All You Need to Know About LLP Company Registration for Startups
Are you an entrepreneur looking to establish a Limited Liability Partnership (LLP) in India? While it can be exciting to take the first step toward realizing your business vision, navigating the various legal requirements can be challenging. To help you get your business up and running quickly, we have outlined everything you need to know about LLP company registration in India.
DOCUMENTATION REQUIRED FOR LLP REGISTRATION?
If you are an Indian National, you will need to submit the following documents for LLP registration.
∙ PAN CARD: The PAN card of all the partners will be required for the registration process.
∙ ADDRESS PROOF: In addition to the PAN card, address proof of all the partners will also be required. A passport, election card, ration card, driving license, Aaddhar car, and electricity bill, and telephone bill are all valid documents for address proof.
∙ RESIDENTIAL PROOF: The residential proof is another mandatory document for LLP registration. Bank statements, mobile bills, electricity bills, and telephone bills are valid residential proofs.
If any of the partners are foreign nationals, the following documents must be submitted for LLP registration.
∙ PASSPORT: A passport is mandatory for foreign partners. It should be notarized or apostilled in the home country and translated if in a foreign language.
∙ ADDRESS PROOF: Foreign nationals will also need to submit their address proof, which can be a driving licence, residence card, bank statement, or government-issued ID card.
∙ RESIDENTIAL PROOF: A residential proof will also be required, along with the passport and address proof. Bank statements, mobile bills, electricity bills, and telephone bills are valid residential proofs.
In addition to the above documents, information about the location of the registered office will also have to be provided,
ELIGIBILITY FOR LLP REGISTRATION
For LLP company registration, the partnership should have a minimum of 2 partners, with no upper limit. Partnership requires at least one individual to be a resident of India, and obtaining a DPIN is obligatory for all partners.
CAPITAL REQUIRED FOR LLP REGISTRATION
In India, there is no specific minimum capital requirement for registering a Limited Liability Partnership (LLP); however, there may be practical considerations regarding the amount of capital needed to operate the business effectively.
PROCESS FOR INCORPORATING LLP IN INDIA
Incorporating an LLP in India involves several key steps:
RESERVATION of NAME: Select an exclusive name for your Limited Liability Partnership (LLP) and verify its availability on the Ministry of Corporate Affairs (MCA) website. Once confirmed, reserve the chosen name.
Obtain Digital Signature Certificate (DSC): At least two designated partners must obtain Digital Signature Certificates (DSC) from government-approved agencies.
Obtain Designated Partner Identification Number (DPIN): All designated partners need to obtain DPIN from the Ministry of Corporate Affairs.
LLP AGREEMENT DRAFTING: Prepare an LLP agreement outlining the rights, duties, and responsibilities of partners. The agreement needs to be stamped and notarized.
Filing Incorporation Form: Submit Form FiLLiP (Form for incorporation of Limited Liability Partnership) along with the necessary documents, such as LLP agreement, address proof, identity proof of partners, etc., to the Registrar of Companies (ROC).
Payment of Fees: Pay the prescribed fees for incorporation and stamp duty, if applicable.
Certificate of Incorporation: After verifying the documents, the ROC issues a Certificate of Incorporation, which marks the official formation of the LLP.
Filing of LLP Agreement: Within 30 days of incorporating the LLP, you must file the LLP agreement with the Registrar of Companies (ROC).
Get PAN and TAN: Request the Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) for the Limited Liability Partnership (LLP).
Compliance: Ensure compliance with ongoing regulatory requirements such as annual filing of returns, maintenance of books of accounts, etc.
In conclusion, registering a Limited Liability Partnership (LLP) can be a strategic choice for startups looking for a flexible and less complex business structure in India. With no minimum capital requirement and limited liability protection for partners, it offers numerous advantages for entrepreneurs.
Are you looking for LLP company registration services? Get in touch with us at Shah and Doshi. Our team of experienced chartered accountants specializes in LLP registration and provides a wide range of company incorporation services so that you can experience a hassle-free registration process. After registration, they will assist you with GST registration, ROC compliance, audit services, GST return filing, legal services, tax compliance, retainers, and audit services, allowing you to focus solely on your core processes without worrying about corporate secretarial matters.
At Shah and Doshi, our commitment lies in providing exceptional professional services across accounting, auditing, taxation, and various other realms of business advisory. Our commitment lies in providing timely and efficient solutions, driven by our unwavering dedication to our clients.
