LLP Registration - We Legalize

Limited Liability Partnership Registration

LLP (Limited liability partnership) was introduced in India through the liability Partnership Act, 2008. the most reason behind the introduction of LLP (Limited Liability Partnership) is to supply a style of business entity which means straightforward and straightforward to take care of whereas providing liability to the house owners. Since its introduction LLP (Limited liability partnership) has received with over one large integer of registrations thus far till September 2014. liability is that the sole distinction between the traditional partner and therefore the LLP (limited liability partnership) because the name suggests. This has gained a great deal of recognition thanks to the actual fact that the private assets of partners can't be hooked up to pay the firm’s liability.

Advantages Of LLP Registration

1. Ease of formation

2. Limited liability

3. No requirement of Minimum contribution

4. Lower registration cost

5. No minimum numbers of members

6. No compulsory audit requirement

Disadvantages Of LLP Registration

1. Higher penalty

2. The income tax rate is higher

3. No Equity investment

Process Of LLP Registration

Step 1: Obtain DSC and DIN

The first step in the process of LLP registration is to obtain DSC (Digital signature certificate) of the desired partners of LLP (Limited liability partnership). The reason for obtaining a DSC is that all the form need to be submitted online and requires the director’s signature. The law also requires that all the directors file for DIN number too.
Step 2: Name Approval
Minimum one and a maximum of 6 name choices must be submitted to MCA. The registrar only approves the LLP name which is not taken before. Approval for the name can be obtained within 5-7 working days.
Step 3: LLP agreement
It is very crucial in LLP (Limited liability partnership) as it determines the mutual rights and duties among the partners and also between the LLP and the partners. LLP agreement is made by filling form 3 online on the MCA portal. This procedure of the LLP agreement has to be done within 30 days of the date of incorporation.
Step 4: LLP certification of Incorporation
The next step in the process of LLP registration gets the LLP incorporation certificate. You have to submit all the documents to the registrar and the time frame is between 10-12 days. Once you are done with this you're ready to go.
Step 5: Apply for TAN, PAN & Bank account
As soon as you get the incorporation certificate, you need to apply for the companies PAN, TAN & NSDL. It takes around 3 weeks to get done and the cost of this procedure is less than Rs.200.
Documents Required For LLP Registration
  1. Address proof of partners
  2. PAN Card of all partners
  3. Address proof of business premises
  4. Utility bill of the proposed registered office
  5. Passport size photograph of all partners
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