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Updated on April 15, 2021 12:56:42 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 why it has become a preferred choice for entity incorporation. You can easily commence your business by incorporating an LLP and get the combined benefit of a limited company as well as a partnership firm. Read more to know the process, documents required, and fees of LLP registration.
LLP Incorporation Certificate Sample
LLP is a form of partnership that is 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 to limit their liabilities while enjoying the advantages of a limited company which is an edge over a traditional partnership firm.
No partner is liable on account of unauthorized actions of other partners, thus individual partners can safeguard them from joint liability arising from misconduct of other partners. LLP as an organization is mostly preferred by professionals, micro and small businesses.
Let’s take a look at the advantages of an LLP firm:
There are certain minimum requirements for LLP registration that need to be met. Here's the quick checklist:
Post-approval of FiLLip form, Certificate of Incorporation is issued in form 16 from Central Registration Center of MCA under the letterhead of Government of India. LLP identification number is a part of the certificate of incorporation.
LLP Agreement is the most important document of an LLP that governs the mutual rights and duties of the partners; between the LLP & its partners. Drafting and filing of stamped LLP Agreement have to be made within 30 days from the date of issuance of incorporation certificate. Application for filing of LLP Agreement is made under Form 3 online on MCA portal. Failing to do so would attract penal provisions of the LLP Act, 2008.
The process of registering your business as an LLP is complicated and involves various compliances. Our experts at Professional Utilities can simplify the whole registration process for you. Register your company online in 3 easy steps:
Step 1: Fill our simple form and receive a callback from our team of experts.
Step 2: Provide all the required documents for registration of the company and make 50% payment in advance.
Step 3: Your incorporation certificate including other documents will be delivered to you and you’ll have to make the balance payment.
As per the Limited Liability Partnership Act 2008, you are required to provide proper identity proof of partners and address proof of office for LLP registration.
Post incorporation of LLP, you’ll receive the following documents:
For registration of Limited Liability Partnership, the total cost involved in the whole process is described below:
Particulars | Government Fees |
DSC for one partner | Around ₹1800 |
DPIN for two partners | FREE of cost! |
Stamp Duty | Depends on the state where LLP is formed. For New Delhi, stamp duty for capital contribution upto 1 lakh is ₹750. |
Name reservation | ₹ 200 |
Incorporation |
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LLP Form 3 |
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The LLP formation process takes around 10 working days subject to document verification by the Ministry of Corporate Affairs (MCA).
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