Limited Liability Partnership (LLP) is becoming popular among entrepreneurs as it provides the advantages of both the company and partnership firm into a single form of organization.
Features of LLP
- LLP is a separate legal identity
- A member of LLP has limited liability
- The cost involved in the incorporation of LLP is relatively low
- No minimum capital contribution required
- Minimum 2 directors are required to incorporate an LLP whereas there is no upper limit prescribed in the LLP regarding the maximum number of directors.
Process of Registration as LLP
Step 1: Obtain DSC
Step 2: Apply for DIN
Step 3: Application for name approval
Step 4: Filing LLP Incorporation form
Step 5: Filing LLP Agreement
Step 6: Issue of LLP Incorporation certificate
List of Documents Required for LLP Incorporation
Documents of Partners
- Identity Proof
- Address Proof
- Passport (in case of NRIs or foreign nationals)
Documents of LLP
- Address proof of registered office:
- Own office – Copy of electricity bill/landline bill/ water bill/ municipal khata copy/ property tax receipt
- Rented office – Rent agreement with an electricity bill of owner and No objection certificate (NOC) from the owner
- DSC of the proposed directors
Why choose Masters India Services?
1. We have active client support that assists you through the LLP Incorporation process
2. We provide regular updates about the LLP Incorporation
3. No physical visit to the office completely online LLP Incorporation
4. Dedicated expert to process your end to end LLP Incorporation Process
5. Obtain LLP Incorporation certificate within 15-20 business days
Q1. Who can be a designated partner in LLP?
Ans. In LLP it is necessary to have 2 designated partners who must be individuals. Out of the 2 partners, one must be an India resident.
In case when LLP partners are body corporate then in such case body corporate nominees must act as a designated partner of LLP.
Q2. Is there any identification number for the designated partner?
Ans. DPIN (Designated Partner Identification Number) is required by all the designated partners of the LLP. DPIN is similar to Director Identification Number (DIN) required in the case of company. To apply for DPIN you need to furnish the Form 7.
Q3. How to become a director for LLP?
Ans. Any person who has subscribed to the incorporation document at the time to LLP incorporation becomes the partner by default. However, a new person can also become the partner in the LLP as per the terms and conditions mentioned in the LLP agreement.
Q4. Whether a Limited Liability Partnership (LLP) can be converted?
Ans. Section 366 (1) of Companies Act 2013 states that Limited Liability Partnership (LLP) can be registered as a company with certain terms and conditions specific to LLP.
Q5. If an LLP needs to file an Annual Return?
Ans. Every Limited Liability Partnership (LLP) is required to file an Annual Return in e-Form11 with the Registrar of Companies (ROC) along with the fees prescribed. This Annual Return needs to be filed within 60 days from the financial year closure.