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A Limited Liability Partnership (LLP) is a form of business enterprise in which the partners are not personally liable for the debts of the partnership. An LLP can be considered as a hybrid between an incorporated company and a partnership firm
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A Limited Liability Partnership (LLP) is a form of business enterprise in which the partners are not personally liable for the debts of the partnership. An LLP can be considered as a hybrid between an incorporated company and a partnership firm. Like companies, LLPs have limited legal liability for their partners, but like partnerships, they are generally governed by contractual obligations instead of company laws.
It’s an organised partnership
There is no minimum requirement in terms of contribution i.e. LLP can be formed with a very low capital
While 2 partners are the minimum, there is no limit on the maximum number of partners an LLP can have
It operates based on a contract where the parties have the power to alter the terms
It is relatively easier to form and run
LLP structure is more flexible in terms of procedural and legal requirements
It is easier to dissolve
And of course, limited liability to the partners
DPIN stands for Designated Partner Identification Number. All the designated partners should get a DPIN by applying through eForm DIR-3.
If a designated partner already has a DIN (Director Identification Number), the same can be used as DPIN.
The DSC (Digital Signature Certificate) is essential for doing all the online filings of the LLP. It is the only way to authenticate electronically submitted documents and it protects the data. So, all the Designated Partners of the LLP need to apply and obtain a DSC.
DSC is given by certain government authorised agencies called “Certifying Authorities” whom you can find through the MCA portal.
IGLI Office LLP registration package covers both DPIN and DSC applications, so you don’t have to worry about them.
The next step is to reserve a name for your LLP before you apply for incorporation. You can submit 2 preferred name options in an application. Once approved, it is valid only for 3 month within which you are expected to apply for incorporation. If not, the name registration will expire and you have to do it again.
Before deciding on the preferred name, run a free name search using the government portal to check if any other companies are using the same or similar names. If yes, then change your preferred name and make sure it’s available.
To reserve the name, log in to the MCA portal and click the “E-Forms” link. Using Form-1 submit the name reservation application. You have to provide information of designated partners, pay the fees, and append digital signatures for this.
Once the name is approved, you can file your application through FiLLiP (Form for incorporation of Limited Liability Partnership) for incorporation of the LLP along with the documents required, and fees prescribed. Then you have to wait for the application status to become “Approved”.
Finally, within 30 days of the incorporation, you have to file an LLP agreement using Form 3
The LLP agreement is like the MoA and AoA of the company and should lay down all the guidelines for how the LLP must function starting from its constitution to its dissolution. It has to be printed on a stamp paper of appropriate value.
Make sure that the LLP agreement is drafted by professionals so that the provisions are clear and unambiguous. eAuditor’s LLP registration package covers this too.
Any individual, private limited company, or LLP can be a partner in an LLP, including foreign nationals and body corporates. Provided the individual is qualified to enter into a contract and the corporate bodies assign a nominee to act on its behalf.
No, LLPs don’t require a Memorandum of Association (MoA) or Articles of Association (AoA). Instead, they use the LLP agreement as the guiding document.
Yes, body corporates can be designated partners of an LLP by appointing a nominee to act on their behalf.
Yes, you can convert a partnership to an LLP. There are certain procedures involved and the eAuditor Office can get it done for you smoothly.
Yes, you can convert a private or unlisted public company into an LLP easily with the help of the eAuditor Office. However, you cannot convert a listed company into an LLP.
Yes, as per the provisions of the LLP Act, it is mandatory to file the LLP agreement post-registration.
Once you submit the application, you will receive an SRN number. Using that you can track your application status in the portal. It is essential to regularly check the status as sometimes it can be marked as “Waiting for user clarification”/“Required resubmission” and these require immediate actions from you.
An LLP can be registered within 10 days approximately of getting DSC. However, this timeline depends on your promptness and departmental approval.
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