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Limited Liability Partnership

A Limited Liability Partnership (LLP) is a type of business entity in India that combines the features of a partnership and a private limited company. It is a separate legal entity from its partners, meaning that the partners are not personally liable for the debts of the LLP.

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In LLP, the partners have limited liability similar to shareholders of a private limited company and they also enjoy the management flexibility of a partnership.

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To form an LLP, at least two partners are required and they are responsible for the day-to-day management of the business. LLP incorporation process involves filing certain forms and documents with the Registrar of Companies (ROC) and obtaining an LLP Agreement. LLPs are required to file annual returns and financial statements with the ROC, but they do not need to hold annual general meetings or appoint auditors.

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Letsstart, a leading legal services provider for startups and entrepreneurs offers an easy and affordable LLP incorporation service in India. We handle the legal paperwork and comply with all the Ministry of Corporate Affairs (MCA) requirements. Upon successful incorporation of your LLP, you will be issued an Incorporation Certificate (CoI), along with the PAN Card and TAN of the LLP. Now you can open a current bank account and start your business.

Why choose a Limited Liability Partnership?

You can enjoy several advantages by forming an LLP, including:

  1. Limited liability: LLP offers limited liability protection to partners, meaning that their personal assets are protected in the event of the LLP's failure.

  2. Separate legal entity: An LLP is considered a separate legal entity from its partners, which allows it to enter into contracts, borrow money, sue and be sued in its own name.

  3. Flexibility: LLP provides its partners have more flexibility in management and control of the business compared to a private limited company.

  4. Easy to incorporate and maintain: The LLP registration process is relatively easy and straightforward, and it does not have as many compliance requirements as a private limited company.

  5. Cost-effective: LLP is relatively cost-effective as compared to other forms of business, as it does not require holding annual general meetings or appointing auditors.

  6. Taxation: LLPs are subject to lower tax rates than private limited companies.

  7. Perpetual succession: LLP has perpetual existence means LLP continues to exist even if partners come and go.

  8. No minimum capital requirement: There is no minimum capital requirement for the partners of the LLP. Hence, they can contribute the amount towards the LLP as per their requirement.

  9. No restriction on the number of partners: An LLP should have at least two partners but can have any number of partners as per its requirement, unlike a private limited company which has a limit on the number of shareholders.

What are the documents required?

Without valid identity and address proof, a Limited Liability Partnership (LLP) cannot be registered in India. The documents that the Ministry of Corporate Affairs (MCA) accepts for the online LLP incorporation are listed below:

Passport size photo of both the partners

PAN card of both the partners

Proof of identity of both the partners (any one of the below)

  • Aadhaar Card

  • Passport

  • Voter ID

  • Driving License

Proof of residential address of both the partners (any one of the below)

  • Bank Statement

  • Electricity Bill

  • Mobile Bill

Utility bill of office address (any one of the below)

  • Electricity Bill

  • Gass Bill

  • Mobile Bill

Rent agreement, if the office premises is rented

Please Note: All the scanned documents must be clear & the text in the documents must be legible.

What are the minimum requirements?

The following conditions must be satisfied to start a Limited Liability Partnership:

Minimum two partners

All the partners must have a Director Identification Number (DIN)

All the partners must have a Digital Signature Certificate (DSC)

No requirement for minimum capital contribution

Proof of office address of the LLP

What all do you get?

LLP Name Approval

Certificate of Incorporation

PAN & TAN of the LLP

DIN for 2 Partners

LLP Agreement

LLP Masterfile

DSC for 2 Partners

GST/MSME Certificate

Bank Account Opening

What are the charges for LLP incorporation?

The cost of incorporation of a Limited Liability Partnership (LLP) in India depends on multiple variables, including the number of partners, capital contribution, and professional expenses.

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Our Comprehensive Registration Package Includes:

  1. Government Fees

    • Name Approval Fee: Fees for obtaining name approval from the Ministry of Corporate Affairs (MCA).

    • Filing Fees: Costs associated with filing forms and documents with the Registrar of Companies (ROC).

    • Stamp Duty: Charges levied by the State Government as per the LLP's capital contribution.

