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LLP Registration
In India, Limited Liability Partnerships became popular after the enactment of the Limited Liability Partnership Act in the year 2008. Many start-ups and small businesses chose this form of partnership over the traditional form of partnership and company as it offers the advantages of both the partnership and company.
The leading edge of an LLP is one partner is not responsible for the other partner’s wrongdoing or negligence. Professionals, Micro and Small enterprises prefer to form LLP for their business. LLP offers the benefit of limited liability towards owners and, at the same time, needs minimum maintenance.
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Benefits of Forming an LLP
There are many benefits to run a business by constituting as an LLP which is outlined below:
- Dual advantages- Partnership with features of a company
- No partner can be responsible for another partner’s misconduct
- Less expensive to incorporate than a private limited company
- Limits the liabilities of its partners
- Can raise funds from partners, banks and NBFCs
- Flexible agreement
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Process of LLP Formation
Step 1: Get Name Approval
An application for reservation of name can be made through web service; reserve a new name LLP by RUN LLP for the proposed LLP.
Step 2: Apply for DSC
Every proposed Designated Partner must obtain Digital Signatures which is mandatory for filing forms for LLP.
Step 3: Incorporation of Limited Liability Partnership
An application for incorporating Limited Liability Partnership can be made through webform FiLLiP along with webform 9. Webform 9 is an integrated service for the incorporation of LLP. Fillip is an initiative undertaken by the Government of India toward Ease of Doing Business (EODB). Fillip is an integrated form wherein the certificates of registration are issued to the LLP. Issuance of PAN & TAN and Issuance of DIN/DPIN. Now, through the webform FiLLiP. LLP can be incorporated with 500 Partners. There is no requirement to file Addendum to the web form FiLLiP form.
The user must file the consent of Designated Partners who have DPIN in linked webform-9 under the relevant section of LLP Rules, 2009, Upon successful submission of webform FiLLiP. However, Form 9 must be filed as an attachment to FiLLiP for the Designated Partners whose DPIN is applied through webform FiLLiP.
Step 4: Filing LLP Agreement
Within a period of 30 days of incorporation of the LLP, the partners should execute the limited liability partnership agreement and file web LLP form 3 with the RoC. The LLP agreement lays down the partners’ inter-se rights, liabilities, and duties. Earlier, the applicant used to download form 3 from the K Alok & Associates portal and upload the form on the K Alok & Associates portal. Now webform 3 needs to be filed online. For the purpose of webform 3, we need to know about the V3 Portal:
For LLP registration in India, K ALOK & ASSOSIATES is the most reliable and cost-effective service provider. We can help you register your LLP if you seek the best LLP formation services in Delhi.
Get your LLP registration online in India with complete assurance. All your concerns related to LLP company registration in Delhi, LLP registration cost in Delhi, LLP registration process in Delhi will be dealt with our domain experts.
Hence, if you are seeking LLP Formation services in Delhi, kindly contact us at info@kalok.in and experience the most satisfactory assistance from our team of experts.
Services
Business Incorporation & Compliance
Registration & Certification Services
GST Advisory & Compliance
Income Tax Advisory & Compliance
Accounting and Payroll Services
Audit & Assurance Services
International Tax Services
Dubai Taxation Services
Financial Insights
Frequently Asked Questions
How many designated partners are required to start an LLP? What is the maximum limit?
A minimum of two designated partners (individuals) are required to start an LLP in India. At least one out of them must be a resident in India. There is no restriction on the maximum number of partners.
What if the number of designated partners in an LLP gets reduced to 1?
If at any point, the number of partners in an LLP reduces to 1, the LLP must admit another partner within a period of 6 months; otherwise, the existing partner shall be personally liable for all the obligations related to that period.
Can a partner bring his contribution in kind and not in cash?
As per the governing act, a partner can contribute in any form, tangible or intangible. So, a partner can bring his contribution in kind also.
Can a company, LLP, or a partnership firm become partners in LLP?
Yes, A company and an LLP can become partners in an LLP. But a partnership firm is restricted from becoming a partner in an LLP.
Whether a non- resident can incorporate an LLP in India?
Yes, a foreigner can start its LLP in India, but one of the designated partners must be a resident in India.
Can a foreign LLP establish its business in India?
Yes, a foreign LLP can establish its business in India by filing LLP Form 27 (Form for registration of foreign LLP in India) with the registrar within 30 days of setting up its business in India.
Is there any requirement to apply for DPIN if a person already has a DIN?
If a person already has a DIN, then there is no need to apply for the DPIN separately. The DIN shall be considered as his DPIN also.Â
Can a company or a partnership firm convert itself into an LLP?
Yes, a partnership firm, a private company and an unlisted public company can convert itself into an LLP.
Is it allowed for an LLP to have charitable and not for profit objectives?
No, an LLP can only have objectives associated with earning profit. One cannot run an LLP for charitable objects.Â
What is an LLP?
An LLP (Limited Liability Partnership) is a legal business structure that combines the limited liability protection of a corporation with the flexibility and tax advantages of a partnership.
What are the benefits of forming an LLP?
Forming an LLP offers the advantages of limited liability protection, where partners’ personal assets are protected, and it provides flexibility in management and tax benefits for the business.
Can an LLP carry out business outside of the country where it is registered?
Yes, an LLP can engage in business activities outside of the country where it is registered, subject to compliance with the laws and regulations of the respective jurisdictions involved.
What are the annual compliance requirements for an LLP?
The annual compliance requirements for an LLP typically include filing annual returns and financial statements with the appropriate regulatory authorities, as well as maintaining proper books of accounts and conducting regular audits as per the applicable laws and regulations.
How long does it take to form an LLP?
The time required to form an LLP varies depending on the jurisdiction, but typically it takes a few weeks to complete the necessary registration process, including document preparation, submission, and approval.
Can an LLP convert into a private limited company?
Yes, an LLP can convert into a private limited company by following the prescribed conversion process as per the applicable laws and regulations, which may involve fulfilling certain criteria and obtaining necessary approvals from regulatory authorities.