Limited Liability Partnership (LLP), introduced only in 2008, has quickly become a popular legal structure for businesses
Its main improvement over the General Partnership is that, as the name indicates, it limits the liabilities of its partners to their contributions to the business and also offers each partner protection from the negligence, misdeeds or incompetence of the other partners.
The LLP is also cheaper to incorporate than a private limited company, requires fewer compliances and can be a smart choice from a tax perspective. However, if you’re looking to raise venture capital or attract talent with employee stock options, private limited is the way to go as LLPs cannot easily accommodate it. This is why they are most popular with professional services firms (web designers or architects, for example) that require no equity funding.
Procedure for LLP Registration in Bangalore
1. Document Requirements: Every Partner must have PAN Card issued by the Income Tax department as an Identity proof and One address proof in his/her name. Two passport size photographs of each Partner are required. Clear Scanned copies of proofs and photos are preferred.
2. Name Availability Search: It is advisable to conduct a Name Search for the proposed name of the LLP to make sure that there is no identical or similar LLP/Company already registered in India or for which an application for registration has been submitted.
3. Payment of Fees (Part Payment): Part payment is taken to initiate the LLP Incorporation process. We provide you following payment options: 1. Cash, 2. Cheque and 3. Online Transfer.
4. Application of DPIN & Digital Signature: We shall prepare and send all the required documents for signature of the Promoters at one go.
5. Name Application: After approval of all the DPIN, we shall draft the Main Object of the LLP for the approval of the Promoters. On the approval of the Promoters, our team will forward LLP name application with the Registrar of LLP.
6. Payment of Fees (Final Payment): After the approval of the name, the remaining payment is taken.
7. Filing of Incorporation documents: Our Team will prepare all the relevant documents required for the incorporation and will file the same with the authorities.
8. LLP Agreement & Partner Details: It is mandatory to prepare and file LLP Agreement and Partner details (via Form 3 & Form 4) with in 30 days of Incorporation. We prepare LLP Agreement and send it for your approval and subsequently file Form 3 and Form 4 in time.
9. Final Process: After completion of the process, we provide you a file containing all documentation made for LLP registration.
10. Long Term Relationship: We look forward to a very long term relationship with all our Clients. We provide all kinds of recurring compliance services required by the LLP in the form of Annual Return filing and various Event Based Compliances.