LLP Registration | LLP Firm Registration

1. LLP Registration

2. LLP (Limited liability partnership) was introduced in India through the Limited Liability Partnership Act, 2008. The main reason behind the introduction of LLP (Limited Liability partnership) is to provide a form of business entity that means easy and simple to maintain while providing limited liability to the owners. Since its introduction LLP (Limited liability partnership) has received with over 1 lakh of registrations so far until September 2014. Limited liability is the only difference between the normal partner and the LLP (limited Liability partnership) as the name suggests. This has gained a lot of popularity because of the fact that the personal assets of partners cannot be attached to pay the firm’s liability. LLP Registration

3. The main advantage of LLP (Limited liability partnership) over the traditional partnership firm is that one person is not responsible for another’s partner negligence or misconduct. LLP lags behind in the category of small businesses like One person company, private limited company, sole LLP Registration proprietorship, general partnership not because it will not be successful in the future, the reason is it is a new form of enterprise and hence is just explored by the entrepreneurs in the market. In LLP all partners enjoy a form of limited liability protection for the protection of each individual within the partnership similar to that of the shareholders of a private limited company. But they have the right to manage the business directly which is not there in private limited

4. company. It is gaining popularity in metro cities like Delhi, Mumbai, Kolkata, and Chennai. Entrepreneurs in these cities are establishing LLP (Limited liability partnership) to develop their business. LLP Registration LLP (Limited liability Partnership) took shape in India after January 2009, making it an instant success with the professional services and startups. LLP registration offers features of both private limited company and a partnership firm and that too in a single entity that is LLP (Limited liability partnership). It is most preferred by owners who are starting a small business and not for those who are not willing to do huge funding in a business.

5. LLP (Limited liability partnership) can be registered with minimum of two partners and if in case one partner does any misconduct the other partner would not be responsible for it. Each partner in LLP has its LLP Registration own liability towards the business. The annual maintenance of the LLP firm is much more cost efficient as compared to the private limited company registration which is why LLP company registration has more trust than a general partnership.

6. 1. Ease of formation 2. Limited liability Advantages of LLP Registration 3. No requirement of Minimum contribution 4. Lower registration cost 5. No minimum numbers of members 6. No compulsory audit requirement

7. 1. Higher penalty Disadvantages of LLP Registration 2. The income tax rate is higher 3. No Equity investment

8. Step 1: Obtain DSC and DIN The first step in the process of LLP registration is to obtain DSC (Digital signature certificate) of the desired partners of Process for LLP Registration LLP (Limited liability partnership). The reason for obtaining a DSC is that all the form need to be submitted online and requires the director’s signature. The law also requires that all the directors file for DIN number too. Step 2: Name Approval Minimum one and a maximum of 6 name choices must be submitted to MCA. The registrar only approves the LLP name which is not taken before. Approval for the name can be obtained within 5-7 working days.

9. Step 3: LLP agreement It is very crucial in LLP (Limited liability partnership) as it determines the mutual rights and duties among the partners and also between the LLP and the partners. LLP agreement is Process for LLP Registration made by filling form 3 online on the MCA portal. This procedure of the LLP agreement has to be done within 30 days of the date of incorporation. Step 4: LLP certification of Incorporation The next step in the process of LLP registration gets the LLP incorporation certificate. You have to submit all the documents to the registrar and the time frame is between 10-12 days. Once you are done with this you're ready to go.

10. Step 5: Apply for TAN, PAN & Bank account As soon as you get the incorporation certificate, you Process for LLP Registration need to apply for the companies PAN, TAN & NSDL. It takes around 3 weeks to get done and the cost of this procedure is less than Rs.200.

11. 1. Address proof of partners 2. PAN Card of all partners Documents required for LLP Registration 3. Address proof of business premises 4. Utility bill of the proposed registered office 5. Passport size photograph of all partners For More Visit: https://www.welegalize.com/llp-registration.php

12. We Legalize is a team of highly passionate and professional Chartered Accountants and legal Advisors under one roof. In the era of 2019, it has been a keen thing to start a business and Company Registration | Trademark | GST Registration | We Legalize become an entrepreneur in India. After working for 10 years with some very known legal consultancies Mr. Roshan Thakur found his passion in assisting keen, enthusiastic entrepreneurs with this dedication, He started a legal consultancy known as WeLegalize.com. Contact Us WZ-23 A Ashok Nagar, Near Tilak Nagar Police Station New Delhi, 110018 Mobile No. +91-9716073362 Email Id:support@welegalize.com , sales@welegalize.com