Limited Liability Partnership Registration in Delhi
LLP Registration in India
Limited Liability Partnership (LLP) is a partnership firm where the liability of all the partners is limited. It should have at least 2 partners for its registration. LLPs are managed & governed under Limited Liability Partnership Act, 2008. As per the LLP Act, 2008, LLP shall have to register themselves in order to get the status of the legal person. So to form LLP, the first step is to get Registration under Ministry of Corporate Affairs (MCA). Thus, Registration Process, Documents required for LLP & their benefits are the main concept to understand before getting LLP Registration in Delhi.
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How to Register an LLP in India?
Eligibility Criteria for Limited Liability Partnership Registration in India
1. Partners – Minimum 2 & Maximum No limit
- Partners of the Limited Liability Partnership are those persons who own the absolute ownership i.e. the shares of the LLP and thus known as owners of the LLP.
- At least 2 persons are required to register a LLP and there is no limit on the maximum number of members has been prescribed for LLP.
- Person includes any individual (above 18 years) or Body corporate.
2. Designated Partners – Minimum 2
- LLP is required to have at least 2 Designated Partners whose role is to manage affairs of the LLP and to obey the regulatory and legal compliances under various laws governing LLPs.
- Unlike members, only an individual who is above 18 years of age, having sound mind and not disqualified by law can become the Designated Partner.
- At least one of the designated partners shall be a citizen and resident of India and remaining designated partners can be resident or national of any other country. Designated Partners can also be the partners/members of the LLP.
3. Name of the LLP
- The name of LLP like Private Limited Companies must have 3 main components that are-
- Main Name (e.g. ABC)
- Activity it shall carry out after incorporation (e.g. Services)
- Suffix – “LLP”(e.g. ABC SERVICES LLP)
- The name shall be unique that is it shall not resemble with any other registered LLP or Company’s name or with any registered Trademark.
4. Registered Office Address
- Registered Office Address of every registered LLP or company is the main office address of the company which is used for all communication and the government departments also use this address for all official communication.
- Every LLP is required to propose this address at the time of its incorporation and then it shall maintain all the required documents after the incorporation.
- Residential address can also be used as Registered Office Address of the LLP.
5. Capital Contribution by partners – No minimum limit
- The partners of LLP are required to declare capital contribution by each partner, known as Capital Contribution, at the time of incorporation. The partners are required to introduce this amount post incorporation.
- There is no minimum limit on partner’s contribution is prescribed.
Documents Required for Limited Liability Partnership Registration
1. From Indian Partners/Designated Partners
- PASSPORT SIZE PHOTO
- PAN CARD
- AADHAAR CARD
- IDENTITY PROOF
- Driving License / PASSPORT / VOTER-ID CARD
- ADDRESS PROOF
- BANK PASSBOOK (FRONT PAGE+TRANSACTIONS PAGE)–Not older than 2 months, OR
- Bank Statement –Not older than 2 months
Important Note :
- The name, address and other particulars of all documents must match in every document. If there is any discrepancy in documents, then, firstly corrects the documents otherwise the ROC might send resubmission or directly reject the application.
- In case of NRI or Foreign National, documents of partner (s) must be notarized or Apostilled.
2. For Proposed LLP
- Registered Office Address Proof
- Owned Office– Latest Electricity Bill and No Objection Certificate
- Rented Office– Rent Agreement + Latest Electricity Bill +No Objection Certificate (NOC)
3. Other Information Required For Proposed Partners / Designated Partners / LLP
- Email ID
- Phone Number
- Nationality
- Education Qualification
- Father’s Name
- Occupation
Key Benefits of Limited Liability Partnership Registration
1. Separate Legal Entity
Like Private Limited Company, LLP is a separate legal entity and thus, it has its own existence and identity separate from that of its partners. It has its common seal.
2. Limited Liability of Partners
The partners of LLP enjoy the limited liability, which means the partners of LLP shall be liable to the extent of the capital contributed by them and thus their personal assets shall not be liable to pay off the LLP’s debts or liabilities in any case, subject to the terms and conditions of LLP Agreement.
3. Easy External Funding
Since the LLP is registered with MCA thus it enjoys the easy borrowing of funds as compared to Partnership Firm. Thus, it can also swiftly borrow funds from Banking and Financial Institutions as it is considered as one of the trusted business structures in India.
