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The Limited Liability Partnership (LLP) is the two or more number of partners are joint and work with the Limited Liabilities. According to the Ministry of Corporate Affairs (MCA) rules and regulations, the firm registration id done.
The Limited Liability Partnership method is perfectly done after the 2009. After 2009, LLP have the massive success with the startups and professional services. The LLP registration is belongs to the Limited Liability Act 2008, then partnership benefits are combines with the Limited Liability Partnership. By providing the Limited Liability in the business form, the owners have the benefit in easy to work and maintain it.
Have to register the company in India, should follow the Law of Companies Act 2003. Which is listed below.
To form the LLP minimum of 2 members and maximum of no limit partners are required.
The choice of the normal person. If the corporate body is a partner. Need not the shared capital, but the partners agreed to participate towards it.
The LLP should have minimum of 1lakh Capital contribution is required. In LLP no minimum contribution is required. From the appointed partners, at least one should be from Indian resident. All the partners DPIN DSC for all the appointed partners Address proof: The LLP registered company must not in the commercial space. It may be in the rental house is also preferred along with the NOC(No objection Certificate) from the land lord. Recently have changes in the FDI regulations (Nov 10, 2015), which is the foreign investor have the 100% FDI in the automatic route LLP. The 100% FDI was provided for the Foreign companies, who work with activities and sectors. The 100% FDI is preferred to the automatic route of the foreign channels . The original meaning of that is the internal accruals and ownership and control was available with reference of LLP. Now a days, foreign investments is very simple with the FDI.
The Limited Liability Parnership need not placed in the commercial area. It may be in the rental house that should registered as a company with No Objection Certificate (NOC) is acceptable.
For the Registration process should have the proper Identity Proof and Address Proof. Each and every directors and share holders ID proof & address proofs are required for the registration process. Carrying the scanned copy ID proofs for the MCA online registration process is listed here.
For the Foreign nationals should have the notarized copy of the Passport, which is very important. The above mentioned residential ID proofs should be in between the 2 months.
If you ready to online registration in India, should have the registered company in India. Then the produce the resident’s electricity bill/telephone bill for the proof. With your rental agreement can submit the sale deed/utility bill and a letter, which is from the landlord.
DSC and DIN for all directors are required. Affidavit and declaration by first subscribers and Directors should be prepared Get the DSC and DIN for all the partners in the LLP. Those form should submit in the registering of LLP at online with the directors digital signature. All the directors should apply for the DIN number according to the law, application his used to Form DIR 3.
The Name availability is the one of the registering process. Before registering the company should check the name in the MCA portal, which is already exist or not. If not means, go ahead with the registering process. The name approval is done by the registrar.
In the Limited Liability Partnership, LLP agreement is important thing. Where the liabilities are common for the partners. In the LLP agreement, the partners should fill the form 3 in the MCA portal to register online. These process should done between the 30 days of Incorporation.
The LLP registration is almost done, if you have the MOA and AOA certificate. After that, get the incorporation Certificate of LLP. Submit all the files to the registrar, then get the incorporate certificate within 2 to 12 days, then start the company .
If you have the certificate of Incorporation, then apply for the PAN and TAN and bank account. After applying that, get the PAN and TAN of the company by three weeks.
According to the law in the Company Act, 2003 in order for any company to be registered in India, the below conditions have to be met.
The LLP is the separate/individual Legal Entity from the partners. If there is any critical situation is occurred, the partners are bring an action against each other. Because of the continuous existence, that produce the endless success. Example, The partners should leave, while the work is remain. The insolvent is mutually agreed to dissolve the entity.
Changing the Ownership of LLP is easy thing. The person can suddenly admitted to the designated partner and the ownership is goes to the partners.
The LLP has partners, they are also manage their business. but in the Private Limited Company, there is difference belongs the directors and shareholders. VC's should not invest the amount in the LLP structure, because of this reason.
LLP having the initial amount, which is within 25lakhs and annual turnover is below 40lakhs. It is not needed for the formal audits. It made the startups and small business beneficial. The LLP have own or obtain property, because it was recognized by the authorized person. The property of LLP should not claimed by each other.
We utilise a mix of technology and human touch to deliver quality business services, at scale across india.
