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Overview

Limited Liability Partnership (LLP) has become a preferred form of organization among entrepreneurs as it incorporates the benefits of both partnership firm and company into a single form of organisation. The Limited Liability Partnership Act, 2008 regulates the LLP in India. Minimum two partners are required to incorporate an LLP. However, there is no upper limit on the maximum number of partners of an LLP. 

Among the partners, there should be a minimum of two designated partners who shall be individuals, and at least one of them should be resident in India. The rights and duties of designated partners are governed by the LLP agreement. They are directly responsible for the compliance of all the provisions of the LLP Act, 2008 and provisions specified in the LLP agreement.

 

Documents required

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  • PAN Card/ ID Proof of Partners
  • Address Proof of Partners
  • Residence Proof of Partners
  • Photograph
  • Passport (in case of Foreign Nationals/ NRIs)

Process

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Step 1: Obtain Digital Signature Certificate (DSC)

Step 2: Apply for Director Identification Number (DIN)

Step 3: Name Approval

Step 4: Incorporation of LLP

Step 5: File Limited Liability Partnership (LLP) Agreement

CHECKLIST FOR LLP REGISTRATION

  • Minimum of two partners.
  • DSC for all designated partners.
  • DPIN for all designated partners.
  • Name of the LLP, which is not similar to any existing LLP or trademark.
  • Capital contribution by the partners of the LLP.
  • LLP Agreement between the partners.
  • Proof of registered office of the LLP.

Services we provide

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  • Filing of e-forms and applications.
  • Drafting of LLP Deed, MoA and AoA.
  • Designated Partner Identification Numbers-DPINs 
  • Digital Signature Certificates-DSCs.
  • Company Incorporation Certificate.
  • Stamp Duty and its Notarization.  

Benefits

  • Convenient
  • No minimum capital requirement
  • No limit on owners of business
  • Lower Registration Cost
  • No requirement of compulsory Audit
  • Savings from lower compliance burden
  • Taxation Aspect on LLP
  • (DDT) not applicable

Difference

Difference between Private Limited Companies and Limited Liability Partnership?

Point of Difference Private Limited Company Limited Liability Partnership
Minimum and Maximum Members

Minimum - 2 

Maximum - 200

Minimum - 2 

Maximum - unlimited

Minimum Directors

Minimum - 2 directors

Maximum - 15 directors

Minimum - 2 directors

Maximum - not applicable

Term used at the end of the name Privated limited LLP
Statutory meeting Mandatory Not Mandatory
Board meeting Necessary Not Necessary
Registration Acts Registered under Companies Act 2003 Registered under LLP Act 2008
Statutory Audit Mandatory Not compulsary under partner's contribution exceeds 25 lakhs or annual turnover exceeds 40 lakhs

 

Difference between One Person Companies and Limited Liability Partnership?

Point of Difference One Person Company Limited Liability Partnership

Transferability of Shares

Can be made by altering MOA

Can be transferred by executing agreement before a notary public

Minimum and Maximum Members

Minimum - 1

Maximum - 1

Minimum - 2

Maximum - unlimited

Minimum Directors

Minimum - 1

Maximum - 15

Minimum - 2

Maximum - unlimited

Registration Act

Registered under Companies Act 2013

Registered under LLP Act 2008

Minimum Subscription

Can allot shares without completing minimum subscription.

Cannot allot shares without completing minimum subscription.

Term used at the end of the name

Should end with (OPC) Pvt. Ltd./ (OPC) Ltd.

Should end with LLP

Statutory meeting

Not Mandatory

Mandatory

Board Meeting

Necessary

Not Necessary

Statutory Audit

Mandatory.

Not compulsory unless partner’s contribution exceeds 25 lakhs or annual turnover exceeds 40 lakhs

Difference between Partnership and Limited Liability Partnership?

Point of Difference Partnership Limited Liability Partnership

Liability

Unlimited Liability

It has a separate legal entity. Limited Liability

Minimum and Maximum Members

Minimum - 2

Maximum - 20

Minimum - 2

Maximum - unlimited

Registration Act

Registered under Partnership Act 1932

Registered under LLP Act 2008

Registration

Registration is to be done with Ministry of Corporate Affairs.

Registration is to be done with Registrar of Firms

Minor Partner

Minor can be partner

Minor cannot be partner

Annual Return

Not mandatory to file

Mandatory to file

Agreement between partners

Partnership Deed governs the partnership.

LLP Agreement governs the LLP

DSC

Not required

Required

 

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