LLP Registration

LLP Registrations

LLP Registration in India has become an alternative form of business that provides the advantages of a Company and the flexibility of a Partnership firm into a single organization. The Concept of LLP in India was introduced back in 2008 by the Limited Liability Partnership Act of 2008. This unique hybrid is suitable for setting small, medium-sized businesses.

It is very easy to manage and incorporate a Limited Liability Partnership in India. To register an LLP minimum of two partners are required, there is no upper limit as such. The LLP agreement states the rights and the duties of the Partners. In an LLP one partner is not responsible for the misconduct and negligence of the other partner.

LLP Registration
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Types of LLP Registrations

Equal Rights LLP

In such type of LLP, all partners mutually work together they share equal profit or loss of the company. They contribute equal capital, time, and energy in the LLP. All the partners have same rights and contribute equally in the management of the LLP.

Board Managed LLP

In such type of LLP, management is done by forming the board of partners similar to board of director in company. The partners have the day to day managerial and operational, decision making power rest in the hand of board/committee of partners.

Differential Powers LLP

The partners hold different rights and powers. Some may be just investing while other may be holding managerial responsibilities. To avoid miscommunication the rights and power of partners must be well defined and agreed on.

Absolute Rights LLP

In this type of LLP, there are only two partners, and one of them is appointed as the nominee or in only as the investor then the llp agreement will be drafted in such a way that one person will get all the management and decision making power.

Manager Managed LLP

In such type of LLP, partners appoint the manager and give him powers related to administration, management, operational of the company. The role of the partner is limited as investor and do not have any decision making power on activation.

Husband & Wife LLP

In such type of LLP if Husband and wife are running LLP, then special agreement related to tax liability can be made so as to minimize the family tax liability. Besides, they can choose any of the of LLP according to their convenience.

Requirement to start LLP

Minimum Two Partner of Limited Liability Partner(LLP)

Register your Limited Liability Partnership (LLP) with a minimum of two persons to act as the initial designated partner in the new LLP. However, there is no cap on the maximum number of partners in the LLP.

One Resident Designated Partner

One of the Designated Partners of the LLP should be a resident in India. A Person is considered a resident when he or she stays in India for over 182 days during the previous financial year.

Registered Address Proof

The LLP needs an address for its incorporation; we require proof of the registered address in the form of a utility bill not older than two months and the NOC from the owner of the registered address owner.

Capital Requirement

According to the Limited Liability Partnership (LLP) Act, 2008 does not prescribe any minimum or maximum capital as such; hence you may keep the capital/contribution of the LLP as per the business requirement of the LLP.

Benefits of the LLP

Limited Liability

The partners of the LLP have limited liability which means partners are not liable to pay the debts of the LLP from their assets. No partner is responsible for any other partner’s misconduct.

Perpetual Succession

The LLP Being a separate legal person, its life or existance is independent of the partner’s death, retirement, etc. The LLP will get wind up according to the LLP Act.

Easy Restructuring

The relationship between the partners is governed by an LLP Agreement, which can be easily amended to introduce or retire a partner. The process is easy and straight forward.