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registerexperts · 3 years

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In India Limited Liability Partnership (LLP) is a new form of business, it is a mixture of both company and a partnership firm. As in LLP, there is no shareholder or director like in a company it has partners/designated partners like a partnership firm. It is now a very popular and best option for professionals and small or medium organization. It is registered with the ROC which comes under the Central Government of India. An LLP can be registered in any part of India but it can operate its business all over India. A partnership firm is controlled by the state government therefore if any partnership firm wants to run its business in any other part of the country then it has to take approval from that state government first, but in the case of LLP, there is no restriction as it is already registered with the central government.

LLP registration cost is lower in comparison to companies like private limited or public limited company. The burden of compliances is less and charges are also low like a company has.

Features of LLP:

1. Minimum 2 persons are required as a designated partner and for maximum, there is no limit. 2. There is no minimum capital requirement. 3. There is no need to appoint an auditor, independent director, etc. 4. The burden of compliances is also lower than companies. 5. There is no need to pay a 15% Dividend Distribution Tax on profit sharing. 6. Tax audit is mandatory only when the turnover of LLP exceeds Rs. 40 lakhs or capital contribution exceeds Rs. 25 lakhs. 7. The LLP has its own identity different from its partners. It can buy, sell, rent, pledge, borrow etc. properties in its name. 8. The liabilities of the partners are limited means they are not personally liable for any act done by LLP in its name and by other partners.

Documents of LLP registration:

For registered office address:

1. If the property is owned then sale deed/ ownership documents/ house tax receipt. 2. If the property is rented then rent agreement/ lease agreement. 3. Utility bill (electricity bill/mobile bill/telephone bill/gas bill) anyone, it should not be older than 2 months. 4. NOC from the person whose name is mentioned in the utility bill.

FOR PARTNERS:

Indian Resident:

1. PAN Card. 2. Id proof (voter id/passport/driving license) anyone. 3. Address proof (bank statement/telephone bill/mobile bill/ electricity bill) anyone, and it should not be older than 2 months.

Foreign Resident:

1. Passport and it should be notarized and apostilled in the country it is issued or by the Indian embassy situated in that country. 2. Address proof (bank statement/ driving license/ passport, etc.) and it should also be notarized and apostilled in the country it is issued.

LLP incorporation fees:

The LLP registration fees depend upon the amount of capital contribution in the LLP. The higher the capital contribution the higher registration fees. The government charges for registration vary from capital to capital.

Not only registration charges get increased by increasing capital but also the stamp duty on the LLP agreement gets increased. The LLP agreement should be signed and notarized on the stamp paper of the state where the registered office of the LLP is situated and the amount of stamp paper depends upon the capital contribution.

Process of LLP incorporation:

1. Name approval application shall be made before filing the registration application. Once it is approved the final application shall be submitted within 3 months from the date of approval. 2. All the partners shall have DIN & DSC before final submission. Now as per the new incorporation process DIN can be applied along with the LLP registration, but partners must have DSC. 3. Few documents need to be signed by the partners/designated partners after the name approval. 4. After completion of all the above steps, a final form needs to be submitted. 5. If all the documents accepted by the registrar then a Certificate of LLP incorporation shall be issued. 6. After receiving the certificate of LLP incorporation, a PAN application shall be made to the NSDL, and the same will be issued by the department. 7. The partners have to notarize the LLP agreement on the requisite stamp paper and shall have to submit it to the ROC within 30 days for approval. If the agreement submitted after 30 days then there will be a penalty of Rs. 100/- per day.

Source:- https://registerexperts.blogspot.com/2021/03/how-much-is-llp-registration-fees-in.html

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registerexperts · 3 years

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Before registering the LLP, you must know what is LLP?

Limited Liability Partnership (LLP) is a partnership firm which is registered under the LLP Act, 2008 with the Ministry of Corporate Affairs (MCA) through the Registrar of Companies (ROC). It is a partnership firm with limited liability means the partner shall not be personally liable for any debt or loss incurred by the LLP. It has its own sperate identity which means the partners of the LLP and the LLP are different from each other. There is no minimum capital requirement to start an LLP apart from this there is no maximum limit on the number of partners. The process of LLP registration is online.

What is the requirement of LLP Registration?

Before starting registration following conditions must be fulfilled:

Minimum two individual persons are required as a designated partner to register the LLP

At least one person shall be Indian Resident

The LLP must have the registered office address for registration where it receives all the documents and letters or other documents

There is no minimum capital requirement for starting the LLP

PAN is necessary for Indian Resident

One Id Proof is also required for Indian Resident (Voter Id/ Passport/ Driving License) and Adhar card

For resident address proof either bank statement/ electricity bill/ telephone bill/ mobile bill is required but it should be latest and not older than 2 months

For office address proof electricity bill or any other utility bill is required and it should also be the latest

And sale deed if owned/ rent agreement if the property is rented along with the NOC from the owner of the property.

If the partner is a foreign resident then his/her passport and other documents should be apostilled along with a business visa (may be asked by the department) is required.

Process of LLP Registration:

LLP registration is an online process and can be done in a few simple steps:

Name Approval:

Name reservation is a very important step because the name of the business is the identity of the business and it should be approved by the government, so before filing the registration application the name should be reserved and for the reservation, a RUN application is filed. Once it is approved the name is reserved for 3 months for further procedure

Digital Signature Certificate (DSC):

Without DSC an application for registration cannot be filed. Nowadays the government accepts only electronic signature in every form so the designated partner must have DSC before applying. So before submitting the application form DSC shall be created and for which the applicant has to do video verification, email verification and mobile verification

Drafting of documents:

Once the name is approved by the government there are few documents are required under the reserved name. These documents are signed by the partners or designated partners of the LLP

Final Submission

Once all above procedure is completed only final form needs to submit. The final application is filed in the FiLLiP form. The application is either accepted by the government or any query can be raised if the government thinks it fit. But when the application is accepted by the government a Certificate of Incorporation shall be issued in which the name, registration number and address is mentioned.

PAN Application

After getting the certificate of incorporation a PAN application will be filed to the NSDL (Income Tax Department) then PAN will be allotted by the department

Submission of the agreement

After getting the approval of the LLP the partners need to make the LLP agreement within 30 days from the date of registration and the same shall be submitted within 30 days, if any delay occurred in the submission of the agreement there is a penalty of Rs. 100/- per day till the default continues.

It is very easy to get the LLP registration online just visit www.registerexperts.com and get it done with 10–15 days without any worries.

Source:- https://registerexperts.medium.com/procedure-for-llp-registration-in-india-41c074d28351

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