Limited Liability Partnership (LLP), a limited liability partnership, was launched in 2008 as a new entity incorporating the features of the Partnership organization and the features of the Limited Liability organization. It is through the growing number of LLP companies that we can see the overwhelming support for the LLP system among start-up entrepreneurs. In this article we will look in full detail under all the following LLP related topics.
- Features of LLP Record
- The process of registering as an LLP
- Documents required for LLP registration
- The cost to register an LLP is
- How long does it take to register an LLP?
Features of LLP Record
- The liability of the partners in the company is only the amount corresponding to the investment they have made.
- There is no minimum investment amount to register your company under this scheme.
- Unlimited maximum number of partners can be added
- Low initial cost of setting up LLP businesses.
LLPs can include a minimum of two people and a maximum of as many people as partners to identify their company. It is essential that at least two persons are a Disconnected Partner and at least one is an Indian. The obligations of the Deccanite partner and the rights he may have are governed by the LLP Agreement. These Desiccanide Partners will be the persons who will accept all the liabilities mentioned in the LLP Act 2008. If you want to start a limited liability partnership, register under the Limited Liability Partnership Act 2008.
The process of registering as an LLP
- 1) Obtaining DSC
- 2) Obtaining DIN
- 3) Select the company name
- 4) Obtaining LLP Institutional Accreditation
- 5) Prepare the LLP Partners Agreement
1) Obtaining DSC
The first step in the LLP registration process is to purchase a Digital Signature Certificate (DSC) for the person who will be responsible as the Desiccanide Partner of the LLP company you are about to start. This DSC application is because you have to apply through online applications at various places where you need to register to start LLP. Digital Signature Certification – DSC has all the powers equivalent to your written signatures so be careful where you use it. All Deccanite Partners should apply for DSC from companies that are accredited to issue digital signature certificates.
- National Information Center (NIC)
- IDRPD Certification Authority
- SafeScript CA Services, Sify Communications Limited
- (N) Code Solutions CA.
Each type of fee is charged by each company as the various companies mentioned above have been appointed to issue the Digital Signature Certificate. So it is a good idea to contact the company from which you are going to get DSC and find out the details of the fee. Your DSC will be ready within three to seven days of submitting the Digital Signature Certificate application. The Class 2 and Class 3 types of digital signature certificate are required if you want to apply for your Enterprise Certificate on the MCA site. Since the DSC certificate is only valid for one or two years, renewing the DSC before the expiry of the validity period will help to avoid various stage problems.
2) Obtaining DIN
Anyone who is nominated to be a Designenite Partner or who wishes to become a Designenite Partner is required to obtain the Director Identification Number (DIN) Director Identification Number. Application Form for DIN Assignment You need to have some documents before registering for DIR-3. If you want to get a DI, you have to have all the documents that may come later ready.
- Gender and date of birth and national citizenship details
- Permanent Account Number (PAN)
- Voter ID card
- A passport is required if you are a foreigner
- Driving license
- Aadhar card
- Personal email address and phone number
- Permanent address
The application forms you apply for must have the signatures of the CEO of the company and the CEO of the beauty company. The SRN number generated upon successful submission of DIR Application Form No. 3 can be used for MCA site operations.
3) Select the company name
If you want your company to be registered as an LLP, you must choose a name that no one else can use to run your businesses. You can find out what kind of new names you can choose for your company by researching the names of companies that may already be on the MCA website. After selecting a unique name that has not been fully explored and used by anyone, the LLP – RUN Limited Limited Liability Partnership – Reserve Unique Name must be registered with the Non-STP Central Registration Center.
If the name you choose is similar to the names of any other companies your application for name registration will be rejected outright. If your application for registration is rejected, you can reapply within the next 15 days. You do not have to choose only one name, so you have to apply another alternative name as well.
4) Obtaining LLP Institutional Accreditation
The form used to obtain LLP corporate accreditation should be submitted to the office of the Correspondent of the corporation where your business is located. You will have to pay a fee for submission of Attachment Form A. Through this attachment form there is also the facility to obtain a DBIN if the person responsible for being your company’s disconnected partner does not have a DIN.
5) Prepare the LLP Partners Agreement
The LLP Partners Agreement should define information about the sharing of power between the Partners and the mutual rights and obligations of the Partners. You will need to file the documents for your LLP Agreement through Form Three on the MCA website. You must submit this Form 3 within 30 days of preparing the LLP Agreement. Your LLP contract should only be on a stamp paper approved by the state government.
Documents required for LLP registration
Documents of partners
To become a partner in an LLP company, it is essential that the ban card be the primary identification card for everyone on the Internet.
It is necessary to have an identity card for the permanent address without any typos like the name and date of birth on the ban card.
Submit any of the electricity bill, telephone bill, gas bill, etc. confirming the location of the partners. The duration of such receipt forms should be within the last three months.
Passport photos taken on a white background are required.
Anyone residing abroad who wants to participate in the LLP Company to be set up in India must submit his / her passport details and certificates for our current country address.
2) LLP Company Documents
Certificate of location is required for the office where your LLP company is to be started. If the place where your company is to be started is rental space then you need to get a lease agreement and an agreement from the landlord that you have no objection to starting the company.
As we said earlier most of the document filing is done online so Digital Signature Certificate and Director Identification Number is mandatory.
The cost to register an LLP is
The approximate amount that can be spent on each step to register an LLP is outlined below.
- 1500 to get DSC
- 1000 to get DIN
- 200 for company name registration
- Incorporation registration will require Rs. 500 if your company has an investment of Rs. 1 lakh and Rs. 2000 if it is between Rs. 1 lakh and Rs. 5 lakh.
- The stamp duty that the partners can contract is subject to the control of the State Government.
- Form-3 to 50 to become a partner for one lakh rupees 50