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Registering an LLP in India is simple and hassle-free with submitreturn.com. Trusted by over 6,000 businesses, we specialize in Limited Liability Partnership registrations and ongoing compliance. Our expert team of CAs and CSs handles the entire online process seamlessly. Get your LLP incorporated in approximately 15 business days—quick, affordable, and just a click away.
A Limited Liability Partnership (LLP) is a hybrid business structure that blends the flexibility of a traditional partnership with the advantages of a company. Governed by the LLP Act, 2008, it offers benefits such as limited liability for partners, perpetual legal existence, and lower compliance requirements. This makes LLPs a preferred choice for service-based and professional businesses like Chartered Accountants, Company Secretaries, Consultants, Recruiters, and similar firms.
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Note: LLPs offer many benefits, but transferring ownership or issuing ESOPs can be more complex. If you’re aiming for high growth and external funding, registering a Private Limited Company may be a better fit.
The main advantage of registering as a Limited Liability Partnership (LLP) over a traditional Partnership Firm is that an LLP is recognized as a separate legal entity. This structure limits the liability of partners to their agreed capital contribution, protecting their personal assets in case of business losses or insolvency. Additionally, each partner is shielded from the negligence or misconduct of other partners, ensuring individual accountability within the firm.
The LLP Agreement is a legal document that outlines the operational structure of a Limited Liability Partnership, detailing the rights, duties, and responsibilities of its partners. An LLP usually includes a “Designated Partner” responsible for managing daily business activities. Both individuals and existing entities can be partners in an LLP. This agreement ensures clear role definitions and helps safeguard each partner’s interests, especially in cases of loss caused by another partner’s unlawful actions.
Registering a Limited Liability Partnership (LLP) establishes it as a separate legal entity, distinct from its partners. Under the LLP Act, 2008, an LLP can own property, enter into contracts, sue or be sued, and raise funds in its own name. This structure offers operational flexibility and ensures continuity of the business, regardless of any change in partners or their demise.
LLPs have fewer compliance requirements compared to Private Limited Companies. Audits are not mandatory unless the LLP crosses a specified threshold in turnover or capital contribution. Unlike companies, LLPs are not bound by obligations such as holding board meetings or statutory meetings. Additionally, compliance-related professional services for LLPs are generally more affordable, making it a cost-effective option for business maintenance.
PAN card of partners; passport accepted for foreign nationals.
Recent passport-size photo of all partners.
Recent electricity or telephone bill of the LLP’s registered office address.
Obtain No Objection Certificate from the owner of registered office premises.
Provide rent agreement of registered office, if applicable or available.
For NRI or foreign partners, documents must be duly notarized or apostilled as required.
A minimum of two individuals must be appointed as Designated Partners, with at least one being an Indian resident. Additionally, the LLP must have a registered office address in India to complete the registration process.
No minimum capital is required to form an LLP in India. The business can start with any amount of capital as determined by the partners. While there is no minimum limit, each partner must make a financial contribution to establish the LLP. The capital contributions are specified in the LLP Agreement, and the stamp duty is calculated based on the total contribution amount.
There are no citizenship or residency restrictions for becoming a partner in an LLP. The LLP Act, 2008 permits foreign nationals, including foreign companies and LLPs, to incorporate an LLP in India. However, at least one Designated Partner must be an Indian resident. Additionally, each partner must be at least 18 years old to ensure they are legally competent to enter into contracts. The proposed Designated Partner is also required to have a Director Identification Number (DIN).
The Designated Partner Identification Number (DPIN) has been replaced by the Director Identification Number (DIN) for LLP incorporation. DIN is a unique number issued by the MCA to individuals named in the application, enabling them to act as Directors in companies or Designated Partners in LLPs. DIN applications are submitted along with the incorporation application through the FiLLiP form, with a maximum of two DINs allowed per application.
A Digital Signature Certificate (DSC) for LLP is issued as a secure token by authorized Certifying Authorities. All online forms submitted for the incorporation of a Limited Liability Partnership (LLP) in India must be signed using the DSC of a designated partner.
Yes, partners are required to provide a business address in India along with the necessary documents. This address can be either a residential or commercial property. Typically, this address is used by the MCA and other authorities for communication purposes and is published on the official portal.
The LLP Agreement is a contract signed by all partners after the LLP is incorporated in India. It outlines the business terms, including the rights, roles, duties, and responsibilities of the partners. This agreement must be filed within 30 days of receiving the certificate of incorporation. If delayed, a late fee of ₹100 per day will be charged until the agreement is filed.
Yes, a Limited Liability Partnership registered in India can operate multiple businesses, provided they are related or within the same field. Unrelated activities, like Interior Designing and Legal Consultancy, cannot be conducted under the same LLP. All business activities must be clearly stated in the LLP agreement and approved by the Registrar of Companies (RoC).
No, LLPs cannot be formed for “Not-For-Profit” activities. One of the key requirements for establishing an LLP is to carry on a lawful business with the intention of making a profit.
PAN and TAN for the LLP can be applied after the Certificate of Incorporation is issued. The physical PAN card will be sent to the LLP’s registered office once dispatched by the Income Tax Department.
The requirement for a statutory audit in an LLP depends on its turnover and capital contribution. If the LLP’s turnover exceeds ₹40 lakhs or the capital contribution exceeds ₹25 lakhs, its financial statements must be audited by a qualified statutory auditor.
The stamp duty on the LLP Agreement in India is determined based on the capital contribution amount, and rates vary by state. The applicable State Stamp Act depends on the location of the LLP’s registered office. Our package includes ₹500 towards stamp duty. Additionally, notarization of the agreement is not a statutory requirement and is not mandated by the MCA. While banks may sometimes request a notarized agreement, it is not compulsory for LLP incorporation.
After completing online LLP registration, partners should open a bank account in the LLP’s name for business transactions. No further formalities are required, but partners must contribute the agreed capital as needed. Additionally, the LLP must comply with annual filing requirements every year following registration.
After completing online LLP registration, partners should open a bank account in the LLP’s name for business transactions. No further formalities are required, but partners must contribute the agreed capital as needed. Additionally, the LLP must comply with annual filing requirements every year following registration.
Yes, an existing partnership firm or an unlisted company can be converted into an LLP. Converting a partnership firm into an LLP offers several advantages.
Daily business transactions are recorded in the LLP’s Books of Accounts by the accountant(s). These accounts are then verified by an independent auditor to ensure all statutory compliances are met and to provide an audit report.
(Note: submitreturn.com is responsible only for the accounting services it provides but will assist in appointing an independent auditor for your business.)
We have helped hundreds of entrepreneurs to incorporate their businesses in all major cities of India