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Know More About LIMITED LIABILITY PARTNERSHIP (LLP) REGISTRATION
Introduction and Its Compliance
A Limited Liability Partnership is a hybrid business structure that combines the benefits of a company and a traditional partnership.
Introduced under the LLP Act, 2008, it offers the flexibility of a partnership with the added advantage of limited liability for its partners.
Compliance includes annual filing of Form 8 (Statement of Account & Solvency), Form 11 (Annual Return) and Income Tax Return. The structure supports efficient management and ensures the business is legally recognized and protected.
Why It Is Needed
An LLP is ideal for businesses that want to run with minimal liability while maintaining operational flexibility.
It is suitable for SMEs, startups, and professionals who wish to collaborate without full personal risk.
Benefits and Advantages
- Limited Liability Partners are not personally liable for business debts or liabilities. Their liability is limited to the capital they contribute, protecting their personal assets from business risks.
- Separate Legal Entity An LLP is a distinct legal entity from its partners. It can own assets, enter into contracts and sue or be sued in its own name.
- Operational Flexibility LLPs have fewer compliance requirements compared to private limited companies. There is no mandate for annual general meetings or heavy auditing unless turnover crosses specified limits.
- No Minimum Capital Requirement There is no mandatory minimum capital to start an LLP. Partners can contribute any amount agreed mutually.
- Tax Benefits LLPs enjoy several tax advantages, including no dividend distribution tax and exemption from audit if annual turnover is below ₹40 lakh and capital contribution is below ₹25 lakh.
- Easy Ownership Transfer Ownership can be partially transferred by inducting new partners or changing partnership ratios without significant procedural complications.
Eligibility Criteria
General Requirements
- Minimum two partners (at least one must be a resident of India).
- Partners can be individuals or legal entities (LLPs/Companies).
- At least two designated partners, both of whom must have DIN (Director Identification Number) and DSC (Digital Signature Certificate).
- Must have a registered office address in India.
Documents Required
For Partners
- Email ID and Mobile Number
- PAN Card and Aadhaar Card (mandatory)
- Passport (for foreign nationals/NRIs)
- Address proof (bank statement, electricity bill, etc.)
- Passport-size photographs
- DSC (Digital Signature Certificate)
For Registered Office
- Utility bill (not older than 2 months)
- Rent agreement (if rented)
- NOC from property owner
Steps for Getting Registration
- Obtain DSC for all designated partners.:
- Apply for DIN through the MCA portal.:
- Name Reservation via RUN-LLP (Reserve Unique Name).:
- Filing Incorporation Documents in Form FiLLiP with MCA.:
- Draft and File LLP Agreement within 30 days of incorporation using Form 3.:
- PAN and TAN Application for the LLP.:
Timelines
Complete Registration Time
10 to 15 working days
Timelines may vary depending on document verification and government approvals.
Fee
Frequently Asked Questions
Because every great business starts with the right answers.
Yes, by following the prescribed legal process and approvals.
Only if turnover exceeds ₹40 lakh or contribution exceeds ₹25 lakh.
No, a minimum of two partners is mandatory.
Yes, under the automatic route in permitted sectors.
Yes, it must not resemble any existing LLP or company name.
Any individual with DIN and DSC; at least one must be a resident of India.
Yes, if turnover exceeds ₹40 lakh (₹20 lakh for services) or in case of inter-state supply.
Yes, unless restricted by their employment contract.
No, there is no upper limit on the number of LLP partners.
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Shaperz India Grain Private Limited
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