Partnership Firm Incorporation
Under a Limited Liability Partnership (LLP), two or more partners form a special partnership and have limited liabilities. It is registered as per the compliance and regulatory guidelines of the Ministry of Corporate Affairs (MCA).
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How To Register An LLP Company Online
You can operate your business under a Limited Liability Partnership in India online. We hold immense knowledge and expertise in LLP registration and help you in the following ways.
Step 1
Obtaining DSC & DIN of partners
Step 2
Name Approval Application
Step 3
LLP Agreement, MOA & AOA
Step 4
LLP Incorporation Certificate
LLP Registration Online – An Overview
Under a Limited Liability Partnership (LLP), two or more partners form a special partnership and have limited liabilities. It is registered as per the compliance and regulatory guidelines of the Ministry of Corporate Affairs (MCA).
In order to register an LLP, you need to first reserve the name of the company. Once the name is reserved, you need to get DSCs for the partners, LLP Agreement and then you need to file an online application to register your LLP.
The most important reason for registering an LLP is the limited liability. The members of the firm are only liable for a small amount of debt incurred by it. This is entirely different from proprietorship and partnership where the personal assets of directors and partners are not protected if the business becomes bankrupt.
Separate Legal Entity:
- LLP is a separate legal entity from the partners. Each partner can sue the other in case a situation arises.
- It has an uninterrupted existence that follows perpetual succession, i.e., the partners might leave, but the business remains. A term of dissolution has to be mutually agreed on for the firm to dissolve.
Flexible Agreement:
Transferring the ownership of LLP is also simple. A person can quickly be inducted in as a designated partner and the ownership switches to them.
Suitable For Small Business:
- LLPs having a capital amount less than 25 lakhs and turnover below 40 lakhs per year do not require any formal audits. It makes registering as LLP beneficial for small businesses and startups.
- An LLP can own or acquire property because it is recognized as a juristic person. Partners of LLP cannot claim the property as theirs.
No Owner /manager Distinction:
An LLP has partners, who own and manage the business. This is different from a private limited company, whose directors may be different from shareholders. For this reason, VCs do not invest in the LLP structure.
Documents Required
- Business Partners self attested documents (PAN / Aadhar / Address proof)
- Notarized Rent Agreement
- NOC from Property owner
