As an entrepreneur, I am sure you have already done a fair amount of research on the best corporate structure for your business. We will help you understand the registration process in an easy way on LLP incorporation online.
The LLP structure basically offers the advantages of her two forms of business structure: partnership and limited liability company. This means that the benefits of both constructions are balanced. But first, let’s briefly cover the basics.
- The LLP concept was first introduced in India under the LLP Act, 2008.
- Designated shareholders enjoy operational flexibility while being legally separated from the company.
- Partners are only responsible for the amounts they contribute to the Company. When it comes to
- compliance, LLP companies have very little to comply with compared to other structures.
- LLP legal entity structure requires a minimum of two partners, of which at least one of her partners must be an Indian citizen who has resided in India for at least 182 days in the previous year. The
- LLP contract must state the rights and obligations of the Designated Partners along with the terms set out in the contract.
These are some of the main reasons why LLP registration has become one of the most preferred corporate structures in India. The registration process will take approximately 15-18 business days. We made it easy to understand and follow. You need professional help to make the registration process quick and smooth. That’s where LegalWiz.in comes in! Right at the beginning!
Step 1: Obtain a Digital Signature Certificate (DSC)
As the registration process in LLP India is online, every nominated partner is required to obtain her DSC. All documents are digitally signed at DSC before being sent to MCA. Each designated partner must apply for her DSC by presenting a PAN card, identification, address proof, and passport photo.
Step 2: Obtain a Director Identification Number (DIN)
The DIN is another mandatory document for all nominated partners of an LLP. A DIR-3 form will be submitted for this process. A DIN is assigned to each partner by the state’s ROC (Registrar of Companies). An Aadhaar card with a self-certified copy and a PAN card are required along with the DSC of the nominated partner and expert.
Step 3: LLP Name Approval
At this stage, you should carefully choose your company’s naming options. For LLPs, a RUN-LLP form (Reserve Unique Name – Limited Liability Partnership) is submitted to the MCA Portal. Prior to submission, our team will check the name availability to ensure it is completely unique and unlikely to be rejected for any reason. can send two naming options. If your name is rejected, you will be given another chance to submit two new name options.
Step 4: LLP Incorporation
FiLLiP (Form for incorporation of Limited Liability Partnership) is the subsequent shape to be filed to sign in an LLP business enterprise in India. If the certain companions do now no longer have DIN, that is in which they are able to observe for it beneathneath this shape. Once the FiLLiP is accepted, a certificates might be issued which serves as felony evidence to perform enterprise operations in India. Also, LLPIN (Limited Liability Partnership Identification Number), a 7 digit wide variety is allocated to all LLP companies registered in India.
Step 5: Applying for PAN and TAN
PAN (Permanent Account Number) and TAN (Tax Account Number) are very crucial to legally perform enterprise operations and report the compliances levied through the Government of India. A separate utility is filed through the working towards expert with paperwork 49A and 49B to get PAN and TAN for the LLP.
Step 6: LLP Agreement
The LLP Agreement is a completely crucial record that consists of the guidelines and duties of the certain companions withinside the business enterprise. For this, Form three is filed at the MCA portal. It is obligatory to report it inside 30 days of LLP registration in any other case extra charges is charged for the delay. Once you get the agreement, it wishes to be published on stamp paper. Stamp obligation is special in each country that is calculated primarily based totally at the legal capital. You can test country-clever charges of stamp obligation at the LLP Agreement here.