llp registration

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Llp Company Registration

• ABOUT
• Limited Liability Partnership(LLP) is defined as
  partnership and registered under Limited
  Liability Partnership(llp) Act in the office of
  Registrar of Companies (ROC), India. LLP
  Registration is an alternative corporate business
  form that gives the benefits of limited liability
  of a company and the flexibility of a partners.
  The LLP can continue its existence irrespective
  of changes in partners. It is capable of entering
  into contracts and holding property in its own
  name. The LLP Firm is a separate legal entity, is
  liable to the full extent of its assets but
  liability of the partners is limited to their
  agreed contribution in the LLP. Further, no
  partner is liable on account of the independent
  or un-authorized actions of other partners, thus
  individual partners are shielded from joint
  liability created by another partners wrongful
  business decisions or misconduct.

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Key features of LLP Registration in India

• LLP Firm shall be a body corporate and a legal
  entity separate from its partners. It will have
  perpetual succession like a corporation.
• There shall not be any upper limit on number of
  partners in an LLP Firm unlike an ordinary
  partnership firm where the maximum number of
  partners can not exceed 20 (10 in case of
  banking)
• While the LLP will be a separate legal entity,
  liable to the full extent of its assets, the
  liability of the partners would be limited to
  their agreed contribution to the LLP. Further, no
  partner would be liable on account of independent
  or unauthorized actions of other partners, thus
  allowing individual partners to be shielded from
  joint liability created by another partners
  wrongful business decisions or misconduct.
• The framework of LLP is not restricted to
  professional services alone. Several business
  activities can be undertaken using the LLP
  structure.

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ADVANTAGE

• Easy to Form It is very easy to form LLP, as the
  process is very simple as compared to Companies
  and does not involves much formalities.
• Liability A LLP exists as a separate legal
  entity from its partners. Both LLP and its
  partners are separate entities and both functions
  separately. Liability for repayment of debts and
  lawsuits incurred by the LLP lies on it and not
  on the partner. Any business with potential for
  lawsuits should consider incorporation, it will
  offer an added layer of protection.
• Perpetual Succession An incorporated LLP has
  perpetual succession. Notwithstanding any changes
  in the partners of the LLP, the LLP will be a
  same entity with the same privileges, immunities,
  estates and possessions. The LLP shall continue
  to exist till its wound up in accordance with the
  provisions of the relevant law.
• Flexible to Manage LLP Act 2008 gives LLP the
  atmost freedom to manage its own affairs. Partner
  can decide the way they want to run and manage
  and put the same in form of terms and conditions
  in the LLP Agreement . The LLP Act also in most
  cases provides that the said provision will
  applicable, only in case nothing is provided in
  the LLP Agreement.

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Easy Transferable Ownership It is easier to
become or leave the partnership of the LLP or
otherwise it is easier to transfer the ownership
in accordance with the terms of the LLP
Agreement. Ceasing of old partners and coming of
new partners , will automatically leads to change
in ownership of LLP. Separate Property A LLP as
legal entity is capable of owning its funds and
other properties. The LLP is the real person in
which all the property is vested and by which it
is controlled, managed and disposed off. The
property of LLP is not the property of its
partners. Taxation LLP is not required to pay
surcharge on income tax. Moreover , it is also
not required to pay tax on profits distributed to
partners whereas Company is required to pay tax
on dividend distributed to its shareholders. Raisi
ng Money Financing a small business like sole
proprietorship or partnership can be difficult at
times. A LLP being a regulated entity like
company can attract finance from PE Investors,
financial institutions etc.
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Capacity to sue As a juristic legal person, a
LLP can sue in its name and be sued by others.
The partners are not liable to be sued for dues
against the LLP. No Mandatory Audit
Requirement In LLP, only in case of business,
where the annual turnover/contribution exceeds Rs
40 Lacs/Rs 25 Lacs are required to get their
account audited annually by a chartered
accountant. This provides great relief to small
businessmen. Partners are not agent of other
Partners In LLP, Partners unlike partnership are
not agents of the partners and therefore they are
not liable for the individual act of other
partners.
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TIME DURATION
Activity Days
Taking Digital Signature of Partners Taking Designated Partnership Identification Number (DPIN) 1-2 Day
Reservation of the name of the Company 0-3 Days
Preparation of other documents such as MOA,AOA, Forms etc 0-1 Days
Filling of documents with Authorities 0-1 Day
Getting Final Certificate of Incorporation 3-7 Days
Total Number of Days 5-15 Days  
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DOCUMENT REQUIRED

• DOCUMENTS REQUIRED FOR LLP COMPANY REGISTRATION
  IN INDIA 
• Self attested Copy of PAN Card of all the
  proposed partners.
• Self attested Copy of ADDRESS PROOF (Voter
  ID/DL/Passport/Aadhar Card)of all the proposed
  partners.
• Self attested Copy of Bank Account
  Statement/Electricity Bill/Mobile Bill of all the
  proposed partners.
• Passport Size 3 Photographs of all the proposed
  partners.
• Duly signed DSC Form of all partners of the LLP.
• Copy of current Electricity Bill/Water Bill/House
  Tax Etc for the     premises proposed to be used
  as registered office of the LLP.
• If the Property is Rented, then Rent
  Agreement and NoC from owner of property.       
      

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INFORMATION REQUIRED FOR LLP REGISTRATION IN
DELHI Directors Detail Educational
Qualification of all the Partners. Profession/Occu
pation of all the Partners with area of
Operation Citizenship alongwith Residential
Status of all the Partners Place of Birth of all
the Partners Permanent Present Residential
Status of all the Partners Contact Numbers of all
the Partners Email Ids of all the Partners LLP
COMPANY REGISTRATION DETAILS Preference wise
Proposed names of the LLP with Significance of
the name  State in which LLP is to be
registered. Capital Contribution of the Proposed
LLP Main Object of the Proposed LLP Division of
Contribution among the Partners. Number of
Proposed Designated Partners partners.
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What You Get

• What you get after LLP Registration in India
• 1. Unique Designated Partnership Identification
  Number (DPIN) for Life time.
• 2. Digital Signature Certificates (DSC)
• 3. Name Approval
• 4. LLP Registration Certificate
• 5. To Have the Rubber Stamp of the LLP
• 6. To Apply for PAN Card of the LLP.
• 7. To Provide you the Proper Incorporation File
• 8. 10 Draft Copies of LLP Agreement.