We offer LLP registration services for professionals. A Limited Liability Partnership (LLP) is a type of business entity where partners have limited liability for the company's debts and obligations. Protect personal assets from business liabilities.
99.9% customers satisfaction guaranteed. No hidden charges
Experience expertise, tailored solutions, timely support, & a competitive edge - all under one roof
Trusted industry professionals ensuring compliance, accurate tax filing, and comprehensive services for your business needs.
Customized services to meet your specific requirements, including business incorporation, trademarks, patents, and seamless GST return filing.
Dedicated support team committed to providing prompt assistance, resolving queries, and ensuring smooth operations for your business.
Gain a competitive edge with our comprehensive suite of services, enabling you to focus on growth while we handle your compliance and taxation needs.
LLP Registration is a widely recognized and preferred business structure globally. Both LLPs and Private Limited companies are registered with the Ministry of Corporate Affairs under the Central Government. Choose to register your LLP with Filing Buddy with no hassles.
LLP is a preferred form of partnership in a business structure because of limited liability. Creditors or Investors cannot claim partners' personal assets, property, or income, in case the business fails.
A Limited Liability Partnership (LLP) is a partnership in which the partners have limited liability. Each partner is liable to the extent of their capital contribution to the LLP and not personally liable for the debts or obligations of the LLP.
LLP is governed by the Limited Liability Partnership Act 2008. An LLP is considered a separate legal entity, which means it has its own legal identity, and its existence is not dependent on the partners. LLP registration needs two designated partners responsible for the management and operations of the LLP. The registration requires obtaining a Digital Signature Certificate (DSC) and Designated Partner Identification Number (DPIN), selecting a name for the LLP and filing the incorporation documents with the Ministry of Corporate Affairs (MCA).
In an LLP or Limited Liability Partnership, partners have limited liability implying that liability is limited to the amount of their contribution to the entity. This protects the personal assets of LLP, and they are not required to pay for any losses or debts. Innocent partners are not held accountable for the misconduct or negligence of other partners or the entity.
An LLP enjoys the benefits of being a separate legal entity, meaning it can own assets, sue, and be sued in its own name. This feature also ensures that a partner's liability is limited to their contribution, shielding them from any costs incurred by other partners' misconduct or negligence.
Partners in an LLP have the flexibility to draft their agreement as they see fit, as long as it adheres to the rules and regulations, rights, and duties. The flexibility allows the partners to customize the agreement to their business needs.
An LLP is a more accessible legal structure to adopt. The partners own, manage, and run the business, which differs from a private limited company where the directors may vary from shareholders. However, angel investors and venture capitalists only sometimes invest in firms registered as LLPs.
An LLP requires only three compliances per year, making it easier to manage and run when compared to a private limited company, which has many more compliance requirements and regular audits.
In addition to being easy to start, winding up an LLP is straightforward and takes around two to three months. In contrast, it can take more than a year to close a private limited company.
LLP is a separate legal entity from its partners, which means it can own assets, enter into contracts, and sue or be sued in its own name.
The liability of partners in an LLP is limited to their capital contribution, which means they are not personally liable for the debts or obligations of the LLP.
LLPs have a flexible management structure where partners can actively participate in the management and operations of the business.
There is no minimum capital requirement for LLP registration in India, which means the partners can start with any capital.
LLPs are taxed as a partnership firm, which means they are not subject to corporate tax. The partners are taxed on their share of the profits.
LLP registration in India is a simple and easy process, with fewer compliance requirements than a company.
An audit is required for LLPs with an annual turnover of more than Rs. 40 lakhs or a capital contribution of more than Rs. 25 lakhs.
LLPs must comply with various statutory requirements, such as filing annual returns, maintaining proper books of accounts, and conducting audits.
Here is a step-by-step guide to registering an LLP in India with ease:
Designated partners apply for DSC (Digital signature certificate)
As the next step applies for a Director Identification Number (DIN)
The LLP-Reserve Unique Name (LLP-RUN) form is used to reserve a name for the proposed LLP. The Central Registration Centre will handle the form under Non-STP. It's recommended to check the name's availability on the MCA portal before proposing it.
Incorporating the LLP occurs in this step:
File the incorporation form and required documents with the Registrar of the State.
Pay the LLP registration fee according to Annexure A.
If the designated partner nominee doesn't have a DIN or DPIN, the Designated partner nominee can use this form to register for DIN or DPIN.
Only two individuals can apply for the DIN/DPIN allotment.
The reservation application can also be made via FiLLiP.
After the proposed name is approved, it can be used in the registration form.
File the LLP agreement, which serves as the foundation for the LLP. It governs the mutual rights and duties of the LLP and its partners.
Form Name | Form Purpose |
RUN – LLP | Form for reserving a name for the Limited Liability Partnership |
FiLLiP | Form for incorporation of Limited Liability Partnership |
Form 5 | Notice for change of name |
Form 17 | Application to convert a firm into Limited Liability Partnership |
Form 18 | Application to convert a private company or public company into LLP |
Estimated Fees structure:
Forms | Fees structure |
LLP Incorporation | Depending on the capital contribution: 1. Rs.500 - for the contribution of money up to Rs 1 lakh 2. Rs. 2000 - for the contribution of money up to Rs 1 Lakh to Rs 5 lakh |
LLP Agreement | Depending on the capital contribution and stamp duty charges of the state where you register LLP. |
Comparison Guide
TYPE | Partnership | Proprietorship | LLP | Pvt Ltd | OPC |
Members | 2-20 | 1 | 2- Unlimited | 2-200 | 1 |
Legal Status | Not Considered as separate legal entity | Not Considered as separate entity | Considered as separate legal entity | Considered as separate legal entity | Considered as separate legal entity
|
Members' Liability | Unlimited Liability | Unlimited Liability | Limited to the extent of share capital | Limited to the extent of share capital | Limited to the extent of share capital |
Registration | Optional/ can be registered under partnership Act 1932 | Not compulsory | Registered under MCA | Registered under MCA | Registered under MCA |
Transferability Option | Transferable if registered under ROF | Not Allowed | Can Be Transferred | Can Be Transferred | Can Be Transferred |
Taxation | 30% of Company Profit | As in Individual | 30% of Profit Plus CESS and Surcharges applicable | 30% of Profit Plus CESS and Surcharges applicable | 30% of Profit Plus CESS and Surcharges applicable |
Annual Compliance | Income Tax Returns ITR 5 | Income Tax Filing if turnover is more than Rs.2.5 lakhs | Form 11 Form 8 ITR 5 | ITR 6 MCA filing Auditor's appointment | Filed with the registrar of the company |
99.9% customers satisfaction guaranteed. No hidden charges
We prioritize on-time delivery of your work at an affordable rate.
We work 24x7/365 days without leaving you disappointed.
Our experienced experts can handle all your regulatory and compliance requirements.
We are pro digital platforms and take up execution efficiently.
We intend to reduce business compliance and regulation complexities for you. You chase your business dreams and we take care of the regulatory requirements.