LLP REGISTRATION IN INDIA
Limited Liability Partnership Registration in India is a legal process of fforming a business entity where the partners have limited liability. This means that the personal assets of the partners are not at risk in case the LLP runs into financial difficulties or incurs any liabilities. An LLP gives its members the freedom to run their firm in accordance with their shared vision, without being held accountable for the decisions made by other members. LLP Registration in India involves filing the necessary documents and forms with the Registrar of Companies (ROC) and obtaining a certificate of incorporation. Once registered, the LLP becomes a separate legal entity that can carry on its activities and enter into contracts on its own behalf.
There are two types of Limited Liability Partnership (LLP) Registration:
Regular LLP Registration: This is the standard type of LLP registration, where the LLP is formed with the primary objective of doing business. The partners are responsible for the management of the business, and the LLP is taxed as per the Income Tax Act.
Conversion LLP Registration Online: An existing partnership firm can convert into an LLP by following the process of Conversion LLP Registration Online. In this type of registration, the partners of the partnership firm become the designated partners of the LLP, and the assets and liabilities of the partnership firm are transferred to the LLP. The conversion of a partnership firm to an LLP has several advantages, such as limited liability for thepartners, separate legal entity status for the LLP, and tax benefits.
Documentation -
- ID Proof of Partners – All the partners are required to provide their PAN at the time of registering LLP. PAN card acts as a primary ID proof.
- Residence Proof of Partners – Partner can submit anyone document out of voter’s ID, passport, driver’s license, utility bills not older than 2 months or Aadhaar card as residence proof. Utility bills can be telephone bill, mobile bill, electricity bill or gas bill. Name and other details as per residence proof and PAN card should be exactly same. If spelling of own name or father’s name or date of birth is different in address proof and PAN card, it should be corrected before submitting to RoC.
- Photograph – Partners should also provide their passport size photograph, preferably on white background.
- Passport (in case of Foreign Nationals/ NRIs) – For becoming a partner in Indian LLP, foreign nationals and NRIs have to submit their passport compulsorily. Passport has to be notarised or apostilled by the relevant authorities in the country of such foreign nationals and NRI, else Indian Embassy situated in that country can also sign the documents.
- Foreign Nationals or NRIs have to submit a proof of address also which will be a driving license, bank statement, residence card or any government issued identity proof containing the address.
- If the documents are in other than the English language, a notarised or apostilled translation copy will be also be attached.
