LLP REGISTRATION IN CHENNAI @ Rs 8500
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LLP, initially governed as a contractual agreement under the Limited Liability Partnership Act, 2008, swiftly became a preferred structure for professional firms like Chartered Accountants, consultants, and recruiters due to its balanced nature.
The Ministry of Corporate Affairs updated the LLP registration process, effective from October 2, 2018, aligning with the government's 'ease of doing business' initiative.
Shoplegal’s experts have guided numerous clients to success in the LLP industry, particularly witnessing high LLP registration popularity in Chennai compared to other cities.
We assist in reserving a unique LLP name meeting specific requirements: it must be distinctive, reflect your business, and include a suffix like LLP or Ltd.
LLP formation with online LLP registration in Chennai necessitates a minimum of two individuals as designated partners, with at least one being an Indian resident. The registered office address must also be in India.
Register your LLP with us and stand out in your industry. Stay updated on your application status with our timely notifications.
Limited Liability In Protecting Personal Assets Of Partners.
Newly established companies often require funds and credit for operations. In a traditional Partnership, partners bear personal liability, risking their savings and property if the firm fails to repay debts. However, in a Limited Liability Partnership (LLP), only the invested capital is at risk. Directors' and shareholders' personal savings and assets remain secure from the firm's liabilities.
A Limited Liability Partnership's name must include 'LLP' or 'Limited Liability Partnership'. The proposed name follows the guidelines set in the Limited Liability Partnership Act, 2008, ensuring compliance with LLP Name Availability Guidelines.
There are TWO different ways for reserving name for a LLP.
- RUN (Reserve Unique Name) is an easy online tool to reserve an LLP name. The name approved through RUN is valid for 90 days. Each RUN application allows submission of two names. If rejected, two more names can be submitted. If all names face rejection, a fresh application with new filing fees is required.
- FiLLiP (Form for Incorporation of Limited Liability Partnership) streamlines LLP incorporation, integrating name reservation, DIN allotment for Designate Partners, and LLP formation. With FiLLiP, only one name can be submitted for approval.
Documents Required for LLP registration in Chennai
- Copy of PAN Card
- Copy of Driving Licence, Voter ID, Aadhaar Card, or Passport
- One Passport Size Photo
- Proof of Address: Bank Statement, Telephone Bill, Mobile Bill.
- Rental Agreement (if office is rented)
- Electricity Bill or Alternative Proof: Telephone Bill, Mobile Bill, Gas Bill (along with Tax Receipts if no Electricity Bill is available)
- NOC (No Objection Certificate) from the premises owner.
These are the documents necessary for online LLP registration process.
LLPs are preferred by small and medium enterprises for their easy management. Statutory audits aren't needed for LLPs with contributions under Rs. 25 lakhs and turnover below Rs. 40 lakhs.
LLP is a widely recognized business structure globally. Corporate clients, vendors, and government bodies prefer engaging with LLPs over sole proprietorships or regular partnerships.
LLP stands out as a popular business structure. Corporate clients, vendors, and government agencies prefer dealing with LLPs over regular partnerships.
LLP registration with Shoplegal is straightforward. It needs at least 2 Partners. LLP's continuity isn't affected by Partner changes, unlike traditional firms.
Transferring LLP ownership is simple, involving minimal documentation and cost.
LLP Partners are liable only to the extent of their invested shares. In financial crises or closure, their personal assets remain protected as liability is limited to their paid capital.
FAQ on LLP Registration
How many people required for form LLP?To establish a Limited Liability Partnership, a minimum of two individuals is necessary. An LLP can have a minimum of two partners and can expand to include more.
What is the basic requirement to become a partner in LLP?The Designated Partners must be over 18 years old and individuals. Citizenship or residency isn't a barrier. The LLP Act 2008 allows Foreign Nationals, Companies, and LLPs to join an Indian LLP, provided at least one designated partner is an Indian resident.
What is the minimum capital required to form a LLP?You can start a Limited Liability Partnership with any capital amount. There's no need to demonstrate capital proof at the formation stage. Partner contributions can include tangible, intangible assets, or any other valuable asset to the LLP.
Is it possible to form LLP as Non Profit concern?No, a key requirement for establishing an LLP is conducting a profitable legal business. LLPs can't be formed for 'Not-For-Profit' activities.
Is it mandatory for LLP to have a registered office?An address in India for the LLP's registered office is needed. It can be a commercial/industrial/residential space to receive correspondence from the MCA.
What are the documents required to form a LLP?• Every proposed Designated Partner of the LLP needs to provide personal evidence (mandatory PAN, Aadhar/Driving License/Voter ID/Passport - any one)
• Address proof (Bank Statement/Telephone Bill/Electricity Bill/Mobile Bill - any one).
• PAN is necessary for Indian Nationals.
• Additionally, the landlord of the registered office must issue a No Objection Certificate and furnish an Electricity bill.
What the time frame for registering LLP and how quickly can we register?SHOPLEGAL facilitates LLP formation within 10-15 days. Registration duration depends on client document submission and Government Approval pace. For swift registration, select a unique LLP name and ensure all required documents are ready before starting the process.
What is the validity period of the registration?Once registered, an LLP remains active as long as yearly compliances are met. Failure to comply may render it dormant and eventually lead to removal from the register after certain period.
What are the yearly compliance requirement?LLPs must submit Form 8 and Form 11 annually to the Registrar of Companies. If the LLP's turnover is below Rs. 40 lakhs and capital is under Rs. 25 lakhs, financial statements may not require auditing.
Can a NRI /FOREIGNER be a Designated partner / Partner in LLP?Yes, Non-Resident Indians or Foreign Nationals can become Designated Partners in an LLP after obtaining a Designated Partner Identification Number. However, at least one Designated Partner in the LLP must be a Resident of India.
Is foreign direct investment allowed in LLP?FDI is permitted in LLPs engaging in activities with 100% FDI allowance via the automatic route. However, sectors like agriculture/plantation, print media, or real estate business do not allow FDI in LLPs.
Is it possible to convert existing partnership into LLP?Yes, an existing partnership firm or an unlisted company can convert into an LLP. Converting a firm to an LLP offers several advantages, but the same benefits do not apply when converting a Company to an LLP.