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Online LLP Registration in India (Limited Liability Partnership)

Limited Liability Partnership, known as LLP, is a balanced structure that offers the benefits of a conventional partnership firm and a company. LLP is governed under the Limited Liability Partnership Act, 2008. With lower compliance requirements and structured roles and responsibilities like a partnership, LLP also offers key benefits of a company structure like the limited liability of the partners and separate and perpetual legal existence. For that, LLP Registration is a popular business formation among services and professional firms like Chartered Accountants, Company Secretaries, Management Consulting Businesses, Recruiting Firms, and other services-based businesses.

Why should you choose LegalWiz.in for your LLP Registration?

However, transfer of ownership and issuing ownership options to employees (ESOP) are more challenging. If you are a high-growth aspiring startup and seeking external funding, Private Limited Company Registration may be a better option for you.

Why Should You Register Your Business as a Limited Liability Partnership?

Partners' Liabilities are Limited

The key advantage of registering as a Limited Liability Partnership as opposed to a Partnership Firm is that it counts for a separate legal identity. Hence, LLP provides a limited liability benefit to the partners. In case of a business loss or insolvency, the liability of the partners is restricted to the capital contribution as per the LLP agreement. Further, one partner is not held responsible for the actions of negligence or misconduct of any other partner.

Separate Legal Existence

Limited Liability Partnership Registration creates a separate legal identity from its partners. Governed by the LLP Act of 2008, it allows the business to contract with other entities, take legal action, own assets, and borrow funds in the name of the LLP itself. It provides flexibility to the business to function independently and in perpetuity, irrespective of change or death of partners.

Operational Flexibility

LLP Agreement, deed among partners of an LLP, clarifies operating structure including rights and responsibilities of the partners. Typically, LLP has a “Designated Member” who would control day-to-day operations. It can have individuals or existing businesses as members. Further, this structure allows to clearly define the roles and responsibilities of the partners. It could also help in protecting the partner’s interest in case of loss because of an unlawful act of any other partner.

Lower Compliance Requirement

Compliance requirements for an LLP are lesser as compared to Private Limited Companies. It doesn’t have a mandatory audit requirement until a certain level of turnover or contribution. Unlike companies, compliances related to board meetings, statutory meetings, etc. do not apply to LLPs. Professional services for compliance are typically available at cheaper rates than that for companies, making it a cost-effective formation type to maintain.

Documents Required for LLP Registration in India

Limited Liability Partnership is a new form of business and a really convenient form of business. It is more advantageous for the small business firms and the start-up’s to start or carry out their business with the least risk and convenience. This is the form of business which carries the benefit of Limited Liability like a Company as well as achieves the flexibility of the general Partnership. Moreover, the LLP incorporation procedure is not a complex process if everything is done accurately as per the given law and by providing the detailed documents to the RoC- Registrar of Companies.

Hence one shall be aware and careful about the documents required for Limited Liability Partnership registration. List of documents required are mentioned and discussed below:

For the registration of the LLP the Designated Partners needs the following documents:

Required documents for Incorporation:

Documents required can be bifurcated into two parts. Namely:

  1. In respect of Partner/Designated Partners
  2. In respect of Registered Office

In respect of Partner/Designated Partners

A person being Indian National or a Foreign National can be a designated partner or partner of a Limited Liability Partnership. Documents required are listed below respectively:

The Indian Nationals:

The Indian Nationals will require these documents:

  1. PAN Card: (Self-attested by Designated Partner or Partner)

The PAN card copy is a mandatory document for the Incorporation where the Name written in the PAN card will be taken as the name for identity proof thus it is necessary to keep the PAN Card up-to-date (in case of change of name, or marriage) at the time of submitting the documents. In case there is any error in the PAN Card then the process will get stuck.

  1. Voter’s ID/ Passport/ Driver’s License: (Self-attested by Designated Partner or Partner)

Any of the above mentioned proofs can be attached with the documents and these proofs should contain the name and details similar to the name and details stated in the PAN Card, in case they are not so then one should get them rectified before submitting them to the RoC. The above mentioned documents can be used as address proof of the Partner / Designated Partner’s current address. The documents like Election Card, Ration card, Adhaar Card etc. can also be provided here as proof.

  1. Scanned copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill: (Self-attested by Designated Partner or Partner)

The bills which are to be attached as resident proof and should be latest or recent which can be 2-3 months old and not more than that so as to get accepted. It should contain the name of the Partner / Designated Partner as stated under the PAN Card.

  1. Scanned copy of passport-sized photograph

The Foreign Nationals:

  1. Passport:

The passport of the foreign national is mandatory for the Incorporation as it states the identity of the foreign national. The Passport stating the Name and Date of Birth of the Partner / Designated Partner should be apostilled and notarised and should be in English Language. (Translated in case the same is in foreign language)

  1. Address Proof:

The Partner / Designated Partner can attach any of the below mentioned documents as an address proof:

  • Driving Licence
  • Residence Card
  • Bank Statement
  • Government issued form of Identity containing Address
  1. Residential Proof:

The Partner / Designated Partner can attach any of these documents which are Bank statement or any kinds of bills such as Electricity Bills, Telephone Bills, and Mobile Bills. (Appostilled and notarized document)

In respect of Registered Office Address:

The registered office address proof as mentioned below shall be submitted along with the form filed for Certificate of Incorporation in the name of the Limited Liability Partnership:

  1. The document stating the full address of the property where LLP will be registered such as Electricity Bill/Property Tax Bill/ Telephone Bill etc.
  2. NOC, in case of Rented Property: The no objection certificate along with the valid Rent Agreement by the owners of the Property.

The above mentioned documents are required for the Incorporation of the Limited Liability Partnership with MCA. The documents should be submitted in a proper form, in order to follow the hassle-free Incorporation process.