LLP Registration is short for Limited Liability Partnership and is preferred by Micro and small business owners. Among the many factors that make it favorable, the most important is that it comes for easy maintenance. It is, hence, preferable for those who are looking forward to establishing a new start-up in partnership.
Limited Liability means that one partner is not liable for any sort of misconduct on the part of other partner or partners. It is especially preferred by small family-owned enterprises and is also the most beneficial for such small businesses. Whenever a new business is being set up, an LLP registration is not only desirable but a wise decision to take.
Factors To Consider While Selecting An LLP Name
- To begin with, you need to be sure whether or not the domain name is available. While zeroing in on a name for your LLP, it is better to check if the domain name for the same is available or not. You can accordingly shift to another name if it is not and carry on with it and buy the domain as soon as you find it available.
- Choosing an LLP name that is different is no doubt desirable but it shouldn’t be abstract. Make sure that the name you choose represents what your business provides. Try to select a name that is unique and isn’t boring. Discuss it with your partners thoroughly before you arrive at a conclusion and select a name that is not only unique but also meaningful.
- Wordplay is fine while selecting an LLP name but make sure that it isn’t overdone. After all, you can be creative without being absolutely out of place and abstract. Try to strike the perfect balance between being creative and being easily remembered by your users. You don’t want your user base to keep forgetting how exactly to spell your LLP name.
- Setting your business name apart visually is also important because it is the visuals that people will stay with your users. After all, it is easier to remember a logo rather than a business name.
Procedure For LLP Registration
The procedure for LLP registration is quite simple. To begin with, you will have to fill an LLP form online mentioning all the required details. You will have to fill a simple questionnaire that is included in the form before submitting in the documents required.
Once you’ve filled the form you will be given your DSC and DPIN to further proceed with the process. The next step after you’re provided with the DSC and DPIN is the verification of all the documents you’ve provided. This will be followed by the application for the LLP name approval of your choosing.
The last part of the process will be the creation of all the required documents for the completion of the process. These documents will then be filed with the ROC of your LLP.
Once all the above-mentioned steps are completed, you will receive your LLP certificate in due time along with your DSCs.
Documents Required For LLP Registration
- PAN Card copy of the partners
- Copy of an address proof which can be either the Aadhaar Card, Voter Identity Card, or the Driving License.
- Photograph of partners (Passport size)
- Either one of the Electricity Bill, Telephone Bill, or the Water Bill registered in the name of the business.
- Copy of a sale deed or the property deed if the property is owned.
- NOC signed by the landlord in case of rented property.
- The passport of any foreign nationals or NRI partners involved.
- Notarised copy of the rental agreement.
- A Copy of NOC from the owner of the property.A Copy of NOC from the owner of the property.
FAQs On Registration
A minimum of two partners is required in order to start an LLP partnership. The upper limit is up to 200 partners. If you’re sole owner, you will have to start an OPC which is short for One Person Company.
Yes, they can be but only if they have been assigned their DIN. One of the partners has to be a certified citizen of the country. If one of the partners is the certified citizen, the NRI partner can be the majority shareholder in the partnership.
Yes, you can register an LLP at your residential address and there are no legal obligations to do otherwise.