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Minimum Two Person
An LLP can be started by at least two partners. However, there is no limit to the maximum number of partners.
Minimum Capital
The minimum capital with which an LLP can be incorporated is Rs. 10,000/-, However, there is no upper limit.
Unique Name
The name of an LLP should not resemble with any existing company, LLP or a registered or applied trademark in India.
Easy Transferability
The ownership of a LLP can be easily transferred to another person by inducting them as a Partner of the LLP. LLP is a separate legal entity separate from its Partners, so by changing the Partners, the ownership of the LLP can be changed.
Audit NOT Required
A LLP does not require audit if it has less than Rs. 40 lakhs of turnover and less than Rs.25 lakhs of capital contribution. Therefore, LLPs are ideal for startups and small businesses that are just starting their operations and want to have minimal regulatory compliance related formalities.
Separate Legal Entity
A LLP is a legal entity and a juristic person established under the Act. Therefore, a LLP has wide legal capacity and can own property and also incur debts. However, the Partners of a LLP have no liability to the creditors of a LLP for the debts of the LLP.
How It Works
Step wise Procedure to Start a LLP
Digital Signature Certificate (DSC)
As the application for LLP Registration is filed online, the process starts with the issuance of the digital signature of class-2 for all the designated partners and partners, it normally takes one complete day.
Name Approval of LLP
The first step is to file an application for reservation of LLP Name in form RUN-LLP, The proposed name must be unique and should not be same or similar to an existing business name or a Trademark.
LLP Incorporation Application
After LLP name approval, an application for its registration is filed in Form FiLLiP to the ROC with partners documents and the registered address. Upon approval, LLP Incorporation Certificate is Issued.
LLP Agreement Filing
Post registration of the LLP, the partners need to enter into a valid agreement on stamp paper of appropriate value as per state. The LLP agreement is then filed with the ROC within 30 Days in prescribed Form-3.
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