With both partnerships and companies having their drawbacks here’s another form of organisation that we’ll discuss – LLP. This blog is intended for those companies or start-ups who wish to start an LLP in India.
In this blog, we’ll see the setting up of a limited liability partnership in India
Want To Start LLP In India? Check Out This Complete Guide
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| Here is a step-by-step guide to incorporating an LLP in India: 1. Minimum Requirements: - Minimum 2 designated partners (at least 1 must be a resident Indian) - At least 1 DPIN/DIN for each designated partner - Registered office address in India - No minimum capital requirement 2. Step-by-Step Process: Step 1: Obtain DPIN (Designated Partner Identification Number) for all designated partners — apply via MCA portal using Form DIR-3 with PAN and Aadhaar Step 2: Name Reservation — apply via MCA portal using RUN-LLP (Reserve Unique Name for LLP) — submit 2 name choices Step 3: File FiLLiP (Form for Incorporation of Limited Liability Partnership) on MCA portal — attach: subscriber sheet, proof of registered office, identity/address proofs of partners, consent of partners Step 4: MCA issues Certificate of Incorporation with LLP Identification Number (LLPIN) Step 5: Execute LLP Agreement (Form 3) within 30 days of incorporation — must be filed with MCA 3. Post-Incorporation Compliances: - Apply for PAN and TAN of the LLP - Open a bank account in LLP's name - GST registration if turnover exceeds threshold - Shops & Establishment registration - File Form 8 (accounts) and Form 11 (annual return) every year 4. Costs: Government filing fees range from Rs. 500 to Rs. 5,000 depending on capital contribution. Professional fees vary. 5. Advantages of LLP: Limited liability, no minimum capital, pass-through taxation (not subject to DDT), easier compliance vs Pvt Ltd, no mandatory statutory audit below Rs. 40 lakh turnover. |
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