Minimum Requirements For LLP Registration
What are the minimum requirements for an LLP registration in Mumbai?
- The minimum number of members in an LLP is 2
- The minimum number of designated partners for an LLP is two, and one of them must be an Indian citizen.
LLP Registration Procedure In Mumbai
Now, Let’s take a look at the LLP registration procedure in Mumbai.
- Obtaining DSC (Digital Signature Certificate) for the designated partnersDigital Signature Certificate is a signature of any individual or business entity in the Digital form. As the whole return filing process is online for an LLP, obtaining a DSC is mandatory for each of the designated partners. DSC comes in two forms, Class 2 & Class 3. For the designated partners of an LLP firm, you can choose any one of them. Obtaining a DSC is very simple. You can readily receive from any of the Government-recognized certification agencies.
- DIN (Director Identification Number)Director Identification Number is a unique id allotted to a director of any firm. You can obtain DIN by making an application using the DIR-3 form. It's vital to note that the application should be signed by anyone from MD, Director, Chief Executive Officer, or Chief Financial Officer of the proposed Company.
- Name selectionOnce the DIN and DSCs are obtained for the designated director, the next step is to select a valid name for your business. You can apply for the name by filling LLP-RUN (Limited Liability Partnership- Reserve Unique Name). Once you fill in the details and submit the form, the Registrar will approve the name after a thorough analysis of the name. But before applying for the name, we recommend using the MCA portal to search for similar names. The reason is, if the name that you have filled in the application form resembles the other business, the Registrar can reject the application.
- LLP IncorporationAfter selecting the valid name and getting the approval for the same, FiLLiP ( Form for incorporation of Limited Liability Partnership) has to be filed with the Registrar of the state. Once the Registrar approves this form, your firm will be incorporated as an LLP with a valid name.
- Filing the Agreement for Limited Liability Partnership AgreementForm 3 on the MCA portal has to be filled online for and LLP Agreement. This agreement must be printed on the Stamp Paper of the value decided by the State Government. This agreement is vital as classifies the right & responsibilities between the partners. It has to be filed within 30 days of the date of incorporation.
Documents for LLP registration in Mumbai
- Address proof of the Registered Office Address for the firm.
- DSC of the proposed LLP firm
- Identity proof of the Partners and Designated Partners (Driving License, Aadhaar Card, PAN card, Voter ID)
- Address proof of Partners (Driving License, Aadhaar Card or Voter ID)
- Passport-sized photographs of Partners
Features of LLP registration
- Higher flexibilityLLP incorporates the features of a Partnership firm and Company, offering higher flexibility in the firm's structure and operations.
- Limited LiabilityUnlike a regular partnership firm, the Partners in LLP have liabilities in proportion to their contribution to the firm. A Partner is not liable for the , mismanagement, negligence or any illegal activity of other Partners.
- A separate legal existenceRegistering your business as an LLP gives it a separate legal existence. This means the LLP can have its own assets and liabilities. Moreover, the partners are not personally liable to pay or repay any debt in any form.
- Lesser rules and compliancesUnlike a Private Limited Company, the compliances of an LLP are significantly less. IF you register your business as an LLP, you will have to file only two forms with ROC (Registrar of Companies) every year.
- Cost-effectiveAs there are minimal legal compliances, you will have to spend less money on it, and the operational cost of your business will be reduced.
- Conversion to LLPAny Proprietary or private Company can be converted into an LLP easily. In doing so, all the assets of such businesses will be transferred to the newly formed LLP.
- The capital requirement for LLP registration is nil.Unlike a Private Limited Company, the Audit is not mandatory for all the LLPs.
- Audit under LLP
LLP registration At Our Mumbai Office
Registering your business as an LLP is a big step. If you are applying for the registration process on your own, you will have to take a lot of care and precaution while filling in the details. Any erroneous information might lead to the rejection of your application. So we recommend hiring an expert to do all the hard work while you focus on the core business. We offer end-to-end LLP registration at our Mumbai office. Once you choose our LLP registration package, our experts contact you and collect all the necessary information. Apart from best-in-class LLP registration services, they offer assistance with your business. So if you are looking for a hassle-free, affordable, and easy LLP registration, talk to us, and we will be happy to help.
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