For a long time, there has been a demand for a business structure that combines the flexibility of a Partnership firm with the benefits of Limited Liability of a Private Limited Company while maintaining a low compliance cost. Limited Liability Partnership Firms were created as a means of replacing the limitations of partnership firms and the rigidity of companies. This business structure would be beneficial to small and medium businesses in general, as well as businesses in the service sector in particular.
In India, the LLP Company Registration concept was first introduced in the year 2008 and is governed by the Limited Liability Partnership Act of 2008. Recently, the Limited Liability Partnership Firm registration online have become a popular choice among entrepreneurs because it provides advantages of both a partnership firm and a company into a single entity.
The primary requirement for LLP company registration online is a minimum of 2 partners (one of the partner must reside in India). However, there is no upper limit on the maximum number of partners that can be added in a LLP firm registration. The LLP agreement governs the rights and responsibilities of designated partners. They are directly responsible for ensuring that all provisions of the LLP Act, 2008 and the LLP agreement are followed. A Limited Liability Partnership firm (LLP) is a corporate business vehicle that provides its members with the benefits of a company’s limited liability while also allowing them to manage their internal operations & management i.e., similar to a partnership firm.
In terms of liability under a Limited Liability Partnership, only the company is liable for all the losses or debts incurred during the course of business.
We are the leading Business Consultant, offering quick Online LLP Registration Service in India with five simple steps:
1) Preparation of Digital Signature Certificate (DSC) and Director Identification Number (DIN).
2) Choosing Unique Name for your LLP.
3) Preparing LLP registration documents.
4) Filing e-forms with MCA.
5) Allotment of LLPIN, PAN & TAN.
Once, the approval is granted from the MCA Department, your New LLP Registration Process is complete and you can now Open a CURRENT ACCOUNT for your company in your favourite bank and start the business operations.
The Limited Liability Partnership registration online has following benefits:
– The cost of LLP registration is quite less ranging from Rs. 500 to Rs. 5600.
– Because partners do not have unlimited liability, they are less exposed to risk. Among other business structures, LLP company registration online is a safer option as partners’ personal assets are not dissolved incase the company goes bankrupt.
– LLPs are easier to manage because the Board of Directors has more authority. In terms of company management, shareholders have little power, making them easier to govern.
– There are no restrictions on transferring or leaving an LLP, so joining and leaving is simple.
– They have an infinite life span, allowing for perpetual succession. The operation or working of an LLP firm is not dependent on the partners or the management structure. Therefore in case of any change in the management, the working of LLP is not compromised.
– LLPs benefit from a number of tax advantages. They are also exempt from mandatory audits unless their annual revenue exceeds 40 lakhs.
The cost of LLP Registration depends on the forms that needs to be filed during the registration process of LLP registration.
– To register and reserve a name for the LLP, fill out Form 1/ RUN-LLP. The proposed name for the new LLP registration online or to change the name of a currently working LLP can be done via filing this form.
– To incorporate an LLP firm, a Designated Partner Identification Number abbreviated as DPIN is required for which FORM- 7 needs to be filed. It is available for download on the MCA website. The LLP registration cost for the FORM- 7, a registration fee of Rs.100 must be paid.
– If the partners haven’t already done so, they must submit a request for their DSC to be registered.
– For online LLP registration, one needs to fill out Form 2/FiLLiP. The Registrar of the State in question must acknowledge this form in order to proceed with the LLP registration process.
– The roles and responsibilities of each of the partner must be outlined in the LLP agreement. This necessitates the completion and submission of Form 3.
– The others must submit Form 4 when changing, altering, adding, or removing partners.
– The LLP’s IT returns must be filed using Form 11.
– Form 15 must be filed if the LLP’s office address is to be changed.
