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Secure Your Limited Liability Partnership With Ease.

Are you interested in establishing a company with a trustworthy colleague and are seeking an adaptable yet systematic framework? Perhaps registering a Limited Liability Partnership (LLP) would suit you best. We at The Wealth Mantra are here to assist you. Unlike in the past when you had to deal with multiple legal requirements, now you can go about the business model you wish to operate freely without being encumbered with tedious processes.

What is an LLP?

A Limited Liability Partnership, or LLP, is a business structure that incorporates the advantages of having a company along with the advantages of having a partnership. It allows you and your partners to run and control the business while at the same time shielding you from personal liability for any debts incurred. Any business model ranging from a budding startup to a flourishing small enterprise to even professional services can effectively utilise an LLP as a business structure.

Why Apply for an LLP?

  • Limited Liability: Your personal possessions are sufficiently safeguarded in respect of business loss.
  • Distinct Legal Entity: Contrary to what partners believe, an LLP has the capacity to own assets, sign treaties and even sue.
  • No Partner Limitations: Don’t have a large enough workforce? You are free to take on as many partners as you wish.
  • Tax Advantages: Compared to various other business models, LLPs tend to be more tax efficient.
  • Simpler Compliance: An LLP has comparatively fewer requirements than private limited companies.

Required Documents for LLP.

  1. Aadhaar cards and PAN of the concerned partners
  2. Address Verification Documents
  3. Proof of registered office address
  4. Recent passport size photographs for all partners
  5. Copy of LLP agreement

How It Works: The Process Of Registering an LLP.

We’ve shortened up the process so we will walk you over it easily:

  • Get Digital Signatures (DSC): They have to be obtained by all designated partners of the LLP.
  • Obtain Director IDs: Every partner needs to be assigned a distinctive identity number called DIN.
  • Name Your LLP: Every business name is unique and any name should be brandable and easy to remember, and it should be reserved for the business.
  • Draft the LLP Agreement: The scope of the partnership should contain restrictions on roles, duties, and other conditions.
  • File Incorporation Documents: Fill and submit Form FiLLiP to the Ministry of Corporate Affairs (MCA).
  • Receive Your Certificate: MCA issues this certificate to show that you registered your Limited Liability Partnership .

Most Frequently Asked Question

How many partners are required to form an LLP?

A minimum of two partners are required to incorporate an LLP. There is no upper limit on the number of partners.

What are the key benefits of an LLP over a private limited?

An LLP has fewer compliance requirements, lower registration costs, and no mandatory audits unless the turnover exceeds ₹40 lakh or capital contribution exceeds ₹25 lakh.

How long does it take to register an LLP?

The registration process usually takes around 10-15 working days, depending on document verification and approval by the Ministry of Corporate Affairs (MCA).

Can an LLP be converted into a private limited company?

Can an LLP be converted into a private limited company?Yes, an LLP can be converted into a private limited company by following the legal process prescribed by the Companies Act, 2013.

Can a foreign national or an NRI be a partner in an LLP?

Can a foreign national or an NRI be a partner in an LLP?Yes, foreign nationals and NRIs can be partners in an LLP, but at least one designated partner must be an Indian resident.

What are the annual compliance requirements for an LLP?

LLPs must file an annual return (Form 11) and a financial statement (Form 8). If turnover exceeds ₹40 lakh or contribution exceeds ₹25 lakh, a statutory audit is required.

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