Limited Liability Partnership Registration Chennai (LLP)

Limited Liability Partnership Registration Chennai (LLP), consists of two or more partners who form a special partnership and have limited liabilities.

LLP company registration Chennai is as per the compliance and regulatory guidelines of the Ministry of Corporate Affairs (MCA).

Lowest Money
100+ CA/CS
Satisfaction & Money Back Guarantee

LLP Registration Online

Limited Liability Partnership Registration Chennai (LLP) is a balanced structure, carrying benefits conventional partnership and still limiting personal liabilities of the partners. It is regulated as a contractual agreement between the partners under the Limited Liability Partnership Act, 2008. It has quickly become a popular choice for services and professional firms like Chartered Accountants, recruiting firms, consulting businesses, etc.

Limited Liability Partnership as Compared to Private Limited

LLPs are similar to Private Limited Companies with respect to compliance and operational requirements. Recognized as a separate legal entity than the partners, it can contract or involve in any legal proceedings in its own name. That enables the partners of an LLP registration online to separate business liabilities or debts being recovered from their personal assets. Compliance requirement here is greater than regular partnership firms. However, Compared to a private limited company structure, it is easier to incorporate and maintain.

As a drawback, ownership transfer of a Limited Liability Partnership Registration Chennai is not as easy as of a company. Neither an LLP registration online can issue ESOP. For the reason, LLP registration online is not the most ideal choice for startups who want to hyper-grow, seek seed investor or venture capital funding, or issue share capital to its employees.

Advantages of Limited Liability Partnership Registration Chennai

Limited Liability of Partners
Because a Limited Liability Partnership Registration Chennai can enter into a contractual relationship in its own capacity, it offers a great advantage to the partners for limiting their personal risk. Many new age businesses prefer LLP registration online over partnership so that their personal assets remain safe in case of loss, or even insolvency. Further, one partner is not held responsible for the actions of negligence or misconduct of any other partner.
Operational Flexibility
LLP Agreement, deed among partners of an LLP, clarifies operating structure including rights and responsibilities of the partners. Typically, LLP would select 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 roles of the partners and their respective responsibilities. It could also help in protecting partner’s interest in case of loss because of an unlawful act of any other partner.
Separate Legal Existence
LLP registration online creates a separate legal identity than 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 an LLP itself. It is a major advantage that is not available to a regular partnership firm
Lower Compliance Requirement
A key benefit of LLP company registration Chennai over a private company is lesser compliance requirement. 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 cost effective to maintain an LLP.
Pan Card
PAN Card of all partners
Foreign nationals may provide passport
Address Proof
Aadhar Card/ Voter ID/ Passport/ Driving License of all partners
Bank Statement
Scanned copy of latest bank statement
Photograph & Signature
Latest Photograph with Signature of all partners

Documents Required for LLP company registration Chennai

Limited Liability Partnership registration Chennai cannot be done without proper identity and address proof. These documents will be needed for all the partners and the shareholders of the company to be incorporated. Listed below are the documents that are accepted by MCA for the LLP registration online process acceptable.

  • Scanned copy of PAN Card or Passport (Foreign Nationals & NRIs)
  • Scanned copy of Voter’s ID/Passport/Driver’s License
  • Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
  • Scanned passport-sized photograph specimen signature (blank document with signature [of all partners])
  • No Objection Certificate to be obtained from the owner of registered office
  • Rent Agreement of the registered office should be provided, if any

In case of NRI or Foreign National, documents of the partner must be notarized or apostilled

 
 

LLP Registration Online Process

At Bharat Register, we make the process of LLP registration online seamless and hassle-free.

  • Arrange basic documents of Partners
  • Fill in an online form with accurate information
  • Apply for Digital Signature and DIN of Partners
  • Prepare all legal documents
  • Apply to name availability of the proposed LLP
  • Verification of all documents and forms by the respective Government dept and authorities
  • File Incorporation Docs with ROC
  • Get LLP Incorporation Certificate
  • Drafting of LLP Agreement
  • Filing of LLP Agreement
Step 1: Obtaining DSC And DIN

The first step is to obtain DSC of the desired partners of the Limited Liability Partnership. The reason for this is that all the forms need to be submitted online and require the directors’ digital signatures.

The law also requires that all directors file for a DIN number. The application has to be made in Form DIR- 3.

