Limited Liability Partnership (LLP) in India

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  • DIN For 2 Partners
  • LLP Agreement(Drafted by us)
  • LLP Incorporation Certificate
  • DSC For 2 Directors
  • All Inclusive

Limited Liability Company
Rs. 6,999.00/-





    Benefits OfLimited Liability Company Registration

    No requirement of minimum contribution

    There is no minimum capital requirement in LLP. An LLP can be formed with the least possible capital. Moreover, the contribution of a partner can consist of tangible, movable or immovable or intangible property or other benefits to the LLP.

    No limit on owners of the business

    An LLP requires a minimum of 2 partners while there is no limit on the maximum number of partners. This is in contrast to a private limited company wherein there is a restriction of not having more than 200 members.

    Lower registration cost

    The cost of registering LLP is low as compared to the cost of incorporating a private limited or a public limited company. However, the difference in the cost of registering an LLP vs Private Limited Company has come down in recent days.

    No requirement of compulsory Audit

    All companies, whether private or public, irrespective of their share capital, are required to get their accounts audited. But in case of LLP, there is no such mandatory requirement. This is perceived to be a significant compliance benefit. A Limited Liability Partnership is required to get the tax audit done only in the case that:-

    The contributions of the LLP exceeds Rs. 25 Lakhs, or The annual turnover of the LLP exceeds Rs. 40 Lakhs

    LLP DisadvantagesOver Private Limited

    • Inability to Have Equity Investment
    An LLP does not have the concept of equity or shareholding like a company. Hence, angel investors, HNIs, venture capital and private equity funds cannot invest in an LLP as shareholders. Thus, most LLPs would have to rely on funding from promoters and debt funding.
    • Higher Income Tax Rate
    The effective income tax rate for a company is 25.2%. However, LLPs are taxed at a 31.2% rate irrespective of the turnover.
    • No tax-benefits for Partners
    The income of a Partner in an LLP is treated as the income of an individual & taxed accordingly. This means there is no tax benefit for the Partners of an LLP.
    • Transfer of Ownership
    Transferring the ownership right to someone else is a challenging task. The Partners wishing to transfer/her rights will need written consent from all the partners. In case if some Partner raises an objection, the transfer process cannot proceed further.

    Requirementsto Start LLP

    • Minimum Two person

    LLP must have at least 2 Person, minimum of one of the company’s Partner must be a resident of India.

    • No Minimum capital

    There is no minimum capital amount for a LLP.You can start LLP with minimum capital of 2 Rs.

    • Unique Name of LLP

    The name of your LLP must be unique. Name should not be similar to any existing companies or trademarks in India.

    • Registered address of LLP

    The Proposed LLP must have an address at any location within the State where you want to do private limited company registration.The registered office of a LLP does not have to be a commercial space.

    Process To Follow For Registration

    Registering your Limited Liability Partnership is simple and streamlined. Just follow these four easy steps to get started legally, build trust, and operate your business with a registered identity.

    Try for Free

    1. Start Application

    Share basic info about your business.

    2. Add Documents

    Attach ID, address, and business proof.

    3. Verify

    Our professionals check everything before submission.

    4. Submission

    Our professional will submit details for Approval

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    Explore OurPackages

    Basic

    Rs. 6,999/-

    • DSC of 2 Partners (Class-3)
    • DIN of 2 Partners
    • LLP Agreement (Drafted by us)
    • Incorporation Certificate
    • All Government
    • LLP Pan & Tan
    • Dedicated Account Manager
    • GST
    • 1 Year GST Returns
    • MSME
    • Start-up India
    Get Started
    Advance

    Rs. 13,999/-

    • DSC of 2 Directors(Class-3)
    • DIN of 2 Directors
    • LLP Agreement (Drafted by us)
    • Incorporation Certificate
    • All Government Fee
    • LLP Pan & Tan
    • Dedicated Account Manager
    • GST
    • 1 Year GST Returns
    • MSME
    • Start-up India
    Get Started
    Premium

    Rs. 19,999/-

    • DSC of 2 Directors(Class-3)
    • DIN of 2 Directors
    • LLP Agreement (Drafted by us)
    • Incorporation Certificate
    • All Government Fee
    • LLP Pan & Tan
    • Dedicated Account Manager
    • GST
    • 1 Year GST Returns
    • MSME
    • Start-up India
    Get Started

    ComparisonChart

    Basis of Comparison Company LLP Partnership Proprietorship
    Overview Private Limited Company is the preferred choice of business for startups or if you plan to raise funding Limited Liability Partnership is the preferred choice for businesses who want limited liability and a separate legal entity With the introduction of LLP in India, partnership firms are losing their preference due to the added advantages offered by an LLP Since sole proprietorship is a person doing business on their own, setup is simple and cost is less but is not a legal entity
    Minimum Number of Persons Required 2 2 2 1
    Minimum Capital Almost Nil Almost Nil Almost Nil NIL
    Promoter Liability Limited Liability Limited Liability Unlimited Liability Unlimited Liability
    Applicable Law Companies Act 2013 LLP Act 2008 Partnership Act Not Applicable
    Transferability Freely Transferable Limited Transferability NON Transferable NON Transferable
    Registration Time 3–7 Days 3–7 Days 3–7 Days 3–7 Days
    Audit Requirements Mandatory Required if turnover more than 40 Lacs Required if turnover more than 1 Crore Required if turnover more than 1 Crore
    Tax Rate Companies are taxed at 22% LLP are Taxed at 30% Same as LLP Proprietorship is taxed at slab rates of individual
    Investor Flexibility Can Add Investors Freely Can Add Investors as Partners Investors do not invest in Partnership firms Cannot Add Investors
    Startup India Benefits Eligible for Startup India Benefits Eligible for Startup India Benefits Very Few Benefits Not Eligible

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    Frequently asked Questions

    How many people are required to incorporate a Limited Liability Partnership

    To incorporate a Limited Liability Partnership, a minimum of two people is required i.e. two partners and can have a maximum of any number of Partners.

