- Statutory Audit
- Ownership
- Uninterrupted Exist
- Foreign Participation
- Tax Rates
- Statutory Compliances
- Mandatory
- 2 to 200
- Yes
- Limited
- Mandatory
- Restricted
- Yes
- Allowed
- Moderate
- High
Person Company
- Mandatory
- Only 1
- Yes
- Limited
- Mandatory
- No
- Yes
- Not Allowed
- Moderate
- Moderate
- Mandatory
- 2 – Unlimited
- Yes
- Limited
- Dependent
- Yes
- Yes
- Allowed
- High
- Moderate
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