LLP Registration Process in India

 

We are confident assuming you have already done your fair share of research into the kind of business structure that would be most effective for your operation as an entrepreneur. 

We can help you with both if you've opted to create a Limited Liability Partnership (LLP).making your final selection and easily comprehending the registration procedure.

The Process Of LLP Registration

The LLP structure essentially combines the benefits of both the partnership and private limited company business models. 

This suggests that the benefits of the two structures are pretty evenly distributed. Let's first quickly review the essentials, though!

• The LLP concept was initially introduced in India under the LLP Act 2008.

• The selected partners gain operational flexibility in addition to a separate legal position from the corporation.

• The partners are only liable for their proportion of the contributions to the Company.

• An LLP has a lot less compliance standards to fulfil than other company formations.

• A minimum of 2 partners are required for an LLP company structure, one of whom must be an Indian national who lived in India for at least 182 days in the year before.

• The rights and obligations of the chosen partners must be incorporated along with the provisions stated in the LLP agreement.

Some of the main justifications for why LLP registration has become one of the most common business structure types in India are listed above. 

The registration process takes 15 to 18 working days to complete. Now, it's easy to understand and follow. 

You will need the support of a professional expert to complete the registration process quickly and simply.This is when Online Legal India comes into play! at the very beginning!

Purchasing a digital signature certificate is the first step (DSC)

Due to the online nature of the LLP registration procedure in India, obtaining DSC for each authorised need for a partner. All documents will be signed using the DSC before being submitted to MCA. Each authorised partner must submit their PAN card, identity documents, address proof, and passport-size photo in order to apply for DSC.

Getting an ID for the director (Director’s Identification Number)

The DIN is an additional document that must be submitted by each authorised partner of the LLP. 

The DIR-3 form is available for this treatment. 

Each Partner has a unique DIN that is assigned by the state's ROC (Registrar of Companies). Copy of the self-attested documents the Aadhaar and PAN cards, the DSC of the professional and the selected partners is also necessary.

Name Approval of LLP

When selecting the firm name in this step, you must proceed with considerable caution. 

The RUN-LLP (Reserve Unique Name - Limited Liability Partnership) form for LLPs is submitted through the MCA portal. 

Prior to submission, our team will examine the name's availability to make sure it is absolutely unique and there are few chances that it will be rejected for any reason. 

The form may include up to two name ideas for approval. 

If the names are turned down, you will have one more chance to offer two further names.

LLP Incorporation

Form for incorporation of Limited Liability Partnership (FILLP) is the next form to be filed to register an LLP company in India. If the designated partners do not have DIN, this is where they can apply for it under this form. Once the FiLLiP is accepted, a certificate will be issued which serves as legal proof to carry out business operations in India. Also, LLPIN (Limited Liability Partnership Identification Number), a 7-digit number is allotted to all LLP firms registered in India.

Applying for PAN and TAN

For lawfully performing business activities and submitting the necessary documentation to the Indian government, (Permanent Account Number (PAN)and Tax Account Number (TAN) are essential. The practising To obtain a PAN and TAN for the LLP, the practising professional must submit a separate application along with form No. 49A and 49B.

Limited Liability Partnership (LLP) Agreement

The LLP Agreement, an essential document, specifies the rules and duties of the chosen partners in the business. 

Form 3 is submitted in this regard on the MCA portal. 

It must be sent in within 30 days of the LLP's registration in order to avoid late filing costs. As soon as you receive the agreement, it must be printed on stamp paper. The stamp duty is calculated differently in each state and is based on the authorised capital. The stamp duty rates of the LLP Agreement can be found here, broken down by state.

Conclusion: 

After you have finished reserving a name for the LLP, submit Form 2 to the LLP Act of 2008 to formally incorporate your Limited Liability Partnership. Additionally, the Registrar will review this form, and if appropriate, you will receive an email from the relevant officers discussing it. The status of your application will then transformed to "Approved" after this is finished.