  2. DIN & DSC Fees

    • ​DIN Fees: Charges for applying for the Director Identification Number (DIN) of all the Partners.

    • DSC Fees: Charges for applying for Digital Signature Certificate (DSC) of all the Partners.

  3. Professional Fees

    • Consultation and Advisory: Expert guidance on the best business structure and compliance requirements.

    • Document Preparation: Assistance in preparing all necessary documents, including LLP Agreement.

  4. Other Fees

    • PAN & TAN Application: Fees for obtaining Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN).

    • Other Registrations: Support for getting GST registration, MSME registration etc.

How it works

Consultation

Schedule a free consultation call with our experts to discuss your business needs and goals. Our team will provide personalized advice on the best business structure and services for your specific requirements.

Documentation

We help you gather, prepare, and verify all necessary documents. Our comprehensive checklist and expert guidance ensure that your paperwork is complete and accurate, reducing delays and complications.

Processing

Once your documents are ready, we handle the entire incorporation process. Our team keeps you informed with regular updates, ensuring a smooth, stress-free and transparent experience from start to finish.

Completion

Achieve Milestones Effortlessly as you receive your Certificate of Incorporation and compliance documents promptly. Our full support ensures you’re ready to start and operate your business successfully.

Ongoing Support

Stay compliant and stay confident with Letsstart by your side. Our comprehensive corporate compliance services ensure your business adheres to all legal requirements, allowing you to focus on growth and success.

Our Clients love us!

Sekhar Vasireddy

Director

KR Aerospace Systems Private Limited

"I represent KR Aerospace. We have taken the support of Letsstart team in our startup incorporation services. Excellent support and was through and through a smooth flow. Saurabh is our point contact. He is very knowledgeable of the processes and has taken us through the requirements and submission very effortlessly. Many thanks for the wonderful experience, keep up the good work."

The Fastest, Easiest, and Most Comprehensive Way to Set Up Your Business Online.

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Frequently Asked Questions (FAQs)

  • What is a DIN?
    DIN is an eight digit unique Director Identification Number, with a life time validity, allotted by the Central Government to any person intending to be a Director or an existing Director of a Company.
  • What is a DSC?
    A Digital Signature Certificate (DSC) is the digital equivalent (electronic format) of physical or paper certificate. Digital signatures provide the highest levels of assurance about the signer's identity and the authenticity of the documents they sign.
  • Is a Company required to re-register in the future?
    No, a Company is not required to be re-registered. A Company has perpetual succession, which means it enjoys continuous existence as long as the Company complies with the statutory and regulatory filings.
  • Can a home address be used as the registered office address of the Company? Is it possible to change the address after incorporation?
    Yes, a home address can be used as the registered office address of the Company, which can also be changed after incorporation.
  • What is ROC?
    The Registrar of Companies (ROC) is an office under the Ministry of Corporate Affairs (MCA), which is the body that deals with the administration of Companies and Limited Liability Partnerships in India.
  • Are the Directors or Shareholders required to visit the ROC for the incorporation of their Company?
    The entire incorporation process is completed online. The incorporation documents are filed electronically and don’t require the Directors or Shareholders to visit the ROC physically.
  • Are their any rules to choose the Company name?
    There are certain naming guidelines put in place by the Registrar of Companies, which are required to be followed. Abiding by the guidelines ensures easy approval of the name.
  • Can I work in a company as a salaried employee and also be the Director of my own Company?
    Yes, an employee of a Company can also be a Director in another company. However, the terms of the employment/service agreement/appointment letter have to be checked to ensure there are no restricting clauses.
  • What is the minimum capital requirement for incorporating a Company and how is it invested in the business?
    There is no specific minimum capital requirement for incorporating a Company. The capital must be deposited by the Shareholders in the bank account of the Company for running the business.
  • Can NRIs or foreign nationals incorporate a Company in India?
    Yes, NRIs or foreign nationals can incorporate a Company in India. However, the Act requires at least one of the Directors to be an Indian Resident.
  • What is the meaning of limited liability?
    Limited liability is a form of legal protection for shareholders and owners that prevents individuals from being held personally responsible for their Company’s debts or financial losses. It is the condition by which shareholders are legally responsible for the debts of a Company only to the extent of the nominal value of their shares.
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