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What is LLP Registration ?

LLP refers to Limited liability partnership and is governed by Limited Liability Partnership Act 2008. Limited Liability partnership provides advantage of limited liability to its owners and at the same time requires minimal maintenance. The Partners of a LLP Firm have limited liability to creditors. In case of default, banks / creditors can only sell Firm’s assets and not personal assets of Partners.

Choose LLP because

  • Dual advantages- Company and a Partnership

  • No partner will be responsible for other partner’s misconduct

  • Cheaper to incorporate than a private limited company

  • Limits the liabilities of its partners

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Documents Required For LLP Registration

       >>Copy of PAN Card of partners                                  >> Passport size photograph of partners                         >>Copy of Aadhaar Card/ Voter identity card of partners

    

      >>Copy of Rent agreement (If rented property)         >>Electricity/ Water bill (Business Place)                           >>Copy of Property papers(If owned property)

   

       >>Landlord NOC (Format will be provided)                >> Consent and declaration from partners                     >>Copy of Bank Statements of partners

     Steps For LLP Registration

 

The following process for LLP registration in India:

RUN Name Approval

Firstly name approval is obtained for the proposed Firm name from the Ministry of Corporate Affairs. Upto 2 names can be provided. In case of rejection of both names, an opportunity is provided for re-submission of the form with 2 more names. 

 

Timeline: Name approval can be obtained in 1-2 business days.

Digital Signature

Digital signature must be obtained for the proposed Partners of the Firm. Digital signature is required for signing of the incorporation application. However, digital signature is not required for obtaining name approval. Hence, this process of obtaining Digital signature can run parallel to the name approval process.

 

Timeline: Digital signature can be obtained in 1-2 business days.

Incorporation Application Submission

On obtaining the Digital Signature, the incorporation application can be submitted in SPICe Form with the MCA. There is no requirement for obtaining RUN Name Approval for submission of SPICe Form. Hence, if RUN name approval was not obtained, if the name is available, the company would be incorporated. In case of non-availability of name, the incorporation documents must be resubmitted. Hence, its advisable to obtain RUN name approval before submission of SPICe Form.

Timeline: Incorporation application can be prepared and submitted in 1-2 business days.

 

LLP Firm Incorporation

On submission of the incorporation application, LLP incorporation certificate along with PAN and TAN is provided within 10-15 business days from the day of initiation of the registration process with MCA.

 

         Factors To Consider In Firm Name Selection

 

The name of your Firm is very important. It is the first impression to your buyers, suppliers and stakeholders. It should, therefore, be relevant, suggestive and attractive. There are various factors that you should keep in mind while naming for your Firm.

Short & Simple

The name should be concise and not be too long. People should be able to pronounce it easily and they should be able to remember your Firm’s name the first time they hear or read it.

Meaningful

The name of your Firm should be related to your business. It should fit for your branding. For example, Infosys refers to information systems or IT technologies.

Unique

Name of your Firm should not be same or identical to an existing Firm or trademark. You can click here to check if your Firm's name is identical to others. You should ideally avoid plural version e.g., “Flipkart’s” or changing just letter Case, spacing or punctuation marks in an existing Firm name.

Suffix

The name of your Firm should end with the suffix “LLP” in a case of a limited liability partnership.

Should not be illegal / offensive

The name of your Fir should not be against law. It should not be abusive or against the customs and beliefs of any religion.