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Limited Liability Registration (LLP) Registration in India
In India, the concept of Limited Liability Partnership was introduced in 2008 by the LLP Act, 2008. In India, LLP has become the most preferred form of business among entrepreneurs. Registering an LLP in India has both the limited liability features of a Private Company and the flexibility of a Partnership Firm. No partner is answerable on account of unauthorized or illegal actions of other partners, thus individual partners are protected from joint liability created by another partner’s wrongdoing. LLP is generally preferred by professionals and micro and small businesses that are family-owned or closely held. In 2022, the MCA (Ministry of Corporate Affairs) introduced LLP (Second Amendment) Rules, 2022 and it has made the procedure of LLP Registration even easier & transparent as now all the LLP Forms will be digital-based forms. Also, with the LLP (Second Amendment) Rules, 2022, Limited Liability Partnerships shall be allotted their TAN & PAN along with the Certificate of Incorporation itself.
Checklist for the LLP Registration
Following is the checklist for LLP Registration in India:
- A minimum 2 Partners is required
- Digital Signature Certificate for all the proposed Partners
- DPIN (Designated Partner Identification Number)
- LLP Name which is not similar to any existing LLP
- LLP Agreement between the Partners
- Proof of registered office of the LLP
- Capital contribution by the LLP Partners
LLP Compliance
All LLPs incorporated in India are required to file statutory returns with MCA every year. Limited Liability Partnerships having a sales turnover of over Rs. 40 lakhs or capital of over Rs. 25 lakhs will also be required to complete a statutory audit. RegisterKaro can help you maintain your LLP Compliance at a very affordable price.
Forms | Compliance | Due Date | Penalty |
---|---|---|---|
DIR-3 KYC | For every individual with DIN | Before 30th Sep every year | Rs. 5000 if the DIN is deactivated |
Form-11 | Annual Returns | 30th May | Rs. 100/day |
Form-8 | Statements of Accounts & Solvency | 30th October | Rs. 100/day |
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