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LLP Company - Overview

The concept of Limited Liability Partnership was introduced in the year 2009 in India to combine the benefits of both Company and a Partnership to form a single form of organisation. It may be said that a LLP is a Partnership with perpetual succession and limited liability and a Company without the complexities of having Share Capital. One of the biggest advantage of LLP is that one partner is not liable for any negligence or misconduct of another partner. Compliances involved in the formation and maintenance of LLP are minimal.

At I4m, We serve businesses across the entire spectrum of Company Registrations in India, be it small or large organizations. From Incorporation to ROC Compliance, we have got you covered.

Benefits of Partnership Company Registration

• 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 upto a certain threshold of Turnover and contribution. 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.
• 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 generally completed in 10-15 days.

Minimum Requirements

• 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

Documents Required

• Pan Card of all Partners and Designated Partners (Self attested)
• Identity Proof of all Partners and Designated Partners - Aadhar Card or DL or Voter ID or Passport (Self attested)
• 1 Passport size photo of all Partners and Designated Partners
• Address Proof of all Partners and Designated Partners - Bank Statement/ Electricity Bill/ Telephone Bill/ Mobile Bill (Self attested and not older than 2 months)
• Proof of Office address (Conveyance/ Lease Deed/ Rent Agreement along with rent receipts/ Tax paid Receipt/ NOC)
• Copy of Government issued Utility Bill of Office address (Not older than 2 months)

Procedure

• Preparation of Digital Signature Certificate
• Application for Director Identification Number (DIN)
• Name Reservation
• Application for Incorporation
• Filing of LLP Agreement with the ROC

Time

• 15 to 20 days working days subject to ROC processing time

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