Advantages of LLP Incorporation
Process of LLP Incorporation
GST Registration is an online process. Following steps need to be followed for the purpose of GST Registration:
- Since the documents of LLP are filed online and are required to be digitally signed, the proposed designated partners need to obtain their digital signature certificates from certifying agencies.
- They usually have a validity of one or two years and can be used at that time for filing of Income Tax documents or Ministry of Corporate Affairs (MCA) documents online.
- Application for reservation of name is required to be made to the MCA. Form LLP-RUN (Limited Liability Partnership-Reserve Unique Name) is required to be filed for reserving the name of proposed LLP which shall be processed by MCA.
- Two proposed names of the LLP can be provided in one application. Availability of a particular name can also be checked over MCA as name resembling the name of some previous organization is not approved.
- DPIN and DSC are not required for Name Reservation through RUN-LLP.
- The name is valid for a period of 3 months.
- After the LLP Name Approval Letter is issued to the proposed Partners signifying approval of name by the LLP, partners have 3 Months to file the incorporation documents and register the LLP.
- Application for online registration of LLP is required to be made online using FiLLiP (Form for incorporation of Limited Liability Partnership).
- LLP Agreement shows the mutual rights and duties among the partners and between LLP and its partners.
- It has to be filed in Form 3 online within 30 days of incorporation. LLP Agreement has to be printed on Stamp Paper, value of which is separate for every state.
The last step is to apply for the PAN & TAN of LLP after which the bank account can be opened for LLP.
Documents required for LLP Incorporation
ID Card (PAN Card) of the Partners
Address Proof of the Partners
Photograph of Partners
Passport (in case of foreign nationals)
Utility Bill of the proposed Registered Office of the LLP
No-Objection Certificate from the Landlord
Copy of Rent Agreement
Copy of Rent Agreement between the LLP and Landlord
- Who and Why should you get LLP registered?
Any person who would like to avail the advantages of limited liability, fewer compliances, ease of operations, lower costs, no DDT may opt for this form of structure.
How StartUp Movers can help you?
HOW STARTUP MOVERS CAN HELP YOU?
Our team of professionals can assist you with entire process for company incorporation. We will help you from procuring Digital Signature Certificate to obtaining incorporation certificate.
We will deliver you following:
- Name Approval Letter.
- Incorporation Certificate.
- LLP Agreement.
- DIN Approval Letter and Digital Signature Token
- PAN Card of the LLP and Company Stamp
- TAN/TDS Letter of the LLP.
- Incorporation kit.
Frequently asked questions
Yes, any existing company can be converted into LLP by complying with the provisions of Clause 58 and Schedule III and IV of the LLP Act. Form 18 needs to be filed with the Registrar along with FiLLiP for the purpose of conversion.
Name of LLP shall end with either ‘Limited Liability Partnership’ or ‘LLP’. Word ‘limited’ shall be allowed in name only within ‘Limited Liability Partnership’.
The change in partner’s details can be intimated by filing e-form 4 within thirty days of such change without additional fee and with additional fee thereafter.
LLP is required to file LLP Form 8 (Statement of Account & Solvency) and LLP Form 11 (Annual Return) annually. The ‘Annual Return’ is required to be filed within 60 days of close of the financial year and ‘Statement of Accounts & Solvency’ shall be filed within 30 days from the end of six months of the financial year to which it relates. Every LLP has to maintain uniform financial year ending on 31st March of a year.
The approved name of the LLP shall be valid for a period of 3 months from the date of approval. If the proposed LLP is not incorporated within this period, the name shall lapse and shall be available for any other LLP. There is no provision for renewal of name.
Every partner shall inform the LLP of any change in his name or address within a period of fifteen days of such change. The LLP, in turn, would be under obligation to file such details with the Registrar within thirty days of such change in Form 4.
Yes. It is mandatory to execute and file the LLP Agreement as per Section 2(o), 2(q), 22 and 23 of the LLP Act. As per provisions of the LLP Act, in the absence of agreement as to any matter, the mutual rights and liabilities shall be as provided for under Schedule I to the Act. Therefore, in case any LLP proposes to exclude provisions/requirements of Schedule I to the Act, it would have to enter into an LLP Agreement, specifically excluding applicability of any or all paragraphs of Schedule I.