A limited partnership is a form of partnership in which some of the partners contribute only financially and are liable only to the extent of the amount of money that they are invested in business. In a limited partnership structure, limited partners are shielded to the extent of their investment.
LLP
Partnership Act 2008 (LLP Act), an LLP is a corporate body, formed and incorporated under the Act. It is a legal entity separate from its partners.
Partners are required to provide a registered address for the business, and maintain a register of each member including their details. There’s no restriction on the maximum number of partners allowed but there must be at least two members on incorporation, either individuals or limited companies. It’s also possible to set up an LLP with one individual and a dormant company.
To Register a Limited Liability Partnership (LLP), you generally need:
- Minimum Partners: At least two partners.
- Legal Capacity: Partners must be individuals or entities with the legal capacity to enter into contracts.
- Designated Partners: At least one must be a resident of the country (varies by jurisdiction).
- Registered Office: A local address for the LLP’s registered office.
- Agreement: A partnership deed outlining the rights and duties of the partners.
- Compliance: Obtain necessary approvals and file documents with the relevant authorities.
- Minimum Partners: At least two partners.
- Limited Liability: Limited partners are shielded to the extent of their investment.
- Separate Legal Entity: The LLP is a legal entity separate from its partners.
- No Maximum Partner Limit: No restriction on the maximum number of partners.
- Flexibility: Partners can include individuals and companies, and LLPs can be set up with one individual and a dormant company.
- Limited Liability: Limited partners are shielded to the extent of their investment.
- Digital Signature Certificate (DSC): Obtain DSC for all designated partners to sign electronic documents.
- Designated Partner Identification Number (DPIN): Apply for DPIN for proposed designated partners who do not already have one.
- Name Approval: Submit name approval application through the RUN-LLP service on the MCA portal.
- Incorporation Application: File the incorporation application using Form FiLLiP along with the LLP Agreement and other required documents.
- Verification and Approval: MCA verifies the application and documents. If everything is in order, the Certificate of Incorporation is issued.
- Post-Incorporation Compliance: Obtain PAN and TAN, open a bank account, and register for GST if necessary.
- Digital Signature Certificate (DSC): Obtain DSC for all designated partners to sign electronic documents.
- DIN and DSC for Designated Partners.
- LLP Agreement.
- Proof of Registered Office Address.
- Subscribers’ and Designated Partners’ Identity and Address Proof.
SS Auditors offers comprehensive services for registering a Limited Liability Partnership (LLP) in India, ensuring a smooth and compliant registration process.
- Obtaining DIN and DSC: Helping designated partners apply for and obtain their DIN and DSC.
- Drafting LLP Agreement: Preparing a comprehensive LLP Agreement that meets all legal requirements and the specific needs of the partners.
- Verifying Office Address Proof: Ensuring all required documents for the registered office address are in order.
- Collecting Identity and Address Proofs: Gathering and verifying all necessary identity and address proofs for subscribers and designated partners.
- Obtaining DIN and DSC: Helping designated partners apply for and obtain their DIN and DSC.
The minimum requirements include having at least two designated partners, one of whom must be an Indian resident. Both partners need a Digital Signature Certificate (DSC) and a Designated Partner Identification Number (DPIN).
No, there is no maximum limit on the number of partners in an LLP. You can have as many partners as you need, making it a flexible option for businesses.
It is required for all designated partners of an LLP to sign the incorporation documents and other forms electronically.
The time required for LLP registration can vary depending on the completeness of documents and government processing times. Typically, it takes around 15-20 working days to complete the entire registration process.
Yes, a foreign national can be a partner in an LLP in India, provided that at least one designated partner is an Indian resident. Foreign investments in LLPs are permitted under certain conditions.
Legal Disclaimer
The information on this website is provided for general informational purposes only. It does not constitute legal or professional advice. We do not guarantee the accuracy, timeliness, or completeness of the information provided. You should always seek the advice of a professional consultant or attorney regarding your specific situation. Use of this website is at your own risk and subject to our Terms of Use.
SS Auditors understands the importance of client satisfaction and strives to provide high-quality auditing services. However, it is important to note the following refund policy:
Cancellation & Refund Policy
SS AUDITORS AND TAX CONSULTANTS believes in helping its customers as far as possible, and has therefore a liberal cancellation policy. Under this policy:
• Cancellations will be considered only if the request is made immediately after placing the order. However, the cancellation request may not be entertained if the orders have been communicated to the vendors/merchants and they have initiated the process of shipping them.
• S S AUDITORS AND TAX CONSULTANTS does not accept cancellation requests for perishable items like flowers, eatables etc. However, refund/replacement can be made if the customer establishes that the quality of product delivered is not good.
• In case of receipt of damaged or defective items please report the same to our Customer Service team. The request will, however, be entertained once the merchant has checked and determined the same at his own end. This should be reported within Only same day days of receipt of the products. In case you feel that the product received is not as shown on the site or as per your expectations, you must bring it to the notice of our customer service within Only same day days of receiving the product. The Customer Service Team after looking into your complaint will take an appropriate decision.
• In case of complaints regarding products that come with a warranty from manufacturers, please refer the issue to them. In case of any Refunds approved by the S S AUDITORS AND TAX CONSULTANTS, it’ll take 3-5 Days days for the refund to be processed to the end customer.Legal Disclaimer
The explanations and information provided on this page are only general and high-level explanations and information on how to write your own document of a Shipping Policy. You should not rely on this article as legal advice or as recommendations regarding what you should actually do, because we cannot know in advance what are the specific shipping policies that you wish to establish between your business and your customers. We recommend that you seek legal advice to help you understand and to assist you in the creation of your own Shipping Policy.
Shipping Policy - The Basics
Having said that, a Shipping Policy is a legally binding document that is meant to establish the legal relations between you and your customers. It is the legal framework for presenting your obligations to your customers, but also to address different possible sicarios that may accrue, and what happens in each and every case.
A Shipping Policy is a good practice and it helps both sides - you and your customers. Your customers may benefit from being informed about what they can expect from your service. You may benefit because people may be likely to shop with you if you have a clear Shipping Policy in place since there won't be any questions about your shipping timeframes or processes.