Limited Liability Partnership

Overview of Limited Liability Partnership (LLP)

A Limited Liability Partnership (LLP) combines the benefits of both a partnership and a company. It offers limited liability to partners while allowing them to manage the business flexibly. LLPs are governed by the Limited Liability Partnership Act, 2008, providing a separate legal entity and perpetual existence.

Ideal for startups, professionals, and small businesses, LLP Registration offers credibility, liability protection, and easier compliance compared to a private limited company.

Key Features of LLP

• Separate Legal Entity: LLP has its own legal identity distinct from its partners.
• Limited Liability: Each partner’s liability is restricted to their agreed contribution.
• No Minimum Capital: LLPs can start without any minimum capital requirement.
• Perpetual Existence: LLP continues to exist even if partners change.
• Tax Advantages: LLPs enjoy lower taxation and no dividend distribution tax.
• Flexible Management: Partners can manage operations without complex formalities.

Benefits of LLP Registration

• Legal Recognition: Get a legally recognized entity for better credibility.
• Low Compliance: Fewer filings and easier maintenance compared to companies.
• Protection from Liability: Safeguards personal assets of partners.
• Easy Ownership Transfer: Partners can be added or removed easily.
• Suitable for Professionals: Ideal for CA, CS, lawyers, consultants, and service firms.

Eligibility for LLP Registration

• Minimum two partners are required to start an LLP.
• At least one partner must be a resident of India.
• Partners must have a valid PAN and ID proof.
• There’s no minimum capital required for forming an LLP.
• The business must have a registered office address in India.

Documents Required for LLP Registration

• For Partners: PAN, Aadhaar, Address Proof, and Passport-size Photograph.
• For Registered Office: Utility bill (not older than 2 months), Rent Agreement, or NOC from owner.
• Digital Signature Certificate (DSC): For all designated partners.
• Director Identification Number (DIN): Required for designated partners.
• LLP Agreement: Defines mutual rights and duties of partners.

Step-by-Step LLP Registration Process

1. Obtain Digital Signature Certificate (DSC) for all partners.
2. Apply for Director Identification Number (DIN).
3. Reserve the LLP name using RUN-LLP service on the MCA portal.
4. File incorporation documents using Form FiLLiP.
5. Receive the Certificate of Incorporation from the Registrar of Companies.
6. Draft and file the LLP Agreement within 30 days of incorporation.
7. Apply for PAN & TAN for tax and compliance purposes.

Why Choose Lawcify for LLP Registration?

• ✔️ Fast & Hassle-Free Process — Complete LLP registration online in just a few days.
• ✔️ Affordable Packages — Transparent pricing with no hidden charges.
• ✔️ Expert Team — Professional Company Secretaries and Legal Advisors handle your filings.
• ✔️ Complete Compliance Support — From LLP Agreement filing to GST and PAN registration.
• ✔️ Nationwide Assistance — Register your LLP anywhere in India, fully online.

Frequently Asked Questions (FAQ)

1. How many partners are required to form an LLP?

At least two partners are required, and there’s no upper limit on the number of partners.

2. What is the minimum capital required for an LLP?

There is no minimum capital requirement for LLP registration in India.

3. Can an existing partnership firm convert into an LLP?

Yes, a traditional partnership firm can be converted into an LLP by filing a conversion application under the LLP Act, 2008.

4. Can NRIs or Foreign Nationals become partners in an LLP?

Yes, NRIs and foreign nationals can become partners, provided one partner is a resident of India.

5. How long does it take to register an LLP?

Generally, it takes 7–10 working days depending on the availability of documents and approvals from the MCA.