Step 2: Application For Name Approval

This process involves LLP Registration Online. Before you do this, you would need to see if the name is already taken. You can check on the free search facility on the MCA portal. The registrar only approves LLP names that are not taken before.

The approval of the name will be made by the Registrar only if the Central Government does not deem it undesirable. The name should also not hold any resemblance to any of the existing partnership firms, LLPs, trademarks, or body corporates.

Step 3: LLP Agreement

LLP agreement is very crucial in a limited liability partnership as it determines the mutual rights and duties amongst the partners, and between the LLP and the partners. The partners enter into the LLP agreement upon the LLP company registration Chennai by filing form 3 online on the MCA portal. This procedure has to be done within 30 days of the date of incorporation.

Step 4: LLP Incorporation Certificate

Once the registrar approves your MOA and AOA, you’re steps closer to getting your LLP registered. The next step is to get the LLP Incorporation Certificate. You can do by submitting all documents to the registrar. The time frame is between 2- 12 days. Once you get your LLP Incorporation Certificate, you’re ready to go.

Step 5: Apply For PAN & TAN & Bank Account

As soon as you get the incorporation certificate, you need to apply for your company PAN & TAN with the NSDL. The cost for this procedure is less than Rs.200 and it takes around three weeks to get done.

Make Application in 3 Easy Steps

1. Answer Quick Questions
  • Pick a package for LLP company registration Chennai that best fits your requirements
  • It takes less than 10 minutes to fill in our questionnaires
  • Provide basic details & documents required for LLP registration online
  • Make payment through secured payment gateways for LLP registration fees
  • You are assisted by our experts throughout the process
2. Relax While Team of Experts Get It All Done
  • Assigned Relationship Manager
  • Procurement of Digital Signatures (DSC)
  • Application for LLP Name Reservation
  • Certificate of LLP Incorporation
  • Application for Director Identification Number (DIN)
  • Application for PAN and TAN
  • Drafting of LLP agreement and other required documents
3. Wow! LLP Registration Online was Easy
  • Your business is registered, get-set-grow!
  • All it takes is 15 – 18 working days to register and incorporate your LLP in India*

A Limited Liability Partnership Registration is a legal entity separate from its partners and therefore, offers limited liability to its partners whereby any debts and obligations of the LLP will be borne by the assets of the LLP.

In the case of a conventional partnership, the partners are jointly and severally liable for each debt and obligation of the partnership firm

The target groups are:

  • Professionals
  • Small and medium sized businesses
  • Venture capitals
  • Joint Ventures

 

If the partner:

  • has been found to be of unsound mind by a Court of competent jurisdiction and the finding is in force 
  •  Is an undischarged insolvent
  • Has applied to be adjudicated as an insolvent and his application is pending.

As per Section 2(1)(m) of the Act, a “foreign limited liability partnership” means a limited liability partnership formed, incorporated or registered outside India which establishes a place of business within India

As per section 5 of the Act, only an individual or body corporate may be a partner in a Limited Liability Partnership. It is further clarified vide MCA General Circular No. 13/2013, dated 29th July, 2013, read with MCA General Circular No. 2/16 dated 15th January, 2016, that an HUF cannot be treated as a body corporate for the purposes of LLP Act, 2008. Therefore, a HUF or its Karta cannot become a partner or designated partner in LLP

General Circular No. 37/2014, dated 14th October, 2014, clarified that the trustee being a body corporate and representing a trust in case of “Real Estate Investment Trust” (REIT) or “Infrastructure Investment Trust” (InvITs) or such other trusts set up under the regulations prescribed under the Securities & Exchange Board of India Act, 1992, is not barred to hold partnership in a LLP registration online in its name without the addition of the statement that it is a trustee.

  • A basic difference between an LLP and a joint stock company lies in that the internal governance structure of a company is regulated by statute (i.e. Companies Act, 1956) whereas for an LLP it would be by a contractual agreement between partners.
  • The management-ownership divide inherent in a company is not there in a limited liability partnership.
  • LLP registration online will have more flexibility as compared to a company.
  • LLP company registration Chennai will have lesser compliance requirements as compared to a company.

A Registered Office refers to the official correspondence address of an LLP or its principal place of business. The address of the Registered Office will be used for all official communications of the LLP.

Registered office of an LLP can be shifted from one place to another in the same state or from one state to another after complying with legal requirements.

A designated partner of an LLP means the partner who is responsible for carrying out all acts and things that are required for the functioning of the LLP in respect of compliance of provisions, filing of documents/returns/statements under the LLP Act and things as may be specified in the LLP agreement.

