{"id":216,"date":"2021-05-15T13:52:05","date_gmt":"2021-05-15T08:22:05","guid":{"rendered":"https:\/\/total-sols.com\/blog\/?p=216"},"modified":"2021-06-09T17:55:17","modified_gmt":"2021-06-09T12:25:17","slug":"introduction-to-business-incorporation-cont-3llp-limited-liability-partnership-registration","status":"publish","type":"post","link":"https:\/\/total-sols.com\/blog\/introduction-to-business-incorporation-cont-3llp-limited-liability-partnership-registration\/","title":{"rendered":"INTRODUCTION TO BUSINESS INCORPORATION SERIES&#8230;3) LLP (Limited Liability Partnership) Registration"},"content":{"rendered":"\n<p>Friends, I think all of you have\nbeen following this series that we have been doing regarding the types of\nbusiness entities.&nbsp; Today, we will be discussing about LLP, that is\nlimited liability partnership under the Ministry of Companies Act (MCA).&nbsp;\nSimply put, an LLP means a business entity with two persons or more on board as\npartners.&nbsp; The LLP has to register with the Registrar of Companies under\nMCA.&nbsp; Name clearance has to be applied with a prescribed fee, which will\nbe approved in two to three days on the basis of availability. Point to note is\nthat similar\/restricted names will not be allotted.&nbsp; Registrar of\nCompanies fee payable as prescribed on capital.<\/p>\n\n\n\n<p><strong>An LLP deed should contain the following details.<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Partnership deed has to be drafted\nwith details of partners, names and address.&nbsp;<\/li><li>Nature of activity.<\/li><li>Specify the bank operation by\nstating any one or all jointly or any two or any one particular person.<\/li><li>The capital ratio.<\/li><li>Profitability ratio.<\/li><li>Condition of partners\u2019\nremuneration.<\/li><li>LLP preconditions.<\/li><li>Legal jurisdiction.<\/li><\/ul>\n\n\n\n<p><strong>Process of registration of LLP<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Procuring DSCs for all partners.<\/li><li>Apply for name clearance.<\/li><li>Submit application for LLP\nregistration with LLP deed along with application for DIN (director identification\nnumber).<\/li><li>The registrar will approve the\nregistration after satisfying all documents are in order and issue LLP\nregistration certificate which will normally take 7 to 15 days from the date of\napplication.<\/li><li>Along with the LLP certificate PAN\nand TAN also will be issued.&nbsp;<\/li><\/ul>\n\n\n\n<p><strong>Documents required for\nregistration:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>PAN card of all the partners.<\/li><li>Rental agreement of the business\nplace along with current electricity bill of the business place.<\/li><li>Photograph of all partners.<\/li><li>Aadhar card\/passport\/driving\nlicence for address proof of all partners.<\/li><\/ul>\n\n\n\n<p><strong>Points to be borne in mind:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>LLP is a limited liability\nconcept.&nbsp; That means in the eventuality of business losses, the partners\u2019\npersonal assets are not liable for the company\u2019s liability.&nbsp; However, if\nthe personal guarantee of the partner is extended to the loans, those specific\nloans will be covered as unlimited liability.<\/li><li>There is no turnover restriction\nfor partnership.<\/li><li>They are entitled to do all\nlegally permitted business in India and overseas.<\/li><li>The income tax for the LLP shall\nbe as prescribed under the Income Tax Act.<\/li><\/ul>\n\n\n\n<p><strong>Conclusion:<\/strong> In\nour opinion, an LLP is good form of business, especially technology oriented\nand look for B2B as their clients and for a business or service, which is not\nfamily owned.<\/p>\n\n\n\n<p>Friends, now it must be clear as to how and the what of an LLP.&nbsp; Stay tuned for our next blog, which will be on a OPC (One Person Company).<\/p>\n\n\n\n<p><strong>Share &amp; Review us at :<\/strong><\/p>\n\n\n\n<p><strong>Facebook Page&nbsp;<\/strong>:&nbsp;<a href=\"https:\/\/www.facebook.com\/totalsols\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.facebook.com\/totalsols<\/a><br><strong>Linkedin:<\/strong><a href=\"https:\/\/www.linkedin.com\/in\/a-subramani\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.linkedin.com\/in\/a-subramani\/<\/a><br><strong>Instagram:&nbsp;<\/strong><a href=\"https:\/\/bit.ly\/3fpFzcp\">https:\/\/instagram.com\/totalsols123?igshid=vhhhy4ozhh2q<\/a><br><strong>Youtube Channels&nbsp;<\/strong><strong>:&nbsp;<\/strong><a href=\"https:\/\/rb.gy\/q43drq\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/rb.gy\/q43drq<\/a>&nbsp; \/&nbsp;&nbsp;\n\n<a href=\"https:\/\/bit.ly\/3ol827x\">https:\/\/bit.ly\/3ol827x<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Friends, I think all of you have been following this series that we have been doing regarding the types of business entities.&nbsp; Today, we will be discussing about LLP, that is limited liability partnership under the Ministry of Companies Act (MCA).&nbsp; Simply put, an LLP means a business entity with two persons or more on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":209,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,62,79],"tags":[64,71],"class_list":["post-216","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounts","category-incorporation","category-llp","tag-business-incorporation","tag-llp-registration"],"_links":{"self":[{"href":"https:\/\/total-sols.com\/blog\/wp-json\/wp\/v2\/posts\/216","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/total-sols.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/total-sols.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/total-sols.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/total-sols.com\/blog\/wp-json\/wp\/v2\/comments?post=216"}],"version-history":[{"count":7,"href":"https:\/\/total-sols.com\/blog\/wp-json\/wp\/v2\/posts\/216\/revisions"}],"predecessor-version":[{"id":256,"href":"https:\/\/total-sols.com\/blog\/wp-json\/wp\/v2\/posts\/216\/revisions\/256"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/total-sols.com\/blog\/wp-json\/wp\/v2\/media\/209"}],"wp:attachment":[{"href":"https:\/\/total-sols.com\/blog\/wp-json\/wp\/v2\/media?parent=216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/total-sols.com\/blog\/wp-json\/wp\/v2\/categories?post=216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/total-sols.com\/blog\/wp-json\/wp\/v2\/tags?post=216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}