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Partnership to LLP

8,000.00

Professional Fees 8000/-

Partnership to LLP

A Limited Liability Partnership (LLP) can prove to be a much better business vehicle than a regular partnership. Partnerships are affected by personal liabilities, and LLPs remove excessive regulations of the Indian Partnership Act, 1932. Furthermore, there are tax benefits, no audit requirements below a certain capital, no cap with regard to a number of partners or capital contribution requirements.

Documents required for LLP registration in India

The method of LLP registration in India does not require much legwork when it comes to documents.

To Be Submitted By Partners

  • Scanned copy of PAN Card or passport (Foreign Nationals & NRIs)
  • Scanned copy of Aadhar Card/ Voter’s ID/Passport/Driver’s License
  • Scanned copy of latest bank statement/telephone/mobile bill or electricity/gas bill
  • Scanned passport-sized photograph Specimen signature (blank document with signature [partners only])
  • Note: Any one of the partners must self-attest the first three documents. In the case of foreign nationals and NRIs, all the documents must be notarized (if currently in India or a non-Commonwealth country) or apostilled (if in a Commonwealth country).

For Registered Office

  • Scanned copy of the latest bank statement/telephone/mobile bill, or electricity or gas Bill
  • Scanned copy of the notarised rental agreement in English
  • Scanned copy of No-objection certificate from the property owner
  • Scanned copy of sale deed/property deed in English (in case of owned property)

Checklist qualities of an LLP in India

Separate Legal Entity:

  • Starting a business requires specific requirements to be eligible for registering as an LLP.
  • The normal partnership structure of an LLP shares the same attributes when it comes to internal management, profit distribution, and tax liabilities. But, it offers the partners less financial liability (limited liability).
  • Any business who has, at least two partners are required to form an LLP. There is no limit to the maximum number of partners.
  • The nomination of a natural person, if a body corporate is a Partner.
  • No shared capital requirement, though each partner must have an agreed contribution towards it.
  • Minimum capital contribution: There is no minimum capital requirement for an LLP (or a company, for that matter). The LLP should have an authorized capital of at least Rs. 1 lakh.
  • At least one designated partner has to be an Indian resident
  • DPIN for all Partners
  • DSC (Digital signature certificate) for all the Designated Partners
  • Address proof for the office of LLP. The registered office of an LLP does not have to be a commercial space. Even a rented home can be the registered office, so long as an NoC is obtained from the landlord.
  • With regard to the changes in FDI regulations dated November 10, 2015, foreign investors are now permitted to have 100% FDI automatically. The 100% FDI in LLP is granted to foreign companies who operate in activities or sectors where 100% FDI is considered permissible through the channels of the automatic route. Also, there should not be any performance pre-requisites that are linked to FDI. A definite interpretation of the terms such as ‘ internal accruals’ and ‘ownership and control’ has been provided with reference to the LLP. Thus, Foreign investment is made smoother and quicker with FDI in LLP.
  • The LLPs will also be permitted to opt for downstream investment in a different company or even choose LLP in those sectors which allow 100% FDI in accordance with the automatic route. This does not come up with any performance constraints that are FDI linked.
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