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How does a LLP work?

LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. The LLP can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name.

The LLP is a separate legal entity, is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP. Further, no partner is liable on account of the independent or un-authorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s wrongful business decisions or misconduct.

Mutual rights and duties of the partners within a LLP are governed by an agreement between the partners or between the partners and the LLP as the case may be. The LLP, however, is not relieved of the liability for its other obligations as a separate entity. Since LLP contains elements of both ‘a corporate structure’ as well as ‘a partnership firm structure’ LLP is called a hybrid between a company and a partnership.


How does a LLP work?
  • Is organized and operates on the basis of an agreement.
  • Provides flexibility without imposing detailed legal and procedural requirements.
  • Enables professional/technical expertise and initiative to combine with financial risk taking capacity in an innovative and efficient manner.
LLP registration in pune India

Why should you form LLP company?


SIMPLE & TRANSPARENT PRICING

"If you are not satisfied for any reason, we will refund your money minus the Government fees. No questions asked"


Business Package

All-inclusive fees

✓ LLP registration with DSC, DIN, LLP deed drafting, name approval, PAN, TAN and government fees for incorporation.

Executive Package

All-inclusive fees

✓ LLP registration with DSC, DIN, LLP deed drafting, name approval, PAN, TAN, government fees for incorporation and Logo Designing.

Premium Package

All-inclusive fees

✓ LLP registration with DSC, DIN, LLP deed drafting, name approval, PAN, TAN, government fees for incorporation, Logo Designing and Trademark registration.

How to register LLP?

LLP INCORPORATION


Venture-Care can incorporate a Limited Liability Partnership in 14 to 20 days, subject to ROC processing time.


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OBTAINING DSC & DIN


Digital Signature Certificate(DSC) and Designated Partner Identification Number(DPIN) is required for the proposed Partners of the LLP. DPIN and DSC can be obtained for the proposed Partners within 5 to 7 days.



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NAME APPROVAL

A minimum of one and a maximum of six proposed names must be submitted to the MCA. Subject to availability, naming guidelines and MCA processing time, Name Approval can be obtained in 5 to 7 working days.


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LLP INCORPORATION

Incorporation documents can be submitted to the MCA along with an application for incorporation. MCA will usually approve the application for incorporation in 5 to 7 days, subject to their processing time.



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What are the documents required to form LLP?

"Scanned Copy of the Following Documents has to be Provided by the Promoters of the Company"


  • PAN card copy with Self-attestation.
  • Copy of No Objection Certificate(NOC) from the owner of the property.
  • Voter Id copy or Passport copy or Aadhar card copy or Driving license copy with self attestation.
  • Utility bill has to be provided of the particular country where the NRI or Foreign national resides and it should be notarized.
  • For the registered office proof of the company, if the property is rented/ leased, then copy or rental agreement or lease agreement.

  • Latest passport size photo in jpg.
  • If owned property, a copy of Sale Deed and Electricity bill is sufficient.
  • Copy of Electricity bill or Property Tax receipt or Water Tax receipt not older than two months.
  • Latest Bank account statement or Mobile /Telephone bill or Electricity Bill (not older than two months)- no need for self attestation.
  • In case of NRI or Foreign national, Passport copy has to be notarized at the Indian Embassy of the particular country.


Have questions? We have answers.


What is the difference between LLP and traditional partnership firm?
Is the LLP Act is applicable to any specific services like professional services regulated by Statutes?

No. Any two or more persons associating for carrying on a lawful business with a view to profit may set up an LLP.

Will provisions of Indian Partnership Act, 1932 would be applicable to LLPs?

ROC is the regisNo, these shall not be applicable to LLPs.

How mutual rights and duties of partners governed?

The mutual rights and duties of partners inter se and those of the LLP and its partners shall be governed by the agreement between partners or between the LLP and the partners. This Agreement would be known as “LLP Agreement”.

Is LLP Agreement would be mandatory for all LLPs?

As per provisions of the LLP Act, in the absence of agreement as to any matter, the mutual rights and liabilities shall be as provided for under Schedule I to the Act. Therefore, in case any LLP proposes to exclude provisions/requirements of Schedule I to the Act, it would have to enter into an LLP Agreement, specifically excluding applicability of any or all paragraphs of Schedule I.

How is Limited Liability Partnership (LLP) registration done in India?

A Limited Liability Partnership is a corporate business vehicle that enables entrepreneurial initiative to operate in flexible and efficient manner by providing the benefits of limited liability and allowing its members to organize their internal structure as a partnership. LLP form of business is ideal for all classes of entrepreneurs whether it be traders, manufacturers or professionals. It is easy to incorporate and manage. LLP is more credible and preferable than a normal partnership firm.

How many people are required to incorporate a Limited Liability Partnership?

The Designated Partners needs to be over 18 years of age and must be a natural person. There are no limitations in terms of citizenship or residency. Therefore, the LLP Act 2008 allows Foreign Nationals including Foreign Companies & LLPs to incorporate a LLP in India provided at least one designated partner is resident of India.

What is the capital required to start a Limited Liability Partnership?

You can start a Limited Liability Partnership with any amount of capital. There is no requirement to show proof of capital invested during the incorporation process. Partner's contribution may consist of both tangible and/or intangible property and any other benefit to the LLP.

Can an NRI or foreign national be a partner in an LLP?

Yes, an NRI or Foreign National can be a Partner after obtaining a DPIN. At least, one of the partners has to be a resident Indian citizen.

Can a Salaried person become a Partner in LLP?

Yes, a salaried person becomes a Partner, there are no legal bondages in this but you may have to go through with your employment agreement if it contains any restrictions on doing so.

How long is the LLP valid for?

Once a LLP is incorporated, it will be active and in-existence as long as the annual compliances are met with regularly. In case, annual compliances are not complied with, the LLP will become a Dormant Company and maybe struck off from the register after a period of time. A struck-off Company can be revived for a period of up to 20 years.

If an entity which has objectives like “charitable or other not for profit objectives” would be able to set up under LLP Act?

No. The essential requirement for setting LLP is ‘carrying on a lawful business with a view to profit’.

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