Professionalsaathi

Limited Liability Partnership

  • No Reviews

  • 0 Order in queue

  • Delievry Time Less then Year
  • Response Time 1 Day
  • English Level Professional
https://professionalsaathi.com/Limited Liability Partnership

About The Limited Liability Partnership
Roshan Singh

A Limited Liability Partnership (LLP) is a unique form of business structure in India, combining the advantages of both partnership firms and companies. It offers a flexible structure with limited liability for its partners, which means that their personal assets are protected in case of any legal or financial issues faced by the LLP. Governed by the Limited Liability Partnership Act, 2008, LLPs are an ideal choice for small and medium-sized businesses, as well as professional services firms.

No Reviews

Benefits

A LLP is a legal entity and a juristic person established under the Act. The partners are distinct from the entity and both can sue each other and get sued in the process. .

A LLP has ‘perpetual succession’, that is continued existence until it is brought on the terms of the dissolution by mutual agreement within the partners. Partners may come and go, but an LLP goes on. .

Entrepreneurs earning a turnover of less than 40 Lakhs and capital contribution of less than 25 Lakh need not get their accounts audited .Therefore, LLPs are ideal for startups and small businesses that are just starting their operations and want to have minimal regulatory compliance related formalities. .

The ownership of a LLP can be easily transferred to another person. All you need is to induct them as a Designated Partner of the LLP. LLP is a separate legal entity separate from its Managing Partners, so by changing the Managing Partners, the ownership of the LLP can be changed. .

An LLP being a juristic person, can acquire, own and enjoy property in its own name. And this is entirely distinct from its partners. No Partner can make any claim upon the property of the LLP so long as the LLP is a going concern. .

The biggest advantage is Limited Liability, which means the status of being legally responsible only to a limited amount for debts of a LLP. Unlike proprietorships and partnerships, in a LLP the liability of the members in respect of the LLP’s debts is limited. The personal assets of the directors are safe if the company goes bankrupt. .

Steps

Designated partners must obtain a Digital Signature Certificate (DSC) to sign electronic documents during the registration process.

.

Designated partners must obtain a Designated Partner Identification Number (DPIN) from the Ministry of Corporate Affairs (MCA), which is a unique identification number.

.

Submit an application to the MCA for approval of the proposed LLP name, ensuring that it is unique and not similar to any existing LLPs or companies.

.

File incorporation documents with the MCA, including the LLP Agreement and other required forms.

.

Once the MCA approves the incorporation documents, it issues a Certificate of Incorporation, which is the legal proof of the LLP's existence.

.

Requisties

  • Passport size photograph of partners

  • Rent agreement (If rented property)

  • Electricity/ Water bill (Office Address)

  • Landlord NOC (Format will be provided)

  • Aadhaar Card/ Voter identity card

  • PAN Card of partners

Deliverables

  • DIN for 2 Partners

  • Digital Signature For 2 Partners

  • Name search & approval

  • Incorporation Certificate

  • LLP Agreement

  • LLP PAN card

  • LLP TAN/TDS Number

  • Bank A/C Opening Document support

Frequently Asked Questions

At least two partners are required for LLP registration. The maximum partners can be 200. If you are the sole owner, you can register as a One Person Company. .

Our procedure is 100% online which means there is no compulsion for you to be present at our office physically. A scanned copy of documents can be sent to us via mail, and we will handle the rest. You will get the company incorporation certificate from MCA via courier at your business address. .

Yes, you can register your LLP at your residential address. It is perfectly legal to start the company at your home or in your garage. MCA team typically doesn’t visit your office. You just have to provide your home address proof such as rent agreement or electricity bill. .

There is no minimum capital requirement for forming an LLP in India. The partners can contribute any amount they deem necessary for the business operations. .

Yes, a company or another LLP can be a partner in an LLP, provided that the company or LLP is authorized to enter into such a partnership by its respective governing documents. .

Yes, LLP office Address can be changed anytime after Incorporation. .

Contatc Us

Get In Touch

Feel free to reach out to us if you have any queries.

  • Locations

    Kashmir to Kanyakumari

  • Email Address

    info@professionalsaathi.com

    partners@professionalsaathi.com

  • Contact Numbers

    +91 8950296299

    +91 9315650745

Ready To Get Started

At Professional Saathi, we offer a range of business consultancy services that help businesses improve their performance, achieve growth, and overcome challenges.

Get Started

We Empower Businesses with Expert Consultancy Services

Pages

Services Locations

Most Visited Links

Copyright 2024 © Created By KTPG PROFESSIONAL SAATHI CORPORATE CONSULTANT PRIVATE LIMITED, All Rights Reserved.