Skip to main content

How To Register LLP? (aavana)

 How To Register LLP? 

How To Register LLP?

An LLP is a type of business entity where all the partners have limited liabilities. Each partner is only responsible for themselves and not liable for other partners’ negligence. A Limited Liability Partnership is most preferred by corporations.

An LLP is a separate legal entity distinct from its owners. It can enter into a contract and acquire property in its name. LLP form is not just prevailing in India. It is also seen in countries like the United Kingdom, Australia, etc.

Minimum Criteria For LLP Registration

  • Minimum of 2 partners
  • Registered office in India
  • At least one designated partner as an Indian resident in case of involvement of foreign nationals
  • DPIN for all partners
  • DSC for all Partners

PROCESS TO BE FOLLOWED FOR LIMITED LIABILITY PARTNERSHIP REGISTRATION

One needs to follow these steps to start an LLP in India.

  • Appoint partners and designated partners
  • Obtaining Digital Signature Certificate (DSC)
  • Name Application process
  • Prepare all legal documents
  • Filing of documents electronically
  • File Incorporation with ROC
  • Apply for DPIN
  • Once the incorporation is received, Draft the LLP agreement
  • Filing of LLP Agreement with ROC.
  • Need to apply for PAN & TAN (Manually / online)

Naming Guide for an LLP (Limited Liability Partnership Company)

As per the Companies Act, 2013 and LLP Act, 2008, it is important to choose an acceptable name for the LLP. Here are a few naming guidelines that need to be followed while deciding a name for your LLP company.

Acceptable name

An acceptable name for an LLP has three parts

  • Name part
  • Object part
  • Constitution part

Name Part

According to the Company Act, 2013 or LLP Act, 2008, the name suggested for an LLP has to be unique and acceptable. It cannot be similar to that of any existing company, LLP, or trademark in the same industry or field.

Object Part

Every company must include an object part in its name which states the nature of the business of the entity. The object part of the name will define the main activity of the company or LLP. For example technology, textile, hospital, motors, construction, information, pharmaceutical, etc.

If the object part varies and a similar name exists, the name will be considered unique. If a company exists with the name YYY Constructions then YYY Technology is considered unique. The suggested name must have a certain amount of relevance and must not be too vague.

Constitution part

The constitution part of the name represents the type of entity.

  • Pvt Ltd Company, Private Limited Company, and Private Limited represent Private Limited Companies
  • OPC or One Person Company represent One Person Companies
  • Ltd, Limited or Limited Company represent Limited Companies
  • LLP, Limited Liability Partnership represent Limited Liability Partnership Companies

Conclusion

LLP gives you the flexibility of a partnership firm with a legal structure. An LLP has limited compliances that need to be followed. Being the most preferred entity by corporates, each partner is responsible for themselves and not liable for their fellow partners.

Comments

Post a Comment

Popular posts from this blog

Is the LLP Registration Process the Best Option for Company Registration?

Image
Is the LLP Registration Process the Best Option for Company Registration? When forming an LLP, there are a few requirements that must be met. Will you be able to lawfully form and manage an LLP if and only if you can meet the following requirements? A limited liability partnership (LLP) must be formed by at least two people. There is, however, no upper limit on the number of partners. In the case of an LLP, capital is decided by the business’s needs and the members’ contributions to the partnership. The Stamp Duty on the deed is determined by the amount of capital. To start a business as an LLP, there is no minimum capital need. A resident of India must be at least one of the LLP designated partners. When an LLP’s turnover is equal to or greater than 40 lakh and its total capital contribution is equal to or greater than 25 lakh, its accounts must be audited. Reason for LLP Registration   Use a company’s operational ease and flexibility to your advantage.   Reduce the amount of paperwor
Read more

How to register for professional tax in Bangalore

Image
 How to register for professional tax in Bangalore We all must have come across the term ‘Professional tax registration’ somewhere or the other. But did you ever try to find out what exactly is this PT registration is all about? The next time you get your payslip, take a couple of minutes off to study the break-up of the deductions. You may come across the term ‘Professional Tax’. Do not panic or get confused with this term with Income tax. Both are altogether different terminologies like how a north pole and a south pole differ from one another. However, your salary slip may not mention professional tax because not all Indian states impose it. The states that impose the professional tax are Andhra Pradesh, Assam, Bihar, Gujarat, Karnataka, Kerala, Madhya Pradesh, Meghalaya, Orissa, Sikkim, Tamil Nadu, Telengana, Tripura, and West Bengal. Now in this blog let us know what is a ‘Professional Tax is all about? Professional tax is a tax imposed by the state government. Professional tax is
Read more

Documents of Registered Office for Indian Company Registration

Documents of Registered Office for Indian Company Registration  Registered office proof of the company stating if the property is rented/ leased,   Copy of the rental/lease agreement   Copy of electricity/water bill (business place)   In the case of your own property, a copy of the sale deed and electricity bill is sufficient   Copy of no objection certificate from the owner of the property
Read more