Yes, a body corporate can be a Partner in an LLP. However, to fulfill the requirement of minimum Designated Partner, any of the two Partners or the nominee of the Body Corporate shall act as an authorized individual on behalf of the body corporate in the LLP.
LLP Registration
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Introduction
Register as an LLP in India
Limited Liability Partnership, known as LLP, is a balanced structure that offers the benefits of a conventional partnership firm and a company. LLP is governed under the Limited Liability Partnership Act, 2008. With lower compliance requirements and structured roles and responsibilities like a partnership, LLP also offers key benefits of a company structure like the limited liability of the partners and separate and perpetual legal existence. For that, LLP Registration is a popular business formation among services and professional firms like Chartered Accountants, Company Secretaries, Management Consulting Businesses, Recruiting Firms, and other services-based businesses.
Why should you choose Cognizant Advisors for your LLP Registration?
- Team of Expert CA, CS, and Lawyers
- 100% Online LLP Registration Process and Post Incorporation Support
- Thousands of Happy Customers Across All States of India
- Exclusive partner offers on web hosting, payment gateways, etc.
Benefits
Why Should You Register Your Business as a Limited Liability Partnership?
Partners' Liabilities are Limited
The key advantage of registering as a Limited Liability Partnership as opposed to a Partnership Firm is that it counts for a separate legal identity. Hence, LLP provides a limited liability benefit to the partners. In case of a business loss or insolvency, the liability of the partners is restricted to the capital contribution as per the LLP agreement. Further, one partner is not held responsible for the actions of negligence or misconduct of any other partner.
Separate Legal Existence
Limited Liability Partnership Registration creates a separate legal identity from its partners. Governed by the LLP Act of 2008, it allows the business to contract with other entities, take legal action, own assets, and borrow funds in the name of the LLP itself. It provides flexibility to the business to function independently and in perpetuity, irrespective of change or death of partners.
Lower Compliance Requirement
Compliance requirements for an LLP are lesser as compared to Private Limited Companies. It doesn’t have a mandatory audit requirement until a certain level of turnover or contribution. Unlike companies, compliances related to board meetings, statutory meetings, etc. do not apply to LLPs. Professional services for compliance are typically available at cheaper rates than that for companies, making it a cost-effective formation type to maintain.
Operational Flexibility
LLP Agreement, deed among partners of an LLP, clarifies operating structure including rights and responsibilities of the partners. Typically, LLP has a “Designated Member” who would control day-to-day operations. It can have individuals or existing businesses as members. Further, this structure allows to clearly define the roles and responsibilities of the partners. It could also help in protecting the partner’s interest in case of loss because of an unlawful act of any other partner.
Process
LLP Registration In Easy Steps
LLP name structure
Unique Name
Helps in easy approval of name, and to create distinct identity
Business Object
Clearly communicate your business activity
Constitution Type
The name of the registered LLP must end with LLP or Limited Liability Partnership as a suffix
Document Checklist
Documents Required for LLP Registration in India
NOC from owner
No Objection Certificate to be obtained from the owner of registered office
PAN Card
PAN Card of all partners Foreign nationals may provide passport
GSTIN of business
GST Number Certificate issued by the GST Department to a business if applicable.
Business Address Proof
Latest Electricity Bill/ Telephone Bill of the registered office address
Photograph
Latest Passport size photograph of all partners
Rent Agreement
Rent Agreement of the registered office should be provided, if any
Faq
Frequently Asked Questions (FAQ)
No, it is not mandatory to appoint a Company Secretary in an LLP for LLP compliances. Also, the LLP Act, 2008 does not contain any provision regarding the appointment of a CS.
There must be at least two individuals to be appointed as Designated Partners, out of which one must be an Indian resident. Also, there is a pre-requisite to have an address of a business in India so as to register it as a registered office for your LLP.
LLP name availability is as an essential part for an online LLP registration. The name of an LLP is reserved through a web based form named “LLP-RUN” (Reserve Unique Name). The partners can provide maximum of 2 names in preferential order to reserve any one. The registrar may ask to re-submit the application with different name, if names do not fall under criteria of uniqueness, relevancy or does not fulfil the necessary requirements.
Yes, a Limited Liability Partnership registered in India can carry on more than one business subject to their relevancy. The activities must be related or in the same field itself. Unrelated activities such as Interior Designing and Legal consultancy cannot be carried under same LLP. The business activities are mentioned in the agreement and must be approved from RoC.
The PAN and TAN used for the LLP formation can be applied once the Certificate of Incorporation of the Limited Liability Partnership is issued. The physical copy of the PAN will be received at the Registered Office once the same is dispatched by the Income Tax Department.
Yes, an existing partnership firm or a company (unlisted) can be converted into LLP. There are many advantages to converting a partnership firm into an LLP.
Daily transactions of the business are recorded in the Books of Accounts of the LLP by the Accountant/s. The Accounts hence recorded are verified by an Independent Auditor to make sure that no statutory compliance are missed and provide an Audit Report for the same.
An LLP is a body corporate and a legal entity separate from its partners, having perpetual succession.
No, only a private or an unlisted public company can be converted into a Limited Liability Partnership.
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