When considering a business structure that combines the advantages of a partnership with the crucial protection of limited liability, LLP registration online emerges as a top choice. In an LLP, the partners are not personally liable for the debts and obligations of the business. This means that their personal assets are protected in case the business faces financial difficulties.
LLPs are commonly used by professionals such as lawyers, accountants, architects, and consultants. They offer the flexibility of a partnership in terms of management structure and decision-making processes. Additionally, each partner is allowed to share in the profits and losses of the business according to their agreed-upon percentage ownership.
An LLP must be registered with the appropriate government agency and must have at least two partners. The partners are required to sign a partnership agreement that outlines the terms of the partnership, such as the roles and responsibilities of each partner, the sharing of profits and losses, and the decision-making processes.
| Limited liability protection | The primary advantage of an LLP registration is limited liability protection for the partners. This means that the personal assets of the partners are not at risk in case the business faces financial difficulties or legal issues |
| Separate legal entity | An LLP is a separate legal entity, which means it can own property, enter into contracts, and sue or be sued in its own name, rather than in the names of the partners |
| Flexibility | LLPs offer greater flexibility than other business structures, such as sole proprietorships or general partnerships. Partners have more freedom to structure the business, decide on the management structure, and make decisions |
| No minimum capital requirement | There is no minimum capital requirement to register an LLP, which makes it easier for businesses to start up and operate |
| Professional service providers | LLPs are commonly used by professional service providers, such as lawyers, accountants, architects, and consultants |
| Continuity of existence | LLPs have a separate legal entity, which means that the partnership continues to exist even if one partner leaves or dies. This makes it easier for businesses to continue operating and avoid disruption |
Step 1: Before starting the process of registration, apply for the DSC or digital signature certificate of the designated partners of the LLP.
Step 2: Apply for the DIN of Director Identification Number for all the designated partners or those who propose to be designated partner of the LLP.
Step 3: LLP-RUN or LLP-Reserve Unique Name form is filed for the reservation of name for proposed LLP which will be worked by the Central Registration Centre under Non-STP. But before proposing the name, it is always good to check the availability of the name on the MCA portal.
Step 4: Here in this step Incorporation of LLP take place
Step 5: Filing of a Limited Liability Partnership Agreement is done. LLP agreement is an agreement that governs the mutual rights and duties of the partners and LLP.
1. Self Attested PAN Card copy
2. Self Attested copy of any one of the Identity Proof(Voter’s ID/Passport/Driver’s License)
3. Self Attested copy of Address Proof in the name of the director (Any utility bill i.e., mobile bill/water bill/ electricity bill, or bank statement which should not be older than two months)
4. Passport-sized photograph
1. Rent Agreement (Notarised: For rented property)
2. Sale Deed/Property Deed in English (in case of owned property)
3. No-objection Certificate from the property owner
4. Latest Electricity Bill / Mobile or Telephone Bill / Latest Bank Statement/Gas Bill
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