LLP Incorporation- Requirements and Procedures
LLP registration offers numerous benefits and is an ideal choice for individuals looking to combine their knowledge and expertise.
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Advantages of LLP Incorporation
Features of LLP Company
- To establish an LLP, a minimum of two members are required, and there is no restriction on the maximum number of members
- As a separate legal entity, LLP has the rights and privileges similar to those of a natural person. This includes the ability to own property, sue and be sued, and enter into contracts.
- In an LLP, no partner is personally liable for the unauthorized or independent actions of other partners.
- An LLP can continue to operate even after a change in its partners.
- There is no minimum amount requirement for incorporating an LLP.
- The mutual rights and duties of partners in an LLP are governed by the agreement between partners or the agreement between partners and the LLP.
Checklist of LLP Incorporation
Documents Required For LLP Registration
- A copy of identity proof such as Voter’s ID card, Driving license, etc.
- To establish the address proof of the business, a photocopy of the rental agreement is required in case the business is operating from a rented place.
- To establish an LLP at a rented place, you must provide a No-Objection Certificate (NOC) from the property owner.
- If you are the owner of the property where the LLP will be established, you are required to provide a copy of the sale deed or property deed.
- A photocopy of the electricity bill, telephone bill, or latest bank statement, which should not be older than 2 months.
- Foreign nationals and NRIs are required to provide a photocopy of their PAN card and passport for LLP registration.
LLP Incorporation Process
To initiate the process of registering an LLP, it is necessary to obtain a Digital Signature Certificate (DSC) and a Designated Partner Identification Number (DPIN).
An application in Form 1 needs to be filled to propose and obtain approval for the desired name of the LLP.
After selecting a name that is appropriate and meets all the standards, the next step is to fill out the incorporation Form 2. This includes providing all the required information and attaching the necessary documents.
Finally, the LLP will receive a certificate of incorporation upon fulfilling all the necessary requirements.
Note- Within 30 days of LLP company incorporation, file an LLP agreement.
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Certifications Bay offers professional services to help you with the LLP registration process, regardless of your location. Our team of experts is committed to providing accurate and timely assistance, ensuring a smooth and hassle-free process of LLP registration online.
We have a team of highly skilled and knowledgeable LLP experts who understand the importance of compliance with the LLP registration checklist, requirements, and process. Our goal is to ensure that there are no inaccuracies or obstacles during the process of LLP incorporation.
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Frequently Asked Questions (FAQs)
LLP has no clear distinction between ownership and management, while ownership in a private limited company is based on shareholding.
An individual cannot form an LLP alone as it requires a minimum of two members to start an LLP firm.
Yes, registering an LLP is mandatory.
LLPs are required to get their accounts audited as per Rule 24 of LLP Rules 2009.
The ownership and control of an LLP are vested in its members.
LLPs are required to file their annual return in Form 11 with the Registrar of Companies (ROC) within 60 days of the close of the financial year.