how to register limited liability partnership (llp) in india
TRANSCRIPT
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A brief Description…
AN ISO 9001:2015 CERTIFIED COMPANY
WHAT IS LIMITED LIABILITY PARTNERSHIP ?
LLP Agreement means a written agreement between the partners of the LLP or between the LLP and its partners which establish the rights and duties of the partners toward each other. It is a body corporate created by law. Once an LLP is formed, it is governed under Schedule One of the LLP Act, unless the LLP's partners or the LLP and partners create an LLP agreement.
A Limited Liability Partnership gives the dual advantage of both the Company and Partnership into a single form of organization where one partner is not responsible or liable for another partner’s misconduct or negligence.
Limited Liability Partnership
FEATURES OF LIMITED LIABILITY PARTNERSHIPSe
Separate Legal EntityAn LLP is a legal entity and a juristic person established under the Act, compared to a sole proprietorship where owner is the key entity
Limited LiabilityThe Members of an LLP act as its agents and only have liability up to the amount they have contributed to the LLP.
Low cost of set-upLLP has no authorized capital requirement, substantially lowering the cost of set up as compared to a Private Ltd Company
Disclosure requirements
Every LLP must paint or affix its name on the outside of every office or place of business, in a conspicuous position and in legible letters.
Organisational Flexibility
They have the organisational flexibility of a partnership.
Floating chargesAn LLP may issue debentures and give fixed charges and floating charges over its assets in the same way as a company.
TaxationThey are taxed as a partnership.
TYPES OF LIMITED LIABILITY PARTNERSHIP
1. Equal Rights LLP In such type of LLP, all partners mutually work together they share equal profit or loss of the company. They
contribute equal capital, time, and energy in the LLP. All the partners have same rights and contribute equally in the management of the LLP.
2. Differentiatial Rights LLP In such type of LLP, it is opposite to equal rights LLP. They have different amount of contribution in terms of capital,
energy and time. They have different profit sharing, decision making and managerial right.
3. Board Managed LLP In such type of LLP, management is done by forming the board of partners similar to board of director in company.
The partners have the day to day managerial and operational, decision making power rest in the hand of board/committee of partners.
4. Husband & Wife LLP In such type of LLP if Husband and wife are running LLP, then special agreement related to tax liability can be made
so as to minimize the family tax liability. Besides, they can choose any of the of LLP according to their convenience.
5. Differential Rights And Differential Powers LIn such type of LLP, partners hold different rights and powers. Some may be just investing while other may be holding managerial responsibilities. In order to avoid miscommunication and conflict, the rights and power of partners must be well defined and agreed on.
6. Absolute Rights LLPIn this type of LLP, there are only two partners, and one of them is appointed as the nominee or in only as the investor then the llp agreement will be drafted in such a way that one person will get all the management and decision making power.
7. Manager Managed LLPIn such type of LLP, partners appoint the manager and give him powers related to administration, management, operational of the company. The role of the partner is limited as investor and do not have any decision making power on day to day activities of the company.
LLP FORMATION DOCUMENTS REQUIRED
PAN Card of the
PartnersUtility Bill
of the proposed
Registered Office of the LLP
Rental Agreement
Copy between the LLP and the
Landlord
No-Objection Certificate from the Landlord
Address Proof of
the Partners
REGISTERATION PROCESS OF LLP
Obtain Designated Identification Number (DIN)
Register Digital Signature of Designated Partner
Filing of Name Availability
Filing of Incorporation and Subscription Document
Drafting of LLP Agreement
Filing of LLP Agreement
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