Steps for LLP Registration in India
STEP 1 – DPIN and DSC
Apply DPIN (Designated Partner Identification Number) for every proposed Designated Partners (Minimum -2). At least one Designated Partner should have a valid Digital Signature.
STEP 2 – Apply for Name
Selection of business name is crucial for the image of an organisation. Select a name which reflects the planned business. Ensure selected name satisfy LLP Name Guidelines and file an online application.
STEP 3. Filing of LLP Registration Documents
After the approval of name LLP registration documents are filed. On scrutiny of documents filed, Registrar of LLP will register the LLP and certificate of Registration will be issued.
STEP 4. Documentation of and filing of LLP agreement and Consent of Designated Partners
With in 30 days from the date of Incorporation of LLP, partners of LLP have to execute the LLP agreement and same has to be filed with Registrar of LLP in Form 3 and the consent to act as Designated Partner/Partner has to be filed in Form 4.
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ReplyDeleteI read this blog have good informaction this blog
Informative post. Thanks.
ReplyDeleteI want to add some points about LLP registration advantages.
Limited Liability
Businesses often need to borrow money. In a General Partnership, partners are personally liable for all this debt. So if it cannot be repaid by the business, the partners would have to sell their personal possessions to do so. In an LLP, only the amount invested in starting the business would be lost; all personal property would be safe.
Reduced Compliance
An LLP only requires audited annual returns to be filed if it has a turnover of greater than Rs. 40 lakhs or capital contribution of over Rs. 25 lakhs. It also needs to communicate fewer business transactions and structural changes than a private limited company.
Tax Advantages
There are some important advantages over the private limited company. For example, Dividend Distribution Tax and tax surcharge don't apply. Loans to partners are also not taxable as income.