LLP is another corporate business form that gives the advantages of limited liability of an organization and the adaptability of a partnership. The LLP can proceed with its existence independent of changes in partners. It is capable of going into contracts and holding property in its own name. The LLP is a different legal entity, is liable for its benefits however obligation of the partners is constrained to their agreed commitment in the LLP. Further, no partner is at risk because of the independent or un-approved activities of different partners, therefore singular partners are protected from joint obligation made by another partner's wrongful business choices or misconduct.
Qualification for LLP registration in India:
Minimum Two People
An LLP can be begun by no less than two partners, however there in the utmost to the most extreme number of partners.
Based on the business necessity the partners must settle on the capital of the LLP, as the govt expense relies upon it.
Resident Designated Partner
One designated partner of LLP must be resident in India by remaining for no less than 182 days in India during the budgetary year.
Unique Name of LLP
The name of LLP should not look like with the name of any current organization, LLP or a trademark.
Documents Required For LLP Registration:- (All copies of documents should be self-attested by the customer)
Two front-facing color photographs of all partners or designated partner.
Pan Card of each partner, The name must match with IT database.
Identity Proof of each partner, (Aadhar Card, Passport, Driving License or Voter ID Card).
Address Proof (Bank Statement or Passbook, electricity bill, telephone bill, or any utility bill).Proof of the registered address of the LLP (Sale Deed, electricity bill, tax paid receipt or any other utility bill).
No objection Certificate from the owner of the premises where the registered office of the LLP shall be situated.
Documents Must be self-attested and attested by a Gazetted Officer, Post Master or a Bank Manager.
Step - Wise Process To Register an LLP in India:
Digital Signature of Partners:
DSC is also called physical or paper authentications in computerized design. As the application for LLP Registration is documented online with Digital Signatures of the assigned partners, subsequently the procedure begins with the issuance of the advanced mark for all the assigned partners. Photograph, ID and Address confirmation is to be submitted along with Form for the issuance of DSC.
DIN Number allotments for the Partners
It is a permanent number issued by the enlistment center of organizations, as an extraordinary distinguishing proof number to the chief of an organization or assigned partner of the LLP. No individual can hold an office of the assigned partner unless he is issued a DIN. For apportioning of DIN, an application to ROC is made with Photo, Attested ID and Address evidence appropriately authenticated by CA, CS or CMA.
Endorsement of a name for the LLP by the ROC
Name of each organization or LLP must be unique, new and must not be same or as an effectively registered organization, LLP or a Trademark. After the DSC and DIN assignment, an application is made to the ROC for endorsement of the name; the registrar is vested with optional powers concerning the endorsement of the name. Our guides will assist you while choosing the name of the organization or LLP.
Issuance of Registration Certificate of LLP
Everything that is described beneath at long last finishes into the enrolment of the organization with the issuance of the certification of Incorporation. With e-form, DIN, Name Approval, and Incorporation related documents like affidavits; declarations are recorded or files at once. The authentication of incorporation is convincing proof of the registration of the organization.
LLP Agreement drafting and Filing with the ROC
The partners of the LLP tie themselves concerning their common rights and commitment, capital commitment ratio, profit sharing ratio in a report which is known as LLP Agreement. After joining of LLP the partners need to execute the same and document a copy with the registrar of organizations within 30 days of Incorporation, failing leads to a penalty of Rs. 100 day is imposed for every day of postponement.
PAN, TAN Number of LLP and Bank A/c Opening:
Income tax Department designates a unique 10 Digit alphanumeric number as a permanent account number, otherwise called PAN Number. To agree to TDS arrangements each taxpayer needs to get a Tax Deduction Account Number. These identification numbers are must, to work and comply. The opening of a bank account is the last step in setting up a business.
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