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Protect your business today with Limited Liability Partnership (LLP) Registration from TeamCSP!

Limited Liability Partnership (LLP) registration is a legal framework that protects the personal assets of partners from any liability arising from the actions of the partnership. TeamCSP offers expert assistance in LLP registration, ensuring your business is protected and set up for success

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An Overview

What is Limited Liability Partnership (LLP)?

Limited Liability Partnership (LLP) is a legal structure for businesses that provides the benefits of both partnerships and limited liability companies. In an LLP, partners have limited liability for the actions of the partnership and are only liable to the extent of their investment in the business.

Explanation of Limited Liability Partnership (LLP) : Limited Liability Partnership (LLP) is a type of business structure that combines the advantages of a partnership and a limited liability company (LLC). In an LLP, partners have limited liability for the actions of the partnership, meaning they are not personally responsible for any debts or obligations of the business. This means that the personal assets of partners are protected in the event of any legal or financial liability incurred by the partnership.

LLPs are particularly attractive to professionals such as lawyers, accountants, and consultants because they allow them to practice together in a structure that limits their personal liability. Additionally, LLPs are required to have a designated registered agent, who is responsible for receiving legal and regulatory documents on behalf of the partnership.

Registered Limited Liability Partnerships (LLPs) have many advantages

Limited liability protection: Partners are only liable for the amount of their investment in the business. This means that their personal assets are protected in the event of any legal or financial liabilities incurred by the partnership.

Flexible management structure: LLPs allow for flexibility in the management structure, with partners being able to take an active role in running the business while also enjoying the protection of limited liability.

Separate legal entity: LLPs have a separate legal identity from their partners, making them more attractive to investors and lenders who may be hesitant to invest in a traditional partnership.

Tax benefits: LLPs are taxed as partnerships, which means that they are not subject to corporate tax. Instead, profits and losses are passed through to the partners and taxed at their individual rates.

Professional credibility: LLPs are often associated with professional services firms such as law firms and accounting practices, which can help to enhance their credibility and reputation.

Easy transferability of ownership: LLPs offer an easy mechanism for transferring ownership, with partners being able to buy and sell their interests in the partnership without dissolving the business.

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Required documents for registration

  • The LLP agreement is a crucial document that outlines the roles and responsibilities of partners, profit-sharing ratios, and other important details related to the operation of the LLP.
  • You need to submit proof of the registered office address of the LLP, which can be a rental agreement or a sale deed along with the latest utility bill.
  • You need to submit a self-attested copy of the PAN card, Aadhaar card, passport, or driving license of all the partners. You also need to provide a copy of the latest bank statement or utility bill as proof of address.
  • DSC is required to file the incorporation documents online. All designated partners must have their own DSC.
  • The partners must sign a consent form to act as partners of the LLP.
  • If the LLP has a corporate partner, you need to provide a certificate of incorporation and PAN of the corporate entity.
  • If the registered office is owned by someone else, you need to submit a No Objection Certificate (NOC) from the owner.

Registration of your Limited Liability Partnership (LLP) is easy with TeamCSP

Registering a Limited Liability Partnership (LLP) can be a daunting task, especially for new business owners who may be unfamiliar with the process. At TeamCSP, we strive to make the registration process as easy and straightforward as possible, so you can focus on running your business.

One of the reasons why registration of your LLP is easy with TeamCSP is our expert guidance. Our team of experienced professionals will guide you through the entire registration process, providing step-by-step instructions on what needs to be done and when. We understand that every business is unique, which is why we offer customized solutions that can be tailored to your specific needs and budget.

Another reason why registration of your LLP is easy with TeamCSP is our online registration process. Our user-friendly platform allows you to register your LLP from the comfort of your own home or office, without the need for any complicated paperwork or visits to government offices. We also provide timely updates throughout the process, keeping you informed of the status of your application and any additional requirements that need to be met.

 

Steps To Register Limited Liability Partnership (LLP)

Obtain Digital Signature Certificate (DSC) and Director Identification Number (DIN): The first step is to obtain a DSC for all the partners and a DIN for the designated partners of the LLP. The application for DIN can be made online through the Ministry of Corporate Affairs (MCA) portal.

Name reservation: The next step is to reserve a name for the LLP. You can check the availability of the name on the MCA website and reserve it by filing an application with the Registrar of Companies (ROC).
File incorporation documents: Once the name is approved, the next step is to file the incorporation documents with the ROC. The documents include the LLP agreement, Form 2, Form 3, and Form 4.

Pay the required fees: You will need to pay the fees for incorporation and stamp duty on the LLP agreement. The fees vary depending on the capital contribution of the LLP.

Obtain Certificate of Incorporation: Once the ROC is satisfied with the incorporation documents and fees, it will issue a Certificate of Incorporation. This certificate marks the completion of the registration process.

Obtain PAN and TAN: After obtaining the Certificate of Incorporation, you need to apply for a Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) for the LLP.

Open a bank account: The final step is to open a bank account for the LLP, using the PAN and TAN issued by the authorities.

Frequently Asked Questions

The minimum number of partners required to form an LLP is two, and there is no limit on the maximum number of partners.

Yes, it is mandatory to have a registered office for LLP registration. The registered office can be a commercial or residential address.

Yes, a foreign national can be a partner in an LLP, subject to compliance with the Foreign Exchange Management Act (FEMA).

The time taken to register an LLP depends on various factors, such as the completeness of the documents, the verification process, and the workload of the Registrar of Companies. Generally, it takes around 15-20 days to complete the registration process.

Yes, an LLP can be converted into a private limited company or vice versa, subject to compliance with the provisions of the Companies Act, 2013.

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