Limited Liability Partnership

Features of LLP

  • Separate Legal Entity
  • Minimum and Maximum Number of Partners
  • Designated Partners
  • Limited Liability
  • Cost-effectiveness and Compliance
  • No Minimum Capital
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Registration Process

How We Work

01

Obtain Digital Signature Certificate (DSC)

Essential for digitally signing documents.

02

Apply for Designated Partner Identification Number (DPIN)

Necessary for all designated partners.

03

Name Approval

Utilize the RUN-LLP service for reserving your LLP's name

04

Incorporation of LLP & File Agreement

Within 30 days of incorporation, outlining the rights and duties of partners.

Checklist

Documents Required

For Partners: PAN, address proof, residence proof, passport size photo, passport (for NRIs/Foreign Nationals)
For LLP Proof of registered office address, digital signature certificate.
At least two partners.
DSC for all designated partners.
DPIN for designated partners.
Unique LLP name not resembling existing entities.
Contribution details and LLP agreement

Introduction

If you are looking to start a Limited Liability Partnership (LLP) in India, you have come to the right place. In this comprehensive guide, we will take you through everything you need to know about LLP registration in India, specifically tailored for efiletax.

What is a Limited Liability Partnership?

A Limited Liability Partnership (LLP) is a type of partnership in which each partner has limited liability. This means that each partner is not liable for the actions of the other partners, and their liability is limited to the amount they have invested in the business. LLPs are a popular choice for small and medium-sized enterprises (SMEs) as they provide the benefits of a partnership while limiting the risks.

Benefits of LLP Registration for Efiletax

There are several benefits of LLP registration for efiletax, including:

  • Limited Liability: As mentioned earlier, each partner has limited liability, which means that their personal assets are protected in case of any losses incurred by the business.
  • Separate Legal Entity: An LLP is a separate legal entity, which means that it can enter into contracts, own property, and sue or be sued in its own name.
  • Taxation: LLPs are taxed as partnerships, which means that the profits are taxed only in the hands of the partners and not at the entity level.
  • Easy to Incorporate: LLPs are easy to incorporate and require minimal compliance requirements, making it a popular choice for SMEs.

How to Register an LLP in India for Efiletax?

The process of LLP registration in India is relatively straightforward and can be done online through the Ministry of Corporate Affairs (MCA) website. The steps involved in LLP registration are:

  • Obtain Digital Signature Certificate (DSC): The first step is to obtain a DSC, which is used to sign the LLP registration documents digitally.
  • Obtain Designated Partner Identification Number (DPIN): Each designated partner of the LLP must obtain a DPIN, which is required for filing the registration documents.
  • Name Reservation: The next step is to reserve a name for the LLP. The name must be unique, and certain words are not allowed.
  • Filing of LLP Registration Documents: Once the name is approved, the registration documents must be filed with the MCA along with the necessary fees.
  • LLP Agreement: After the LLP is registered, an LLP agreement must be drafted and filed with the MCA within 30 days of incorporation.

FAQ:

Yes, it's mandatory to register an LLP under the MCA portal to operate legally in India.
LLPs are registered under the LLP Act with limited liability and separate legal entity, while partnership firm registration is voluntary and partners have unlimited liability.
No, LLPs operate based on the LLP agreement, not MoA and AoA.

What is DPIN?

Designated Partner Identification Number, necessary for all designated partners of an LLP.
At least two, with one being a resident of India.

Conclusion

In conclusion, LLP registration in India is a simple and straightforward process that provides several benefits for efiletax. By following the steps outlined in this guide, efiletax can easily incorporate an LLP and enjoy the benefits of limited liability and separate legal entity.

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