Limited Liability Partnership is such form of business where 2 or more people come together to form Partnership for doing a business. Limited Liability Partnership is also populary known as LLP and it also enjoy the benefit of separate legal identity which is not available in normal partnership. In this form of business the liability of Partners is Limited, in other words Partners are liable to pay to the extent of the money they have contributed to start the LLP. Each Partner in LLP is responsible for their own act and cannot be made liable for the misconduct or negligence of other Partner.Read More
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1. Any amount of Capital;
2. Application for 2 Director Identification Numbers;
3. Application of 2 Digital Signatures (validity 2 years) (Class 3 DSC);
4. Name Approval;
5. Drafting of LLP Agreement;
6. Drafting of other additional documents;
7. Preparation of various eforms;
8. Resubmission of eforms, if any;
9. Obtaining Certificate of Incorporation from Registrar
A limited liability partnership which is also populary known as LLP is a Business Entity that is distinct from its Partners and/or Designated Partners and enjoys the benefit of continuous succession and limited financial obligation. It should have a minimum of 2 Designated Partners. The word 'Limited Liability denotes that the Liability of the Designated Partners and normal Partners is restricted. It is also one of the most popular type of business structure for those who wants to enjoy the benefits of incorporated entity with normal Partnership Firm.
1. Who are Designated Partner and how many Designated Partners are in Limited Liability Partnership (LLP)?
Minimum no. of DP required are 2 out of which 1 shall be Indian Resident.
Any person can be a DP of the LLP including family members.
Director Identification No. (DIN) and Digital Signature Certificate (DSC) are required to be a DP of the LLP.
DP are the managers and they are responsible for day to day functioning of the LLP.
DP can also contribute to capital of the LLP.
2. What is the difference between Partners and Designated Partners in Limited Liability Partnership (LLP)?
There is no such minimum requirement for a Partner.
DP and Partners can be the same.
Partners only contribute to capital of the LLP and does not take active participation in the day to day functioning of LLP, hence they are not responsible or liable for any activities of the LLP.
3. What is minimum Capital required to start the Limited Liability Partnership (LLP)?
There is no such requirement for minimum capital contribution, hence the LLP can be formed with the capital contribution starting from INR 1.
4. What is Registered Office of the Limited Liability Partnership (LLP)?:
Any place can be made as the registered office of the LLP even the residential place can be used as the registered office of the LLP.
5. Who is the Registering Authority of the Limited Liability Partnership (LLP)?:
Ministry of Corporate Affairs
6. What are the documents required for the formation of Limited Liability Partnership (LLP)?
> Proof of Registered office address (Conveyance/ Lease deed/Rent Agreement/Maintenance Bill)
> Copy of the utility bills of the registered office (Electricity Bill/Telephone Bill not older than two months)
Designated Partners / Partners
> PAN Mandatory- Indian National / Passport – Foreign National – Self Attested
> Proof of Identity – Voter Id/Passport/Driving License – Self Attested
> Proof of Address (Electricity Bill/Bank Statement/Telephone Bill/Mobile Bill not older than 2 months) – Self Attested
Obtain DSC (Digital Signature Certificate)
Application for the Name approval through LLP-RUN on MCA Portal
Prepare e-form FILLIP (allotment of DIN, reservation of name and Incorporation)
Filing of e-form FILLIP with require attachment with RoC (Registrar of Companies)
Drafting of Partnership Agreement
File Partnership Agreement with e-form 3 within 30 days of incorporation
Verification of documents / forms by RoC
Issue of Certificate of Incorporation by RoC
|Factors of Comparison||Private Company||Public||One Person Company||Limited Liability Partnership||Partnership||Sole Proprietorship|
|Capital||Min: INR 1 & Max:No Limit||Min: INR 1 & Max:No Limit||Min: INR 1 & Max:2 Crore||Min: INR 1 & Max:No Limit||Min: INR 1 & Max:No Limit||Min: INR 1 & Max:No Limit|
|Director||Minimum 2||Minimum 3||Minimum 1||-||-||-|
|Shareholder||Minimum 2||Minimum 7||Minimum 1||-||-||-|
|Designated Partner/Parter||-||-||-||Minimum 2||Minimum 2||-|
|Taxation||30%(25% if turnover does not exceed 250 Crore)||30%(25% if turnover does not exceed 250 Crore)||30%||30%||30%||As per Slab Rates|
|Statutory Audit||Compulsory||Compulsory||Compulsory||If Contribution exceed INR 25 Lacs; If Turnover exceed INR 40 Lacs||Not Required||Not Required|
|Investor Preference||High||Low||Low||Medium||Very Low||Very Low|
|Regulator||Registrar of Companies||SEBI/Registrar of Companies||Registrar of Companies||Registrar of Companies||Registrar of Firms||-|
|Time take for Registration||5-7 working days||5-7 working days||5-7 working days||20-25 working days||10-12 working days||5-7 working days|