Registering a LLP with Practors AI
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Limited Liability Partnerships (LLPs) have become a popular choice for entrepreneurs in India, combining the advantages of both partnership firms and companies. An LLP requires a minimum of two partners who agree to an LLP agreement. One of the key features of an LLP is that partners enjoy limited liability, similar to shareholders in a company, while the LLP itself continues to exist perpetually.
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Experts
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Registering a LLP with Practors AI
7K+ reviews
Limited Liability Partnerships (LLPs) have become a popular choice for entrepreneurs in India, combining the advantages of both partnership firms and companies. An LLP requires a minimum of two partners who agree to an LLP agreement. One of the key features of an LLP is that partners enjoy limited liability, similar to shareholders in a company, while the LLP itself continues to exist perpetually.
Ravi shankar
Ajay Singh
Chartered Accountant
11+ years of experience *
330 +
Top 1%
CA’s,Secretaries
97%
Process of LLPs Registration
Initial Consultation
Schedule a consultation with our experts through the Practors AI platform to discuss your business requirements and objectives.
Document Collection
Gather necessary documents (see below) to initiate the registration process.
Name Reservation:
The team will assist you in choosing and reserving a unique name for your company.
Drafting of Documents:
CAs and Company Secretaries will prepare all required documents, including the Memorandum of Association (MOA) and Articles of Association (AOA)
Filing with ROC:
Submit the registration application and necessary documents to the Registrar of Companies (ROC) for approval.
Obtaining Certificate of Incorporation:
Once approved, you will receive your Certificate of Incorporation, marking the official establishment of your private limited company.
Post-Incorporation Compliance:
The team will guide you through post-incorporation requirements, such as obtaining a PAN, GST registration, and more.
Benefits of Hiring Practors AI
Our platform solves sourcing, vetting, and onboarding challenge for businesses and connect them with the top 1% of talent in a day by deploying top notch team for incorporations.
Expert Guidance:
With a dedicated team of qualified professionals, you receive expert advice tailored to your specific business needs.
Time Efficiency
Automating various aspects of the registration process saves time, allowing you to focus on your core business activities.
Cost-Effective Solutions:
Competitive pricing through an AI-driven platform ensures you receive value for your investment.
Compliance Assurance:
Experienced CAs and Company Secretaries ensure all regulatory requirements are met, minimizing the risk of future legal complications.
Key Features of LLPs
- Separate Legal Entity: An LLP operates as a distinct legal entity, capable of entering contracts and facing legal action in its name.
- Minimum Partners: At least two partners are required to form an LLP, with no upper limit on the number of partners.
- Designated Partners: A minimum of two designated partners is mandatory, with at least one being a resident of India.
- Limited Liability: Partners’ liability is confined to their respective contributions, protecting personal assets in the event of insolvency.
- Low Costs and Compliance: Establishing an LLP is cost-effective, and compliance requirements are minimal compared to other business structures.
- No Minimum Capital Requirement: There is no stipulation for a minimum capital contribution.
Advantages of LLPs Registration
- Distinct Legal Identity: An LLP can sue or be sued independently, enhancing stakeholder trust.
- Limited Partner Liability: Partners are only liable for business debts to the extent of their contributions.
- Cost-Effective Formation: Forming an LLP is cheaper and entails fewer compliance obligations, requiring only annual filings of an Annual Return and a Statement of Accounts.
- No Capital Contribution Mandate: LLPs can be established without a minimum paid-up capital.
LLP Registration Process
- Step 1: Obtain Digital Signature Certificate (DSC)
All designated partners must secure a digital signature from recognized certifying agencies to facilitate online document submissions. - Step 2: Apply for Designated Partner Identification Number (DPIN)
Apply for a DPIN for all designated partners using Form DIR-3, accompanied by relevant identification documents. - Step 3: Name Approval
Submit the name for your LLP via the RUN-LLP (Reserve Unique Name-Limited Liability Partnership) service, ensuring it complies with existing names and trademarks. - Step 4: Incorporation of LLP
Use Form FiLLiP for incorporation, which can include applications for DPIN and name reservation. This form is submitted to the Registrar in the state where the LLP will be registered. - Step 5: File the LLP Agreement
The LLP agreement, which outlines the rights and responsibilities of the partners, must be filed in Form 3 within 30 days of incorporation.
Documents Required for LLP Registration
A. Documents from Partners
- PAN Card/ID Proof: Essential for all partners.
- Residence Proof: Options include utility bills, voter ID, passport, etc.
- Photograph: Passport-sized, preferably with a white background.
- Passport for Foreign Nationals/NRIs: Must be notarized or apostilled.
B. Documents for LLP
- Proof of Registered Office: Include a rental agreement (if applicable) and a utility bill not older than two months.
- Digital Signature Certificate: Required for the designated partner.
The Deliverables
Certificate of Incorporation: This is the official document issued by the Registrar of Companies, confirming that the LLP has been legally formed.
LLP Agreement: A document outlining the rights, duties, and responsibilities of the partners, along with the operational framework of the LLP.
Designated Partner Identification Number (DPIN): Unique identification numbers assigned to designated partners, confirming their role within the LLP.
Digital Signature Certificate (DSC): Required for electronic filing and signing of documents.
PAN (Permanent Account Number): A unique tax identification number for the LLP, necessary for tax-related purposes.
GST Registration (if applicable): If the LLP’s turnover exceeds the threshold limit, GST registration may be necessary, which can be obtained post-registration.
Bank Account Opening Documents: Guidelines and necessary documentation to open a bank account in the name of the LLP.
Annual Compliance Calendar: A schedule outlining upcoming compliance requirements, such as annual filings and other regulatory obligations.
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