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Limited Liability Partnership is a separate legal entity, carrying the benefits of the conventional sole proprietorship with the perks of the company. It is regulated under the Limited Liability Partnership Act, 2008. LLP registration is a preferable option for its cheaper incorporation in comparison to Private limited companies and fewer tax compliances. In the short time, it has grown, LLP has surely become one of the most popular choices for new businesses.
In this article, we will read in detail what is limited liability partnership, LLP registration in Mumbai, LLP registration documents and LLP registration process.
Limited Liability Partnership was launched in India in 2008 with the objective of creating a favorable and affordable business opportunity for Micro, Small and Medium business enterprises. The most significant benefit of an LLP registration is that one partner is not liable for another partner’s misconduct or negligence.
In the case of default or the company going solvent, the partners are not liable to sell off their assets to fulfil the debt. Under the LLP Act, the rights and functionalities of the partners are regulated under the agreement. A minimum of two partners, one of whom should necessarily be a resident of India, are required to incorporate an LLP.
At Taxzona, we have a team of highly qualified professionals at your service to do LLP registration in Mumbai.
Following steps are to be followed for doing LLP registration in Mumbai:
8. DSC of partners
Note: In case of NRIs, all documents should be notarized or apostilled.
Ideally, an LLP registration from obtaining the DSC to filing Form 3 takes 18-20 working days, subject to change as per the response from the ROC department.
The process of LLP Registration in India is refashioned by the Ministry of Corporate Affairs. A speedy process of LLP registration was made available on October 2 2018 as a part of the Ease of Doing Business initiative by the central government. Our experts at Taxzona have helped hundreds of entrepreneurs with the LLP registration process in Mumbai. Let us manage your business compliances while you do what you do best. For any questions and queries, feel free to revert to us:
Yes, an existing partnership firm may become an LLP registration by following the LLP Act’s clause 58 and schedule II. To convert and incorporate an LLP registration, Form 17 must be submitted alongside Form 2.
Yes, any existing private or unlisted public company may be changed into an LLP registration by following the LLP Act’s clause 58 and schedule III and IV. Form 18 and Form 2 must be submitted with the registrar.
No, the LLP’s name must finish in ‘Limited Liability Partnership’ or ‘LLP registration’. Only ‘Limited Liability Partnership’ must include the word ‘limited’.
Any change in a partner’s name or address must be reported to the LLP registration within fifteen days. The LLP would then be required to notify the Registrar of the change in Form 4 within thirty days.
Yes, it is mandatory to execute and file what is Limited Liability Partnership Agreement in view of Section 2(0) & (q) , 22 and 23 of the Act.
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