Updated on March 13, 2024 06:36:13 PM
Limited Liability Partnership (LLP) is an upgraded form of Partnership, which has limited liability features of a Private Limited Company and the flexibility of a Partnership firm.
The maintenance cost of an LLP and simplicity in formation is one of the prime reasons it has become a preferred choice for company incorporation in India. Read to know about the process, documents required, and fees of LLP registration in Chennai.
LLP Registration [Sample]
LLP is a form of a partnership registered under the Limited Liability Partnership Act, 2008, where liabilities of all the partners are limited to the extent of contribution bought by them. It helps owners limit their liabilities while enjoying the advantages of a limited company which is an edge over a traditional partnership firm.
No partner is liable for unauthorized actions of other partners; thus, individual partners can safeguard them from joint liability arising from the misconduct of other partners. Professionals, micro and small businesses mostly prefer LLP as an organization.
Minimum two partners are required to incorporate an LLP. However, there is no upper limit on the maximum number of partners of an LLP. There should be a minimum of two designated partners who shall be individuals, and at least one of them should be residents in India.
The LLP agreement governs the rights and duties of designated partners. They are directly responsible for complying with all the provisions of the LLP Act, 2008 and provisions specified in the LLP agreement.
The total cost of LLP Registration in Chennai, is ₹7,499 Only including government fee and professional fees. The LLP formation process takes around 10 working days subject to document verification by MCA.
| # | Item | Cost |
|---|---|---|
| 1 | Digital Signature Certificate of 2 Partners | ₹2,000 |
| 2 | Govt Fee | ₹1,500 |
| 3 | Professional Fee | ₹3,999 |
| Total Cost | ₹7,499 Only |
Note: The aforementioned Fees is exclusive of GST.
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