Limited Liability Partnership Registration In Bangalore

Limited liability partnership (LLP) is a combination of partnership and corporation. It gives the benefits of limited liability of a company and the flexibility of a partnership. It is a separate legal entity and is liable to the full extent of its assets. Still, the liability of the partners is limited to their agreed contribution in the LLP. Further, no partner is liable for other partners' independent or unauthorized actions; thus, each partner is shielded from joint liability created by the other partner's wrongful business decisions or misconduct.

We at MKDA have the experience of incorporating Limited Liability Partnership firms in Bangalore.

• Minimum 2 partners
• The business can be immediately started after the issue of Certificate of Incorporation.
• The registered office should be in India.
• At least one designated partner needs to be an Indian resident in case of involvement of foreign nationals.
• DPIN (Designated Partner Identification Number) for all partners.
• DSC for all Partners
• Minor cannot be a partner

• LLP is to be registered with the Ministry of Corporate Affairs (MCA).
• It is a corporate body and is incorporated under the act. LLP is a legal entity and is separate from its partners.
• LLP can continue its existence after the death, insolvency, or retirement of one or more partners.
• The entity and the partners are distinct from each other.
• The liability of each partner is limited to their agreed contribution in the LLP.
• There have to be at least two partners and no limit on the maximum number of partners.
• LLPs are common in Professional businesses such as Law firms, accounting firms, and wealth managers.

• No Minimum Investment required: The partners’ investment may not be in monetary form, and they can invest movable, immovable, tangible, or intangible property for an LLP.
• Easier ROC Annual Compliances: It is simple and does not require an audit of the accounts. It needs to get a Tax Audit only under the following cases:
  • The annual turnover of the LLP is more than INR 40 lakhs.
  • The total contribution of the Limited Liability Partnership is more than INR 25 lakhs.
• Easier Taxation Compliances: LLP is not liable to file ITR returns, and the share of the designated partners is not subjected to tax. The other tax benefits applicable to an LLP in India are as follows:
  • No Dividend Distribution Tax.
  • No Deemed Dividend.
• Deductions allowed to an LLP in the form of Interest to partners, salaries paid, commission paid, bonus paid, and remuneration paid.
• Relaxed statutory compliances: Entrepreneurs from LLP’s often make use of relaxed statutory compliances.
• Easy And Affordable LLP Registration: The LLP registration process is more straightforward than a company incorporation process as the formalities are clear and can be completed in 10-15 days.

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

KYC requirements of Partners ( self-attestation)

• Latest passport size photo.
• Copy of PAN card of Partners
• Aadhaar Card copy
• Copy of Voter Identity card/ driving license/passport of the partners.
• In case of NRI or foreign national, passport copy notarized at the Indian Embassy of the particular country.
• Notarized utility bill of the specific country where the NRI or foreign national resides.
• Latest bank statement of not less than two months old.

• Registered office proof of the company stating if the property is rented/ leased.
• Copy of the rental agreement or lease agreement.
• Copy of electricity/water bill (business place)
• In the case of own property, a copy of the sale deed and electricity bill is sufficient.
• Copy of no objection certificate from the owner of the property