Ideal business structure for Small and Medium sized Enterprises going for Partnership
Earlier there were only two forms of Organisation:
While “Unlimited Liability Entities” such as partnerships were easy to register but they had certain disadvantages. Thus there was a need for a single entity that could combine the advantages offered by both these forms of organizations.
LLP registration is easier with post-registration compliances in comparison to registration of a corporate body and unlike partnership where liability is unlimited, “LLPs” limit the liability of partners to the extent of their capital contribution.Learn more
You need to fill our simple LLP online questionnaire and submit LLP documents.
After submitting your documents we will provide you with DSC and DPIN
Details provided by you will be verified & then we shall apply for LLP name approval.
We will create all the required documents (MOA & AOA) and file them with ROC for your LLP.
Once your LLP is incorporated, we shall send you LLP certificate and DSCs
Any individual planning to become the partner of an LLP, has to submit an application for DIN. According to the notification of MCA regarding LLP rule, 2009, any partner who will be appointed as the designated partner of a company will have to apply for DIN instead of DPIN. The application for this is filled using an e-form which has a nominal cost of R. 100.
A partner who is going to be registered as the designated partner needs to get class 2 and class 3 DSC. Register on the MCA website, fill up the registration form and upload the DSC. After successful registration, you will get an acknowledgment message
A free name search facility is available on the MCA portal. The system will provide the list of similar/closely resembling names of existing companies/LLPs based on the search criteria filled up. Download and fill Form-1 for reservation of name and fill in the details. Select the name of the proposed. State the significance of the keyword.
Mention the number of their partners along with details. Enter the monetary value of the partner’s share. Select the office of the registrar to file the application. Pay the prescribed fees. On submission of the complete application, you will get the certificate of incorporation.
It is not mandatory to file an LLP agreement at the time of registration and it takes 30 days. Designated partners are responsible for doing all acts, matters, and things that are required to be done for complying with the provisions of the LLP act. They are liable to all penalties imposed on the LLP. So it is very important to draft an LLP agreement with professional help.
The LLP agreement needs to be uploaded. Once it gets approved all the formalities for registration gets completed.
Since an LLP is a hybrid of “a company and a partnership”, so it has plus points of both forms of entities. Some of those points are listed below, and they also tell you, as to why you should go for an LLP Registration: