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Limited Liability Partnershiprship Firm Registration

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Overview of LLP Firm Registration

  • Limited Liability Partnership is a corporate structure that contains the features of both partnership firm and company.
  • Limited Liability Partnership is a separate legal entity from its partners and liability of each partner is limited to their contribution.
  • LLP can be formed by any two or more persons, associated for carrying on a lawful business.
  • The rights and duties of partners shall be governed by an agreement between partners.
  • LLP was comes under the Limited Liability Partnership Act (2008).
  • A minimum of two partners will be required for formation of an LLP. There will be not any limit to the maximum number of partners.

Documents Needed

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All partners Aadhar card and Pan card

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Voter ID or Passport or Driving license of all partners

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All partners latest Passport size photo

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Latest company located rental or lease agreement and eb bill (For rental place), or Eb bill and property tax receipt (For own place)

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All partners latest 1 month Bank Statement

Benefits of LLP Firm registration

  • LLP protects the member’s personal assets from the liabilities of the business.
  • LLP has no requirement to get their accounts audited. This is perceived to be a significant compliance benefit. A Limited Liability Partnership is required to get the tax audit done only in the case that: – The contribution of the LLP exceeds Rs. 25 Lakhs or the annual turnover of the LLP exceeds Rs. 40 Lakhs.
  • LLP have to face less compliance burden as they have to submit only two statements i.e. the Annual Return & Statement of Accounts and Solvency.
  • LLP agreements are customized in according to meet the needs of partners concerned.
  • The cost of registration of LLP is low as compared to any other company (Public or Private).

    Different types of Company Business Structures

    Proprietorship Firm
    Number of members/Shareholders
    Only 1
    Number of Directors/Partners
    -
    Act
    No specified Act
    Registration
    MSME/Udyam, GST, FSSAI, Shop and Establishment Act License, Trade License
    Liability Protection
    No
    Capital Amount
    Not specific amount
    Foreigners
    Not Allowed
    Ownership Transferability
    Not Allowed
    Incometax Filing Forms
    ITR-3 or ITR-4
    Compliance
    Less
    Partnership Firm
    Number of members/Shareholders
    2-50
    Number of Directors/Partners
    2-50
    Act
    Indian Partnership Act, 1932
    Registration
    Get the Notarized sign or registered in Sub-Registered office
    Liability Protection
    No
    Capital Amount
    Not specific amount
    Foreigners
    Not Allowed
    Ownership Transferability
    Allowed
    Incometax Filing Forms
    ITR-5
    Compliance
    Less
    Limited Liability Partnership (LLP)
    Number of members/Shareholders
    2-Unlimited
    Number of Directors/Partners
    2-Unlimited
    Act
    Limited Liability Partnership Act, 2008
    Registration
    Register under MCA
    Liability Protection
    Yes
    Capital Amount
    Minimum 1 lakh
    Foreigners
    Allowed
    Ownership Transferability
    Allowed
    Incometax Filing Forms
    ITR-5
    Compliance
    Moderate
    One Person Company (OPC)
    Number of members/Shareholders
    Only 1
    Number of Directors/Partners
    Only 1
    Act
    Companies Act, 2013
    Registration
    Register under MCA
    Liability Protection
    Yes
    Capital Amount
    Minimum 1 lakh
    Foreigners
    Not Allowed
    Ownership Transferability
    Allowed
    Incometax Filing Forms
    ITR-6
    Compliance
    Moderate
    Private Limited Company
    Number of members/Shareholders
    2-200
    Number of Directors/Partners
    2-15
    Act
    Companies Act, 2013
    Registration
    Register under MCA
    Liability Protection
    Yes
    Capital Amount
    Minimum 1 lakh
    Foreigners
    Allowed
    Ownership Transferability
    Allowed
    Incometax Filing Forms
    ITR-6
    Compliance
    High
    Public Limited Company
    Number of members/Shareholders
    7-unlimited
    Number of Directors/Partners
    3-15
    Act
    Companies Act, 2013
    Registration
    Register under MCA
    Liability Protection
    Yes
    Capital Amount
    Minimum 5 lakh
    Foreigners
    Allowed
    Ownership Transferability
    Allowed
    Incometax Filing Forms
    ITR-6
    Compliance
    High

    Frequently Asked Questions

    01. Who can be member in LLP?

    Any individual can become the member of the LLP including foreigners / NRI, however the individual must 18+ above in terms of age.

    02. Is there any qualification to become a partner in a LLP?

    No, anyone can become a partner of the company and there is no specific qualification required for becoming the partner of the company.

    03. What is an LLP agreement?

    An LLP agreement is made between the individual partners. An LLP agreement usually consists of management policies, inclusion of new partners, policy making strategies, and so on.

    04. How many days takes to register a LLP in registrationshops?

    It will take minimum 8 to 10 days to register a LLP in registrationshops. and also it depends on documents submitted by the partner, the processing time required for filing forms, the time is taken by the concerned government authorities to may range from one to two weeks.

    05. Shall I registered my company in a residential area?

    Yes, it is possible to use a residential property as a registered office of your company.

    06. Shall I change the registered office of a company after that registration?

    Yes, you can change your company registered office any time after following the specified procedure.

    07. Can I convert my LLP to a Private Limited company?

    No, Once the LLP is formed, it will be valid till it is officially closed by the owners.

    *Amount maybe increase or decrease depends upon number of partners, particular state stamp duty fees, govt fees, gst invoice bills and yearly transaction amount.

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