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Limited Liability Partnership (LLP)
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Procedure for online LIMITED LIABILITY PARTNERSHIP (LLP) in India
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Documents Required for LLP Registration
Only Scanned Copies are required
What You Get
* The above mentioned fee has been calculated on minimum contribution of Rs.100000
** Stamp duty for LLP agreement has to be borne by the applicant
Limited Liability Partnership LLP Registration – An Overview
A Limited Liability Partnership or an LLP is a legal entity which is registered under the Limited Liability Partnership Act, 2008. In traditional Partnership, the liability is unlimited. In contrast, in LLP the liability is limited. It acts as a middle ground between a Company and a Partnership as it gives you the advantages of a Company with the flexibility of a Partnership.
An LLP is registered as per the guidelines of the Ministry of Corporate Affairs aka MCA. Recently, it has become one of the most preferred forms of legal entities in India.
LegalFidelity is India’s leading portal for online LLP Registration. We, at LegalFidelity, can help you get your LLP Registered quickly anywhere in India and all Indian cities such as Delhi, Mumbai, Bengaluru, Chennai, etc.
Benefits of online LLP Registration in India
The main benefits for LLP Registration in India are as follows:
- Limited liability of its partners
- Separate legal existence similar to companies
- Low cost of formation in comparison to Pvt. Ltd. Company
- Lesser number of compliance compared to companies
- No formal Audit in necessary if capital contribution is below Rs. 25 lacs and annual turnover is below Rs. 40 lacs.
Detailed LLP Registration process in India
- Arrange the required documents
- Obtain DSC
- LLP Name Approval and Verification
- Filing of Documents for incorporation with ROC
- Drafting and Filing of LLP Agreement
Minimum Requirements for Online LLP Registration in India
- Minimum 2 Partners. There is no limit on maximum number of partners in an LLP
- Minimum 1 Designated Partner must be a Resident of India
- DSC is mandatory for all the Partners
- Office Address Proof of LLP. The registered office need not have a commercial space. Even a rented place can be treated as the registered office (if you have the NOC from the Landlord of the premises).
Factors to consider while picking a name for your LLP
The various factors which you should keep in mind while picking a name for your company are as follows:
- The name should have the words ‘LLP’ at its end
- The name must be distinctive and unique
- The name should be suggestive of the LLP’s business
- The name should follow the guidelines of MCA
LLP v/s Private Limited Company
The Pros of opening an LLP are as follows:
- Cheaper to start
- Fewer Compliances
The Cons are:
- No VC Funding
- No ESOPs
Due to the above cons, start-ups who want funding from VCs prefer Private Limited Company. If you have no such requirements, then you should go for LLP incorporation.
FAQs on LLP Registration
A minimum of 2 partners are required to form an LLP as per the LLP Act, 2008. No maximum limit for the number of partners in the LLP
Yes, an NRI or Foreign National can be a partner in the LLP. The only requirement is that at least one Designated Partner should be a resident of India
No, at LegalFidelity.com, the LLP registration process in completely online. You just need to send scanned copies of all the documents required for the incorporation.
Yes, you can register an LLP at your residence. You only need to submit any utility bill along with the No Objection Certificate (NOC)
Yes, the LLP can be converted to a Private Limited Company.
Yes, the conversion of a Partnership Firm to an LLP is possible.
Yes, one can be a partner in an LLP, Director of a Private Limited Company or OPC even if he is already employed. There are no such restrictions. However, you must ensure that your employment agreement does not contain any restrictions for you to become a Director of any company or a Partner in an LLP.
Yes, FDI or Foreign Direct Investment is allowed.
Yes, the Pvt. Ltd. Company can be converted to other legal entities such as Public Limited Company, One Person Company (OPC) or the Limited Liability Partnership (LLP). But it cannot be converted to a Partnership or a Sole Proprietorship