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A Limited Liability Partnership (LLP) is where all participating members have restricted ownership and liabilities. As a result, no single member will be responsible for the misconduct or negligence of any other member.
If you plan to form a similar business structure and are wondering how to register an LLP in India, this is the right article for you!
Stay tuned to learn more on this subject.
Here are the steps to register an LLP company in India -
Step 1 – Acquiring a digital signature certificate is the first step of LLP registration, where getting a digital signature becomes essential. Government agencies like National Informatics Center, E-MUDHRA, CDAC, IDRBT Certifying Authority and NSDL, issue digital signatures. Cost of obtaining a digital signature certificate differs across certifying agencies.
Step 2 – Acquire a Limited Liability Partnership- Reserve Unique Name (LLP-RUN), which the Central Registration Centre can process. Before quoting your company’s name, check the Ministry of Corporate Affairs (MCA) website for a free name. After the name has been chosen, the registrar checks if any other LLP has a similar name. LLP-RUN should be submitted along with a fee, after which it will proceed for the approval of the registrar.
Step 3 – Anyone registering for an LLP must fill and submit the Incorporation of Limited Liability Partnership (FiLLiP) form with the registrar. Fees are payable according to Annexure 'A' and only two individuals can fill in the allotment form.
Step 4 – File an LLP agreement to look after the duties and mutual rights between partners.
The documents required to register for LLP partners are –
Moreover, address proof of the registered office and DSC of one of the designated partners are necessary for the registration process of LLP.
The fees involved for registering a LLP are as follows –
|
Particulars |
Fees |
|
Digital Signature Certificate |
Around ₹ 1500- 2000 for two partners |
|
Name Registration |
₹ 200 |
|
Incorporation |
It depends on the capital contribution. Cost of incorporation is ₹ 500 for contributions up to ₹ 1 lakh and ₹ 2,000 for contributions between ₹ 1 lakh - ₹ 5 lakh. |
|
LLP Agreement |
Depends on the capital contribution. Contribution of up to ₹ 1 lakhs – ₹ 50 for filing Form 3 and stamp duty based on the state where LLP is formed. |
It takes around 15 to 20 working days to process a Limited Liability Partnership company.
A Limited Liability Partnership acts as a separate legal entity. Therefore, designated partners have limited liabilities. Thus, this type of partnership is excellent for start-ups.
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