    The documents requirements are as follows : For Partners Pan Card for Indian Nationals. ID proof- Any one (Voter ID/Aadhar Card/Driving License/Passport) Address Proof- Any one (Electricity Bill/Telephone Bill/Mobile Bill/Bank Statement) In addition, the landlord of the registered office premises must provide a No Objection Certificate (NOC) for having the registered office in his premises and must submit his identity proof and address proof.

    Allindiataxfiling.com can incorporate a Limited Liability Partnership in 14-18 days. The time taken for incorporation will depend on submission of relevant documents by the client and speed of Government Approvals. To ensure speedy incorporation, please choose a unique name for your LLP and ensure you have all the required documents prior to starting the incorporation process.

    The Designated Partners needs to be over 18 years of age and must be a natural person. There are no limitations in terms of citizenship or residency. Therefore, the LLP Act 2008 allows Foreign Nationals including Foreign Companies & LLPs to incorporate a LLP in India provided at least one designated partner is resident of India.

    No, you will not have to be present at our office or appear at any office for the incorporation of a Limited Liability Partnership. All the documents can be scanned and sent through email to our office. Some documents will also have to be couriered to our office.

    You can open a LLP on your residential address, there is no requirement to have a commercial place to open up a LLP. For Registered Office Address Rent agreement along with latest rent receipt (in case the premises are rented) House tax receipts (in case premises are owned) Electricity bill NOC from the Owner

    Yes, LLP has a separate legal entity, liable to the full extent of its assets, the liability of the partners would be limited to their agreed contribution in the LLP. Further, no partner would be liable on account of the independent or un-authorized actions of other partners, thus allowing individual partners to be shielded from joint liability created by another partner’s wrongful business decisions or misconduct.

    You can start a Limited Liability Partnership with any amount of capital. There is no requirement to show proof of capital invested during the incorporation process. Partner’s contribution may consist of both tangible and/or intangible property.

    No LLP is not a good instrument to raise funds from Private investors. Investors invest in a company in lieu of the equity or stake but in LLP the investors do not get to hold stake.

    The **LLP Identification Number (LLPIN)** is a unique 7-digit alphanumeric code assigned by the Ministry of Corporate Affairs (MCA) to every Limited Liability Partnership registered in India. It serves as the official registration number and is used to identify and track the legal and compliance status of the LLP on the MCA portal. The LLPIN is issued at the time of incorporation and is required in all official filings and correspondence related to the LLP.

    What is a Digital Signature Certificate?

    A Digital Signature establishes the identity of the sender or signee electronically while filing documents through the Internet. The Ministry of Corporate Affairs (MCA) mandates that all Designated Partners apply with a Digital Signature for Designated Partner Identification Number (DPIN). Hence, a Digital Signature is required for all Designated Partner of a proposed LLP.

    Designated Partner Identification Number is a unique identification number assigned to all existing and proposed Designated Partner of a LLP. It is mandatory for all present or proposed Designated Partners to have a Designated Partner Identification Number (DPIN). Designated Partner Identification Number never expires and a person can have only one DPIN.

    Once a Limited Liability Partnership is incorporated, it will be active and in-existence as long as the annual compliances are met with regularly. In case, annual compliances are not complied with, the LLP will become a Dormant and maybe struck off from the register after a period of time. A struck-off Company can be revived for a period of upto 20 years.

    Yes, a NRI or Foreign National can be a Designated Partner in a Limited Liability Partnership after obtaining Designated Partner Identification Number (DPIN). However, atleast one Designated Partner in the LLP must be a Resident India.

    Yes, a salaried person becomes a Partner, there are no legal bondages in this but you may have to go through with your employment agreement if it contains any restrictions on doing so.

    Every partner of an LLP would be, for the purpose of the business of the LLP, an agent of the LLP but not of the other partners. Liability of partners shall be limited except in case of unauthorized acts, fraud and negligence. But a partner shall not be personally liable for the wrongful acts or omission of any other partner. An obligation of the limited liability partnership whether arising in contract or otherwise, is solely the obligation of the limited liability partnership. The liabilities of LLP shall be met out of the property of the LLP.

    LLPs are required to file an annual filing with the Registrar each year. However, if the LLP has a turnover of less than Rs.40 lakhs and/or has a capital contribution of less than Rs.25 lakhs, the financial statements do not have to be audited.

    No, right now act does not permit this conversion. An LLP can’t be converted into Private or Public limited but a Private or Public Limited Company can be converted into LLP

    Yes, an existing partnership firm can be converted into LLP by complying with the Provisions of clause 58 and Schedule II of the LLP Act. Form 17 needs to be filed along with Form 2 for such conversion and incorporation of LLP.