LLP Registration Online - Benefits, Process, Documents Required, Fees

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:

1. Separate Legal Entity: An LLP is a separate legal entity from its partners. It is a major advantage that is not available for normal partnerships.
2. Limited Liability: It helps in protecting the personal assets of the owners with limited liability protection.
3. Lower cost: The cost of registering an LLP is comparatively lower than a private limited as well as a public limited company.
4. No Minimum Capital required: An LLP can be formed with the least amount of capital as there is no minimum capital requirement for incorporating an LLP.
5. Minimal Compliances: One of the key benefits of registering an LLP is lower compliance requirements. Mandatory criteria for annual compliances of an LLP are on the lower side as when turnover is less than 40 lakhs, LLP audit is optional.

There are certain minimum requirements for LLP registration that need to be met. Here's the quick checklist:

1. Minimum two partners
2. At least one partner should be a resident of India
3. DPIN for all designated partners
4. DSC for all designated partners
5. Each partner has to contribute towards the capital of LLP
6. Address proof for the office of LLP

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.

Documents of partners

1. Passport size photographs of all partners
2. Copy of PAN Card of all Partners
3. Copy of Aadhar Card
4. Passport (in case of Foreign Nationals or NRIs)
5. Copy of Driving License or Voter ID
6. Bank statement (not older than two months)

Documents of registered office

1. Electricity Bill or any other utility bill for the address proof
2. If it is a rented property, a No Objection Certificate from the owner of the property is required

Post incorporation of LLP, you’ll receive the following documents:

1. Certificate of Incorporation
2. LLP Agreement
3. FiLLip Form
4. Form-3
5. LLP PAN
6. LLP TAN
7. Payment Challan
8. Company Master data
9. DSC and DPIN for designated partners

The LLP formation process takes around 10 working days subject to document verification by the Ministry of Corporate Affairs (MCA).