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    What Is A Limited Liability Partnership?

    A Limited Liability Partnership (LLP) is a corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner. LLP providing benefits of limited liability while allowing its members the flexibility for organizing their internal structure as a partnership. Just like a company a Limited Liability Partnership offers separate legal entity, limited liability of partners and perpetual succession etc. But Unlike a Company has less compliances. The working of a LLP is governed by the terms and conditions mentioned in the LLP Agreement. A LLP Agreement can be amended from time to time as per the desire of the Designated Partners without any hassles.


    Separate Legal Entity

    A Limited Liability Partnership is a separate legal entity from the persons forming it. The ownership can be distinguished from its management unlike in other business form. A LLP as a legal entity is capable of owning its funds and other properties. 


    People may come and go but the LLP continuous to live on forever. Perpetual Succession means the LLP shall continue to exist even if the partners dies or ceases, etc. Changes within the management does not bring any affect onto the identity of the LLP. The LLP shall continue to exist till its wound up in accordance with the provisions of the relevant law.

    Limited Liability

    The liability of a LLP is not the liability of its partners. Liabilities of the partners is limited only to the extent of their contribution. The liabilities of the LLP are not the liabilities of the people forming it. 


    In case you wish to transfer your business, you can easily do in this incorporated business model unlikely in case of proprietorship or a traditional partnership. You can partially transfer or completely transfer the business to someone. It is easy to sell business for a LLP than any other business form. As business value will be based on the business, not the owner, therefore making it easy to sell the LLP.


    LLP shall maintain annual accounts. However, audit of the accounts is mandatory only if the contribution exceeds Rs. 25 lakh or annual turnover exceeds Rs. 40 lakh. A statement of accounts and solvency shall be filed by every LLP with the Registrar of Companies (ROC) every year.


    The rights, duties and obligations of the partners in a LLP, is governed by the LLP Agreement between partners and the partners have the flexibility to devise and amend the agreement as per their choice. The rules related to conducting the meetings and the business of the LLP is mentioned in the LLP Agreement.



    How We Work

    Consult Our Experts

    Once you fill in the above details, our expert will call you to understand your requirements in a better way and to brief you about the entire registration process and suggest you the course of action. Upon confirmation of our engagement by you, we will dedicate you a relationship manager who will take care of all your needs.

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    We at The Consultant Guru, work towards minimizing the hassles of the client, keeping this moto in mind our executives will give you a single check list of documents needed so that we don’t bother you time and again for documents. In case you are short of a few documents, our consultants help you to provide us the maximum possible alternative documents.

    Payments & Filings

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    Frequently asked questions ABOUT LIMITED LIABILITY PARTNERSHIP

    Every person who proposes to become a Designated Partner in a LLP is required to obtain a DPIN. A DPIN is linked to your PAN Card and is required to be obtained only once in a Life time.

    The Designated Partners of the LLP are required to sign various E-Forms on behalf of the LLP. A DSC is required to show the authority of the person signing the various forms on behalf of the LLP.

    Yes, a LLP must have a registered office in India. MCA sends all the communications to the registered office of the LLP. It need not be a commercial place. You can have your residence as LLP’s registered office.

    It usually takes 10-15 days to incorporate a LLP if there are no objections from MCA against the name or any documents submitted to incorporate a LLP.

    At least two partners are required for LLP registration. The maximum partners can be 200. If you are the sole owner, you can register as a One Person Company.

    Any individual/organisation can become the partner in LLP including foreigners/ NRI’s. However, the individual must 18+ above in terms of age and should have a valid PAN card.