LLP is a partnership with limited liabilities, this is a new concept of business registration introduced by the central government of India in the year 2009 under the Limited Liability Act, 2008. You can register LLP online in India there is no need to go anywhere because the complete procedure doesn’t require any physical verification and doesn’t require visiting any government office for that. To register LLP minimum of 2 individual persons are required as a designated partner. A designated partner is a person who handles the management of the LLP and is also responsible for filing forms or returns to the government. There is no minimum capital contribution that is required to start the LLP, it can be registered with Rs. 1000/- capital as well. LLP is the best option for small entrepreneurs and startups as it has limited liabilities as well it is a separate legal entity. If anyone is looking for a business in the form of a partnership then LLP is the best option for them because LLP is easy to maintain as well as it is easy to get financial support in LLP as a comparison to the partnership.
The Process To Register LLP In India:
- Name application: The name application shall be made to the registrar for the reservation because it is very important to get the name approval before starting the registration process. In one application two names can be applied on a preference basis, whichever name is available the registrar will approve the same. Once the name is approved it will be reserved for 3 months and the procedure must be completed in between these 3 months otherwise the name will get expired and a fresh application shall have to be made.
- DPIN & DSC: The partner must have a digital signature to register the LLP because the form requires a digital sign only and for DSC there are few verifications that the partners have to do like mobile, email and video verification. DPIN is a unique number that is allotted only to the designated partner of the LLP and now it is allotted at the time of issuance of the certificate of incorporation by the registrar.
- Drafting documents: After name approval, the documents will be drafted and it will contain all information like name, address, contact details, PAN etc. and the same will be signed by the partners and designated partners. These documents will be submitted to the registrar along with the registration form.
- Submission of final form: Once the above process is completed then only the final form needs to be filled and submitted to the registrar along with all the relevant documents and information. If the registrar is satisfied with the application he will grant a certificate of incorporation.
- PAN application: After receiving the certificate of incorporation a PAN allotment application shall be made to the NSDL PAN department.
Initial LLP agreement: After registration, an LLP agreement shall be submitted to the registrar within 30 days from the date of incorporation. The LLP agreement shall contain all the information and bye-laws of the LLP and the agreement should be notarized on the stamp paper. The value of stamp paper is determined by the value of the capital contribution of the partner in LLP and the state where the registered office of the LLP is situated.
Documents required for Designated partner/Partner
- PAN card
- Identity proof (voter id/passport/driving license)
- Address proof (bank statement/electricity bill/mobile bill/telephone bill), anyone but should not be older than 2 months
- Photo of all partners
Documents required for Registered office address
- Sale deed or house tax receipt if owned and rent agreement if rented
- Utility bill (Electricity bill/Mobile bill/Telephone bill/Gas bill), anyone but should not be later than 2 months
- NOC from the owner of the property.
Once the LLP is registered it is very important to do the LLP compliances every year so that the LLP can enjoy a good track record and no penal provision will levy on the LLP.
For more information visit: Registerexperts.com