With our expertise in registration and compliance, we simplify the process of establishing and managing limited liability partnership (LLP) in India ensuring smooth and efficient formation.
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A Limited Liability Partnership (LLP) is a progressive and versatile business structure that combines the benefits of partnerships and corporations. It offers partners limited liability protection while retaining the flexibility and tax advantages associated with partnerships. This innovative legal entity allows individuals or businesses to establish a collaborative venture with shared responsibilities and protections.
Select LLP Name
Draft LLP Agreement
Filing Application with RoC
A LLP in India merges the favorable aspects of a partnership and a corporation, providing partners with limited liability protection. It operates under the purview of the Indian Limited Liability Partnership Act of 2008, along with the Indian Partnership Act, 1932, and the Companies Act, 2013. LLPs offer a flexible and tax-efficient structure that facilitates business activities, particularly for professionals and small to medium-sized enterprises, ensuring ease of operations and legal compliance in India.
To reserve a specific name for your Limited Liability Partnership (LLP), you need to follow a simple process. Prepare a list of desired names that comply with the guidelines set by the Ministry of Corporate Affairs (MCA). Submit an application to the MCA with these name choices, ensuring they are unique, non-misleading, and do not infringe upon existing trademarks. If approved, the MCA will reserve the name for 3 months, allowing you to proceed with the LLP registration.
Firstly, LLP offers limited liability protection to its partners, ensuring that their personal assets are separate from the business liabilities. Secondly, there is no minimum capital requirement for starting an LLP, making it accessible for small businesses. Thirdly, LLPs have perpetual existence, meaning that the business continues to exist even if the partners change. Fourthly, LLPs provide flexibility in managing the business, allowing partners to define their roles, responsibilities, and profit-sharing arrangements through a partnership agreement. Lastly, LLPs have relatively fewer compliance requirements compared to companies, making it easier for businesses to maintain and operate. These features make LLP an attractive choice for entrepreneurs seeking a flexible and liability-protected business structure in India.
Yes, it is mandatory to have a minimum number of partners for LLP registration. According to the Indian LLP Act, 2008, a minimum of two partners is required to form an LLP. However, there is no upper limit on the maximum number of partners. It is important to fulfill this requirement to ensure compliance with the legal framework governing LLPs in India.
Yes, foreign nationals and NRIs are allowed to be partners in an LLP. The Indian LLP Act permits individuals and corporate entities, including foreign nationals and NRIs, to become partners in an LLP. However, it is important to comply with the regulations and requirements related to foreign investment, taxation, and other applicable laws. Foreign partners may need to obtain the necessary approvals, permits, or registrations as per the Foreign Exchange Management Act (FEMA), 1999, and other relevant regulations.
The registration process for an LLP in India typically takes around 15 to 20 working days, subject to the timely submission of all required documents and the efficient processing by the Registrar of Companies (RoC). However, the exact timeframe may vary depending on factors such as the specific circumstances of each case and any additional scrutiny or clarification required during the review process. It is advisable to consult with professionals or experts familiar with the registration process to ensure hassle-free and timely registration of your LLP.
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