Limited Liability Partnership Registration in India is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership business, In other words it offers benefits of both worlds by bringing simplicity in management and scope of expansion like that of a company. The compliance requirements are relatively less and only few returns have to be filed. For small LLP the audit Is not required and the compliance is based on the information declared by the partners. A Limited Liability Partnership Registration is a new form of business introduced in the year 2009; this is a unique form of business in the sense that it has simplicity of a partnership firm and benefits of limited liability as in a limited corporation. Minimum two people can form an LLP with no maximum limit on the number of its partners. The advantage of llp form of business over a private limited is in the fact that there is less compliance requirement in comparison to a private limited company. For instance audit is not required till the time turnover reaches 40 lac or capital reached Rs. 25 lac. This is preferred choice for small businesses with less capital.
Digital Signature of Partners
DSC is the equivalent of physical or paper certificates in digital format. As the application for LLP registration is filed online with Digital Signatures of the designated partners, hence the process starts with the issuance of the digital signature for all the designated partners. Photo, ID and Address proof is to be submitted along with Form for issuance of DSC
DIN Number allotment for the Partners
It is a permanent number issued by the registrar of companies, as a unique identification number to the director of a company or designated partner of the LLP. No person can hold an office of the designated partner unless he is issued a DIN. For allotment of DIN, an application to ROC is made with Photo, Attested ID and Address proof duly attested by CA, CS or CMA
Approval of name for the LLP by the ROC
Name of each company or LLP must be unique, new and should not be same or similar to an already registered company, LLP or a Trademark. After the DSC and DIN allotment, an application is made to the ROC for approval of name; the registrar is vested with discretionary powers concerning approval of name. Our advisors shall be a help to you while deciding the name of the company or LLP.
Issuance of Registration Certificate of LLP
All the steps as described below finally culminates into the registration of the company with the issuance of the certificate of Incorporation. With spice e-form, DIN, name Approval and Incorporation related documents like affidavits; declarations are filed at once. However, only one name can be suggested in the spice form. The certificate of incorporation is the conclusive proof of the registration of the company.
LLP Agreement drafting and Filing with the ROC
The partners of the LLP bind themselves concerning their mutual rights and obligation, capital contribution ratio, profit sharing ratio in a document which is known as LLP Agreement. After incorporation of LLP the partners need to execute the same and file a copy with the registrar of companies within 30 days of Incorporation, failing which a penalty of Rs. 100 day is imposed for each day of delay.
PAN, TAN Number of LLP & Bank A/c Opening
Income tax Department allots a unique 10 Digit alpha numeric number as a permanent account number, also known as PAN Number. To comply with TDS provisions every tax payer need to obtain a Tax Deduction Account Number. These identification numbers are essential to operate and comply. The opening of a bank account is the last step in setting up a business
Documents of Partners
1-Two Colour Photographs of each partner in colour and front facing with plain background
2-Copy of Pan Card of each partner, The name on pan card must match with the database of Income Tax Department
3-Copy of the Identity Proof of each partner, the id proof must be Any one among Aadhar Card, Passport, Driving License or Voter ID Card)
4-Copy of Address Proof which is either a Bank Statement or Passbook with first and last bank entry page, electricity bill, telephone bill, or any utility bill
Registered Address Proof
1-Proof of the registered address of the LLP: Sale Deed, electricity bill, tax paid receipt or any other utility bill which is not older than two months.
2-No objection Certificate from the owner of the premises where registered office of the LLP shall be situated
LLP REGISTRATION @ 10000/-