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Business Registration - Limited Liability Partnership

PACKAGES

Basic

This package includes:

2 DSC and 2 DIN.

Name approval

LLP registration.

PAN, TAN

LLP deed drafting.

Government fees for incorporation. (Authorization capital limit to 15 lakh)


Rs. 7899
+18% GST applicable

Standard

This package includes:

2 DSC and 2 DIN.

Name approval.

LLP registration.

PAN, TAN.

LLP deed drafting.

Government fees for incorporation (Authorization capital limit to 15 lakhs).

One year TDS return filing.


Rs. 11899
+18% GST applicable

Premium

This package includes:

2 DSC and 2 DIN.

Name approval.

LLP registration.

PAN and TAN. 

LLP deed drafting.

Government fees for incorporation (Authorization capital limit to 15 lakh).

One year TDS return filing.

Trademark filing.


Rs. 17899
+18% GST applicable

Limited liability Partnership

The shareholders and members working in a Limited Liability Partnership (LLP) are awarded limited liability protection. LLP is an ideal business setup for small businesses. Eazy Startup offers LLP registration from Rs.7899/-

In India, Limited Liability Partnership was introduced via Limited Liability Partnership Act, 2008. The predominant benefit of a limited liability partnership in comparison with a conventional partnership firm is that the liability is restricted to the amount of contribution made by each partner. The concept behind initiation of LLP was to form a business unit which is easy to maintain and the liability is limited to the owners. They can also get limited liability protection from the debts of the LLP. Hence, limited liability protection for each individual person is awarded in an LLP similarly to the shareholders of a Private Limited company. However, partners of LLP have the authority to manage and operate their business directly unlike the shareholders of private limited company. For any businesses which includes plans for raising equity funds during its lifecycle, LLP is not suitable as it cannot issue equity shares.

In India, LLP is one of the easiest forms of business to register and establish as it comprises of simple compliance formalities and an easy incorporation process. LLP is preferred by Professionals or most micro and small businesses that are closely-held or family owned.

ADVANTAGES

Separate Legal Entity

Established under the Act, LLP is considered an authorized person and a legal entity. Thus, LLP can incur liabilities and own a property and it also has large legal capacity. Nevertheless, Creditors of LLP will not have liability from the partners of LLP.

Uninterrupted Existence


LLP enjoys 'perpetual succession' and remains in existence until it gets dissolved legally. It is unaltered by the departure or demise of any partner. Regardless of the modifications in ownership, LLP has uninterrupted existence


Easy Transferability

Inducting a person as a partner of LLP, allows for easy transfer of ownership. This easy process of transferring ownership to a particular individual is possible as the LLP is considered a separate legal entity, separate from its partners. So, changing the partners changes the ownership of the LLP.

Audit NOT Required

LLPs are considered to be ideal for small businesses and startups because it will not require an audit if it has less than Rs. 25 lakhs of capital contribution and less than 40 lakhs of turnover. Therefore, businesses that have just initiated operations and need less regulatory compliance related formalities find the LLP setup most suitable.

Owning Property

LLP can own, obtain and trade property in its name, being an artificial authorized individual. As long as LLP is an ongoing concern, partners cannot make any claim on the property owned by the LLP.

PROCESS

Obtaining DSC & DIN

Proposed managing partners of the LLP require Director Identification Number (DIN) and Digital Signature Certificate (DSC). They can acquire DIN and DSC within 2-3 working days. 


Name Approval


Subject to availability, naming guidelines and MCA processing time and suitability, name approval can be acquired in 2-3 days. MCA must receive submission of a maximum of two proposed names.


LLP Registration


In general, MCA will approve the application for incorporation in 10-14 days, subject to their processing time. Along with application of registration, documents of registration are meant to be submitted to MCA.






FAQ'S

Q: What are the eligibility criteria for being a designated partner in LLP?

A: To be as designated partner in LLP, one must be above 18 years and a natural person. He can be a citizen of any nation (Indian, Foreigners, and NRIs) but at least one partner should be an Indian, according to the LLP act 2008.

Q: What is the minimum number of members required to start an LLP?

A: A minimum of two people are required as Designated Partners to start a LLP and there is no limit for the maximum members. 

Q: Documents required for the registration process?

A: Identity and address proof of all the Partners and address proof of office where the registered firm is going to operate.

Q: Time perspective involved in the process of registration

A: We at Eazy Start-up will help you to complete the registration process within 15-18 days.

Q: Is there any mandatory to have a registered office for limited liability partnership

A: Yes, there is a need for having an address where the registered office is going to operate, for the communication with MCA and other financial institutions.

Q: Annual compliances required for a LLP

A: Despite of Income tax filing, the Financial Statements and Annual Return are required to be filed every year with registrar by the LLP. Financial statements are not needed to be audited if the turnover is less than and or if the capital contributed is less than 25 lakhs.