Business Registration

Growing Business

Finance Helps You To Convert Into A Strategic Asset Get.

Finance Investment

Finance Helps You To Convert Into A Strategic Asset Get.

Tax Advisory

Finance Helps You To Convert Into A Strategic Asset Get.

Limited Liability Partnership

A Limited Liability Partnership (LLP) is a unique type of business setup that blends a partnership’s and a company’s features. In an LLP, partners enjoy limited liability, similar to shareholders in a company, while also benefiting from the flexibility and simplicity of a partnership. This arrangement grants the LLP its legal identity, allowing it to take legal actions and be subject to legal actions separately from its partners.

LLPs have become popular among entrepreneurs in various industries because they shield partners’ assets and have more straightforward regulatory requirements than traditional corporations. The concept of LLP was introduced in India in 2008 and is governed by the Limited Liability Partnership Act, offering a dependable and adaptable option for businesses of all sizes.

LLP Registration in India

A Limited Liability Partnership (LLP) is a contemporary and advantageous business structure. Blending the strengths of partnership dynamics and the security of limited liability, an LLP offers a versatile platform for entrepreneurs to collaborate and innovate confidently.

Getting your LLP registered in India is super easy with FinHub Advisors Pvt Ltd. Many businesses trust us to help them register their Limited Liability Partnerships and ensure they follow the rules. Our team of experts will guide you through the online registration process from beginning to end. It’s the fastest and cheapest way to register your LLP – all you have to do is just reach out to us. Start now and set yourself up for a successful business future with LLP registration.

LLP Registration Prerequisites and Eligibility Conditions

To qualify for the registration of an LLP company in India, you must adhere to the following criteria:

• Minimum of Two Partners: Establishing a Limited Liability Partnership in India necessitates a minimum of two partners, with no upper threshold on the maximum number of partners.
• Designated Partners: Within the partnership framework, at least two selected partners are obligatory, and they must be natural individuals. At least one of these designated partners must also maintain residency in India.
• Nomination for Body Corporate Partner: If a body corporate assumes the role of a partner, the designation of a natural person must act as its representative.
• Agreed Contribution: Each partner is required to contribute the shared capital of the LLP, as stipulated and agreed upon.
• Indian Resident Designated Partner: At least one designated partner of the LLP must hold a resident status in India.

By satisfying these prerequisites, you can progress with the registration of an LLP in India and avail the advantages bestowed by this business structure.

Characteristics of LLP

A Limited Liability Partnership (LLP) is a unique business structure that combines features of both partnerships and companies.

• Limited Liability: LLP offers limited liability to its partners, protecting personal assets from business debts.
• Separate Legal Entity: It has a distinct legal identity, enabling the LLP to own assets, enter contracts, and sue or be sued in its name.
• Limited Compliance Requirements: LLPs face reduced regulatory formalities compared to traditional companies, making them more accessible for small businesses.
• No Minimum Capital Requirement: There’s no mandatory minimum capital requirement for forming an LLP, providing flexibility in capital structure.
• Ease of Transferability: While ownership transfer is more restricted than in companies, LLPs still allow for changes in ownership.
• Professional Autonomy: Professionals such as lawyers, accountants, and consultants often choose LLPs for the flexibility and professional autonomy they offer.
• Relaxed Annual Filings: LLPs typically have simplified annual filing requirements, reducing the administrative burden on partners.

Advantages of LLP

The advantages of a Limited Liability Partnership (LLP) are elaborated in detail below:

• Own Legal Identity: An LLP is like its own person, just like big companies. This helps people trust and work with it, as it can do legal things independently.
• Less Risk for Partners: LLP partners are only responsible for what they put in. They don’t have to pay for all the debts or losses, which is good for their reputation.
• Saves Money and Time: Starting an LLP costs less and has fewer rules than big companies. There’s less paperwork to do every year.
• No Fixed Money Needed: You don’t need much money to start an LLP. Partners can put in whatever amount they want.

Disadvantages of LLP

Certainly, Limited Liability Partnerships (LLPs) present numerous advantages despite a few inherent disadvantages:

• Getting in Trouble for Not Following Rules: Even though LLPs have fewer rules, they can get big fines if they don’t follow them on time. Even if an LLP doesn’t do anything in a year, it still needs to tell the government or get fined.
• Ending an LLP: An LLP needs at least two partners. It must stop if it has fewer than two partners for six months. Also, it might have to close if it can’t pay its debts.
• Hard to Get Big Money: LLPs don’t work like big companies where people invest money and become owners. This makes it tricky to get a lot of money from investors.

LLP Name Structure

Choose a unique name that is not used by other businesses. This makes approval easier and establishes your identity.

Include words that clearly describe what your business does.

Limited Liability Partnership (LLP) names typically follow the format of “ABC & XYZ LLP,” where “ABC” represents the first partner’s name or initials, and “XYZ” represents the second partner’s name or initials. The addition of “LLP” signifies the business structure, reflecting the collaborative nature of the partnership.

Procedure for LLP Registration

The procedure for LLP registration involves several steps.

• Digital Signature Certificate (DSC) and Designated Partner Identification Number (DPIN): Obtain DSC for designated partners and apply for DPIN.
• Name Reservation: Choose a unique name for the LLP and check its availability. Reserve the name through the MCA portal.
• Drafting LLP Agreement: Prepare the LLP agreement defining the rights, duties, and responsibilities of partners.
• Filing Incorporation Form: Submit Form FiLLiP for LLP incorporation, providing details such as partners, capital contribution, and LLP agreement.
• Certificate of Incorporation: Once the Registrar of Companies (RoC) approves the application, the LLP is issued a Certificate of Incorporation.
• LLP Agreement Submissions: File the LLP agreement within 30 days of incorporation using Form 3.

LLP Registration with FinHub Advisors Pvt Ltd

Registering your Limited Liability Partnership (LLP) with FinHub Advisors Pvt Ltd ensures a seamless and efficient process. Our expert team guides you through every step, from name reservation to obtaining the Certificate of Incorporation. With precise documentation, personalized assistance, and timely submissions, FinHub Advisors Pvt Ltd streamlines the LLP registration process.

Documents Required for LLP Registration

• PAN Card of all the Partners
• Passport (Foreign Nationals Only)
• Voters Identity Card/Aadhar card of all the Partners
• Electricity bill of the premises
• Bank Statement of all the Partners not older than 2 months.
• Passport sized photo