4. Perpetual Existence
LLP has “perpetual succession”, i.e. the LLP shall continue to exist even upon the death or departure of any partner and even in case of changes in partnership unless it is legally wound up.
5. Easy & Free Transferability of Partnership
The partners of the LLP can easily transfer their ownership to any person at any time by following a prescribed method.
6. LLP can own any Property
An LLP is eligible to own, acquire, enjoy or alienate a property in its own name as it a legal person. Meaningly, the LLP shall be the absolute owner of its assets and thus no partner can claim upon any of assets of the LLP.
7. Capacity to sue and be sued
As the LLP is a separate legal entity and thus LLP can institute any legal proceedings/suit against any person including its partners or designated partners in its own name and likewise the LLP can also be sued in its own name.
8. Global Acceptance
An LLP is the globally accepted business structure.
Registration Process For Limited Liability Partnership
1. Choose the name of Proposed LLP
Two names can be proposed at once in a preferential order.
2. Assemblage of Documents
Next step is to receive the documents from client and then to check that all the given documents are correct and can be used for LLP’s incorporation.
3. Obtain Digital Signature Certificate
The complete LLP Registration process in India is online and the LLP incorporation form and LLP Agreement Form are electronic. Thus, all the forms are required to be digitally signed through Digital Signature by all the partners and designated partners. So the next step is make the DSC for all partners and designated partners
4. Apply for Name Reservation – Form LLP-RUN
Make name reservation application for LLP and in this name application, main object of the LLP is also required to be submitted. This step is very important as it helps to reserve the name of the LLP so that no other entity can use the same name.
5. File LLP Incorporation Form – FiLLiP Form
Subsequently, fill and file the LLP incorporation form that is FiLLiP Form.
6. Get Incorporation Certificate
Thereafter, ROC shall upon satisfaction of particulars and requirements of FiLLiP Form, must send the Certificate of Incorporation of LLP through e-mail.
7. File LLP Agreement – Form 3
Once the LLP is incorporated, the next step is to make the LLP Agreement and then to file the same in Form 3 with the ROC within 30 days from the date of incorporation.
**The entire LLP incorporation process takes around 5-7 days after we will receive all the required documents. This period may vary subject to approval given by Ministry of Corporate Affairs.
FAQ – LLP registration in Delhi
What is Limited Liability Partnership Registration?
Limited Liability Partnership (LLP) is a partnership firm where the liability of all the partners is limited. It should have at least 2 partners for its registration. LLPs are managed & governed as per Limited Liability Partnership Act, 2008.
What is the Eligibility for LLP Registration?
Limited Liability Partnership is a form of business that offers the joint aspect of ‘partnership’ and ‘company’. LLP was commenced in India in April 2009 with certain eligibilities which is provided in the LLP Act, 2008. Register LLP in India by fulfilling the following Eligibilities-
- At least 2 authorized partners
- One authorized partner shall be an Indian Resident
- Shall have a Unique Name
- No Capital Limit
What are the documents required for LLP Registration?
LLP Registration in India is managed by the Ministry of Corporate Affairs (MCA) through the ROC. Procedure for registration of LLP is fully online, i.e. the documents are submitted electronically and the ROC issues a digitally-signed Certificate of Incorporation. Here are the documents required for the registration of LLP-
Documents for Partners
- Latest Passport size Photographs
- Copy of PAN Card or Passport
- Copy of Identity proof
- Digital Signature Certificate (DSC)
- Address proof
Documents for Firm
- Address proof of Registered Office
- LLP Agreement
What is the procedure for registration of LLP?
For registration of LLP, it is mandatory to follow the steps as provided under the LLP Act, 2008. The LLP formation is simple in terms of its incorporation and its management. This is the main reason that the professionals, micro, and small businesses or the family owned businesses (like HUF) prefer to register as LLPs. Process for LLP registration online are as follows-
- Obtain a Digital Signature Certificate
- Choose a unique name for the proposed LLP
- File the Limited Liability Partnership registration Form
- Open a Bank Account
- Start the Business Operation
What are the benefits of LLP Registration?
Limited Liability Partnership combines the benefits of both the Company and the Partnership in a single business entity. A partner in LLP is not liable for any other partner’s misconduct or negligence. Following are the benefits of Limited Liability Partnership Registration in India –
- Limited Liability
- Separate legal existence
- Perpetual Existence
- Less regulatory Compliances
- Easily Converted
- Audit is not mandatory
