Few Process Steps for LLP Registration:
Limited Liability Partnership (LLP) is business form which provides benefits of limited liability and flexibility of a partnership business. It is governed and registered under the Limited Liability Partnership Act, 2008 and the rules made there under. Small and Medium Enterprises (SMEs) can function as LLP. Indeed, LLP is suitable for trading, service sector especially advisory and professional Service firms, etc.
Two people are needed for LLP Registration. However, there is no limit on maximum partners in LLP Registration.
No minimum Capital is required for LLP Registration. Initially, We can register LLP with ten thousand rupees. The Stamp Duty on the deed is based on the amount of capital.
One Designated partner of LLP must be from India for LLP Registration.
Partners’ liability of the LLP is limited and it is limited only to their contribution by them to the LLP.
LLP is a separate legal entity and a juristic person distinct from its partners and both can sue each other and be sued.
LLP continue to exist even after the death of the partner.
Regulatory compliance are very less in case of LLP as compared to company form of entity.
Limited Liability Partnership enjoys the right to own, enjoy and transfer property. The rights can be exercised by the LLP in its own name.
There is no audit requirement up to turnover of less than 40 Lakhs and capital contribution of less than 25 Lakh.
The ownership of a LLP can be easily transferred to another person. However, transferee should be inducted as a Designated Partner of the LLP.
Both Partners & LLP can give loan to each other. There is no dividend tax in case of LLP.
Limited Liability Partnership
One Person Company
Service Providers, Professional Service Firms, Trading Business
Ideal for Medium and Large-Scale business and allows them to raise equity capital from Public.
Limited Liability Protection
Only if contribution more than Rs. 25 lakhs or turnover exceeds Rs. 40 Lakhs
Subject to turnover of the firm
LLP is new framework and easiest form of business to register and operate in India. Thus, LLP relate the advantages of both ‘Company’ and ‘Partnership’ in a single business entity. Mostly preferred structure for trading, advisory and professional services firms.
Initially, there is no minimum Capital Contribution required. Hence, It can be registered even with Rs. 1000 Capital Contribution.
Yes, an NRI or foreign National can become partner of LLP. But only after he has been assigned with DIN/DPIN. However, at least one designated partner in LLP must be a Resident in India.
eZeefiling can register LLP in 10 days. And For speedy process, kindly choose a unique name as the proposed LLP name and also keep all the required documents ready at the time of LLP Registration. Therefore, We suggest you to ready with three to four names during approval stage.
Accounts of an LLP are required to be audited when the turnover of the LLP is Rs. 40 lakhs or more or when the total capital contribution is Rs. 25 lakhs or more. Hence No need for audit of accounts if your turnover is less than 40 lakhs.
An LLP agreement is one that is made between the partners and the LLP. An LLP agreement usually consists of objectives, business details of LLP in addition to inclusion of new partners, policy making strategies, and so on.
Yes, one can register LLP at their address in India. One requires to submit the utility bill copy of the same with NOC for LLP Registration.
Often People ask, how to register LLP and how to register LLP in India. Therefore, ezeefiling offering online LLP registration in just ten days at very cheap prices that will help to solve the issue of how to register LLP and how to register LLP in India.