LLP registration in Chennai

Limited liability partnership registration in Chennai with LLP deed drafted by business setup expert.

LLP registration Package

LLP Deed drafting.
Digital signature for 2 designated partners.
DPIN for 2 partners.
One-time govt fee payment.
Stamp duty.

Documents required for LLP registration

Checklist.
Pan card of partners.
ID proof: Aadhaar card/ voter ID/driving license/ passport of partners.
Address proof : bank statement / mobile bill / Telephone bill, electricity bill.
Passport-size photo of partners.
Rental agreement after approval of LLP name.
Supporting documents.

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How to register LLP in Chennai?

Limited liability partnership firm introduced in India in the year 2009 by LLP Act 2008, LLP registration is the only form of business in India with more benefits, low compliance, and low cost of setup and maintenance. Limited liability partnerships are the most suitable for service sectors and professionals.

Pricing:

₹9000

Steps to Register LLP in Chennai

LLP registration consulting

In this step, the client is informed about how to choose the LLP name, the documents required for LLP registration, the LLP registration process, the time required, and other details that the customer should know.

LLP name application

As a first step in the LLP registration procedure, the LLP name application will be submitted to MCA after checking the LPP name availability, resemblance, and trademark.

DPIN and Digital signature application

Once the name application is submitted, a digital signature for LLP registration is applied through the Aadhaar E-KYC process. The client needs to complete the DSC verification process for DSC approval, DPIN will be applied for two partners.

Preparation and submission of documents

Once the name is approved, documents such as the rental agreement are drafted and provided to the client along with other documents for signing. Then all the documents required for LLP registration will be submitted to the registrar for approval of LLP.

LLP registration certificate

The registrar after verifying the documents submitted for LLP registration will grant a certificate for LLP registration. After the grant of registration, the LLP deed should be submitted to the registrar within 30 days.

Other registrations required after LLP registration

The client will be provided with details about tax compliance required, other registration required for the nature of business, etc.

Benefits of LLP registration

LLP registration is considered a hybrid form of business incorporation with the limited liability benefits of a private limited company and ownership rights of a traditional partnership registration.
As per the Income Tax Act Limited liability partnership firm and a traditional partnership firm are considered as same. No additional compliance is required for LLP in the Income Tax Act compared to traditional partnership firms.
LLP is free from heavy compliance, documentation, periodical return filing, and annual general meeting.
It enjoys separate legal entity status and thus has a greater advantage of representing itself as a separate person through its designated partners. Therefore partners cannot be held liable for the defaults of the limited liability partnership firm.
The government fees and professional fees are lower, compared to private limited company registration.
There is no minimum capital required to register LLP in India.
LLP is not dissolved automatically if the minimum number of partners falls below 2, the minimum limit should be filled within 6 months.
The audit is not compulsory for LLP.
Enhanced borrowing power compared to partnership firm registration and sole proprietorship firm.

What is the compliance required after LLP registration?

LLP agreement should be filed within 30 days of approval of the LLP registration certificate, a penalty of Rs.100 for every day of delay is required to be paid if LLP deed is filed after 30 days of LLP formation.
As LLP is a distinct and separate legal entity, a current account with the bank shall be opened for transactions of the firm.
The amount of contribution which is also called an investment of the partner shall be deposited in a designated bank through cheque or electronic transfer, cash deposit is allowed in case the contribution is less than Rs.20,000.
Presumptive taxation benefit will not be available for LLP, therefore there is no relaxation in the Maintenance of books of accounts, vouchers, ledgers, and other accounts.
LLP is required to comply with TDS provisions irrespective of the turnover of the LLP.
Income tax returns is mandatory, therefore IT filing for LLP is required to be filed within the due date for each financial year.
GST registration for LLP is mandatory only if turnover crosses the threshold limit.
LLP should file annual returns, statements of solvency, and other documents for every financial year within 6 months from the end of the financial year.

From Auditor DESK

We suggest LLP registration for service providers, businesses with high risks, professionals, etc. Limited liability partnership firm offers the perfect balance between, compliance costs and benefits.

LLP registration FAQs

Get answers to frequently asked questions before application for LLP registration.

What is LLP deed registration ?

LLP agreement is the legal document containing the relationship between partners, and rules for admission and resignation of partners, and it should be filed within 30 days after approval of the LLP registration certificate.

Is there any restriction on nature of business for LLP ?

There is no such restriction on the nature of the business for LLP registration, however, the only condition is, that it should be lawfully business.

What is DPIN for LLP ?

DPIN means designated partner’s identification number, it is an identification number issued by MCA for a person proposed to be appointed as a partner in LLP, DPIN has to be updated every year on or before 30 September every year, for late filing of DPIN renewal application form late fees of Rs.5000 is required to be paid.

Will PAN no and TAN will be approved along with LLP registration ?

Yes, the PAN number and TAN number will be approved along with the LLP incorporation certificate, therefore PAN number is not required to be applied separately.

Can we convert private limited to LLP ?

Yes, the private limited company can be converted to a limited liability partnership firm, the only condition is the name should not be changed only the suffix can be changed after the conversion.

Can foreign citizen become a partner in LLP

Foreign nationals can be designated partners in LLP, however, but there should be a minimum of 1 Indian citizen as a designated partner.

Can we convert traditional partnership firm into LLP ?

Partnership firms can be converted to LLP, LLP name applications should follow LLP naming guidelines, therefore the new name for LLP may be different from the name of the partnership firm.

What is the maximum amount LLP can claim from its partner ?

The concept of limited liability is not applicable when the partners have engaged in unlawful activity or fraudulent activity. In case the partner had acted in good faith and without intent to defraud, his liability towards the firm is restricted to the unpaid amount of contribution to the LLP.

Can third party claim loss for wrongful activities of the partner ?

Actions of the partners are binding on the firm, only if it is authorized by the LLP by its by-laws, any transaction that is contradictory to LLP rules and regulations is not binding on the firm and the partner will be personally liable.