An LLP registration Tamil Nadu should have a minimum of two designated partners who are individuals and at least one of them should be resident in India.

Contribution means the amount contributed by each partner in the LLP as per the LLP agreement. The contribution is the liability of each partner and an LLP Registration Tamil Nadu can recover the agreed contribution from the partner. A partner can contribute to the capital by cash, goods or services subject to applicable valuation.

Compare and know which Company types suits you:

Managing Your Business

Private Limited Company

Limited Liability Partnership Registration Chennai

One Person Company

Partnership Firm

Proprietorship Firm

Governing Act

Companies Act, 2013

Limited Liability Partnership Act, 2008

Companies Act, 2013

Indian Partnership Act, 1932

No specified Act

Registration Requirement

Registration under Companies Act is mandatory

Registration under LLP Act is mandatory

Registration under Companies Act is mandatory

Optional

There is no registration criteria prescribed. But, registration is recommended

Number of members

2 - 200

2 - Unlimited

Only 1

2 - 50

Only 1

Separate Legal Entity

It is a separate entity and can own assets in its name

It is a separate entity and can own assets in its name

It is a separate entity and can own assets in its name

It is a separate entity and can own assets in its name

Proprietor and business are considered the same

Liability Protection

Limited up to the total value of shares subscribed

Limited up to the value of shares subscribed

Limited up to the total value of shares subscribed

Partners are jointly and severally liable to pay the debts of the Partnership Firm

Proprietor’s liability is to pay-off all the debts and obligation of the firm

Statutory Audit

Auditor must be appointed within the 30 days of incorporation

Applicable when turnover exceeds INR 40 Lakh or contribution exceeds INR 25 Lakh

Auditor must be appointed within the 30 days of incorporation

Statutory audit not applicable. Tax audit may be applicable based on turnover

Statutory audit not applicable. Tax audit may be applicable based on turnover

Ownership Transferability

Shares can be transferred with the consent of other Shareholders

Ownership can be changed with consent of other partners

Shares are not transferable easily

Ownership is not transferable easily, clause of partnership deed should be referred

Firm is no different from proprietor and so ownership is not transferable

Uninterrupted Existence

Perpetual existence as the management and owners are different. Ownership is easily transferable

Change in Partners or Designated Partners does not affect the existence of LLP

Perpetual existence. The nominee will take place of member

Change in partner leads to dissolution or formation of another partnership firm

Death or insolvency of proprietor directly affects the firm

Foreign Participation

Foreign national are allowed to invest under the Automatic Route

Foreign nationals are allowed, subject to FDI Guidelines

Member, nominee and director must be an Indian resident

Foreign nationals are not allowed to be a partner

Foreign Nationals cannot commence proprietorship business

Tax Rates

Tax rate applicable for small companies is reduced to 22%, dividend distribution tax applicable

With tax rate of 30% on business profit, no tax on income distribution to partners

Tax rate applicable for small companies is reduced to 22%, dividend distribution tax applicable

With tax rate of 30% on business profit, no tax on income distribution to partners

Tax rates of individual applied to Proprietorship Firm

Statutory Compliances

Companies have to meet high compliance requirements

Lesser compliance requirements compared to companies

Separate ITR of partnership is filed, else there is no filing requirement

With tax rate of 30% on business profit, no tax on income distribution to partners

No compliances and no requirement to file a separate ITR

Learn More
Learn More
Learn More
Learn More
Learn More

Here's How it Works

1. Fill Form
Simply fill the above form to get started.
2. Call to discuss
Our startup expert will connect with you & prepare documents.
3. Get Certificate
Get your company incorporation certificate

Explore a Wide Range of Legal Professional Services.

24*7 Support
Have questions or need a hand? We’re here to help. Reach our friendly (real human), customer-obsessed support team via live chat or email.
Doorstep Service
Our Professional Partners are pressent in 200+ cities across India. We Provide complete doorstep service & online process.
Expert Network
We are India's largest professional platform with partner network of Lawyers, Chartered accountants, Company Secretaries & IT Experts.

Best Expert Consultation. 24*7 Support.

Our goal is to create a ‘one-stop support system’ of services for entrepreneurs and business owners

Limited Liability Partnership Registration Chennai

Each business type comes with its own set of legal requirements and regulations and businesses should pay special attention to them before incorporating the business.