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Advantages of LLP form

Separate Legal Entity

A LLP is a legal entity and a juristic person established under the Act. Therefore a LLP form of organization has wide legal capacity and can own property and also incur debts. The Partners of a LLP have no liability to the creditors of a LLP for such debts.

Uninterrupted Existence

A LLP has 'perpetual succession', that is continued or uninterrupted existence until it is legally dissolved. A LLP, being a separate legal person, is unaffected by the death or other departure of any Partner but continues to be in existence irrespective of the changes in Partnership.

Audit NOT Required

A LLP does not require audit if it has less than Rs. 40 lakhs of turnover and less than Rs.25 lakhs of capital contribution. Therefore, LLPs are ideal for startups and small businesses that are just starting their operations and want to have minimal regulatory compliance related formalities.

Easy Transferability

The ownership of a LLP can be easily transferred to another person by inducting them as a Designated Partner of the LLP. LLP is a separate legal entity separate from its Managing Partners, so by changing the Managing Partners, the ownership of the LLP can be changed.

Owning Property

A LLP being a juristic person, can acquire, own, enjoy and alienate, property in its own name. No Partner can make any claim upon the property of the LLP so long as the LLP is a going concern.

Limited Liability

Limited Liability means the status of being legally responsible only to a limited amount for debts of a LLP. Unlike proprietorships and partnerships, in a LLP the liability of the members in respect of the LLP's debts is limited.

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.



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Executive Package


All inclusive fees

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


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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.


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DOCUMENTS REQUIRED FOR THE PROCESS

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

PAN card copy with Self attestation.

Latest passport size photo in jpg.

Copy of No objection certificate from the owner of the property.

If owned property, copy of Sale Deed and Electricity bill is sufficient.

Voter Id copy or Passport copy or Aadhar card copy or Driving license copy with self attestation.

Copy of Electricity bill or Property Tax receipt or Water Tax receipt not older than two months.

Utility bill has to be provided of the particular country where the NRI or Foreign national resides and it should be notarized.

Latest Bank account statement or Mobile /Telephone bill or Electricity Bill (not older than two months)- no need for self attestation.

For the registered office proof of the company, if the property is rented/ leased, then copy or rental agreement or lease agreement.

In case of NRI or Foreign national, Passport copy has to be notarized at the Indian Embassy of the particular country.

FAQs

  • What is the difference between LLP and traditional partnership firm?

    Under traditional partnership firm, every partner is liable, jointly with all the other partners and also severally for all acts of the firm done while he is a partner. Under LLP structure, liability of the partner is limited to his agreed contribution. Further, no partner is liable on account of the independent or un-authorized acts of other partners, thus allowing individual partners to be shielded from joint liability created by another partner’s wrongful acts or misconduct.

  • 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.

  • 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’.

  • 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.

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