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LLP Registration

You don’t have to worry how to register an LLP (Limited liability Partnership) in Coimbatore as Corpstore is there to provide all the assistance that you need. Limited liability partnership or LLP is the combination of a Partnership firm and a company. It is a legal entity registered with Registrar of Companies under the Act 2008. Ministry of Corporate Affairs also regulated with this entity. LLP enjoys every feature of the company like separate legal entity, Limited liability, etc. Most probably all entrepreneurs choose LLP for conducting their business. It has few compliances to act compared to other companies.
LLP Registration is the official form of business organization. To get the registration certificate the partners share the valid and mandatory documents to the Ministry of corporate affairs. This process is handled with expert supports. The minimum number of requirement in case of the partner is 2 for LLP and the one among the two must be an Indian resident. There is no authorized share capital like the private limited company registration. Thus we can start with any particular amount of investment. The LLP can enter into a prescribed relationship in its own way.
The main advantages of LLP to the partner are it limits the personal risk. The capital contribution and financial contribution are inversely proportional.
Because it does not have any impact on each other as the LLP agreement. The main appearance of the LLP Company is it add LLP as its suffix.
The rights and duties of partners are governed by the LLP agreement between LLP and the partners.

Benefits of an LLP Registration

Limited Liability
The partner’s liability and responsibilities are limited in an LLP. The personal asset of the partners has no impact on the company’s share issues. It will not seize to pay the loss sustained by the company.
Minimum capital requirement
The incorporation of an LLP does not require any minimum capital requirement.
Audit requirement
There is no Audit requirement in case of an LLP. However, there is a 90% chance to claim the Audit only if the turnover crosses the minimum of 40lakh or the capital contribution breaks the 25 lakh limit.
Easy ownership transfer
Here in LLP, the ownership transfer is particularly easy. Unlike, the traditional partnership, it does not affect the introduction of a new partner.
Distinct legal entity
The separate legal entity is the man form of LLP. It follows the principle behind perpetual progression. There is no impact of the addition of a new partner or exit of the existing one. Additionally, the partners owe the assets of the business.
Flexible responsibilities of Partners
The partners of LLP have a flexible management scenario. The rules are defined in the LLP agreement. Under this agreement each one has a certain role to handle the firm and right to pick how much management they want.

Minimum Requirements for the Register of an LLP Firm

Minimum of two designated partners

The minimum requirement to form an LLP is two designated partners. However, there are no limitations in the case of maximum requirements. The requirements can apply to both individuals as well as body corporate.

One Indian Partner

At least one of the partners in the LLP should be an Indian Citizen.

PAN

DPIN (Designated Partners Identification Number) is mandatory for all the Designated Partners DSC.

Registered office

The LLP formation requires the address proof of the registered office. The registered office may be a commercial place or a residential one

Documents Required

Below are the lists of documents required for LLP Formation Designated Partners
  • PAN Card:PAN Card copy of all partners.
  • Aadhaar Card:Each partner aadhaar card copy is a must for registration purpose.
  • Address proof:The address proof of the proposed person is needed here. The proof can be a utility bill, Electricity bill, etc.
  • Identity proof:Any of the identity proof is mandatory at the time of registration. The proof includes Voter's ID, Passport or Driver's License.
  • Photograph:Directors and shareholder’s photography.
  • Passport:In case of NRI or foreign national as a partner, the passport is mandatory and must certify by the relevant authorities.
    • For Registered Office (It may be residential or commercial)
  • Latest Registered Address Proof like utility.
  • NOC from the owner.
  • The scanned copy of the rental agreement only if the property is rent.

Service FAQ’s

  • Is it necessary to need a Commercial Office for the LLP Registration?
    There are no strong requirements for a commercial office for LLP Registration. You can use your residential address also for the purpose of LLP Incorporation.
  • Is there any disruption to add the family member details in LLP registration?
    There is no infringement to add the family members as a partner in LLP.
  • Can I convert my existing business to LLP?
    Yes, you can convert it into LLP by obeying the provision of the LLP Act.
  • How a person can be the partner of an LLP?
    Anyone can be the partner of an LLP. The partner needs to subscribe at the time of incorporation of LLP to the incorporation document is mandatory. The new partner can be acknowledged to the LLP as per the requirements of LLP Agreement.
  • Is there any minimum capital requirement to form an LLP Firm?
    No, Formation of an LLP does not need any minimum requirements. The partners can form the LLP at any cost.
  • What do you mean by LLP Agreement?
    It is a contract made between the members of an LLP to establish a relationship between them to secure their investment.
  • What is the validity extent of an LLP firm?
    Once the LLP is registered, it is valid until the time period mentioned in the LLP agreement or till the period where the partners mutually wind up the business. Also, the LLP is valid until it complies with its annual compliances requirements.

Service FAQ’s

  • Is there any need to appoint directors in the Limited liability partnership?
    There is no need to appoint directors in LLP. The partners will handle all the business operations of the LLP.
  • Does the registration require my physical presence or meeting with any authorized office?
    No, it complies online with Corpstore which makes the things easier as your prediction.
  • Do LLP secure company name with Logo?
    The LLP can able to secure only the company name like XYZ Technologies LLP. If you want to secure your logo or brand you can go with trademark registration for the same.
  • What are the minimum requirements to form an LLP?
    The minimum requirement to form an LLP is 18 years with valid documents for registration like PAN card etc.
  • What does the name “LLP” stands for?
    It implies that the partners of the LLP are not liable to pay the debt of the business. They are only responsible for the share capital of the LLP.
  • Can the Foreign Direct Investment (FDI) is possible in LLP?
    Yes, the FDI is applicable in LLP under the automatic route in the sectors allowed by the Foreign Investments Promotion Board (FIPB). But the Foreign Institutional Investors (Falls) and Foreign Venture Capital Investors (FVCIs) are not permitted to invest in LLPs. LLP is not allowed to avail External Commercial Borrowings (ECB.)
  • Is it required to add LLP at the end of the company name?
    Based on the LLP Guidelines, the name of the LLP Company must end with the word LLP or Limited liability partnership.