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LLP Registration in India has become an alternative form of business that provides the advantages of a Company and the flexibility of a Partnership firm into a single organization. The Concept of LLP in India was introduced back in 2008 by the Limited Liability Partnership Act of 2008. This unique hybrid is suitable for setting small, medium-sized businesses.
In India, incorporating and managing a Limited Liability Partnership is straightforward.
KYC of each partner
Business Address Proof
Other Details of each partner
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At least 2 people are required as partners or designated partners in the Limited Liability Partnership.
A minimum of two partners is required, but there is no limit to the maximum number of partners.
Certainly, a body corporate can become a partner of an LLP.
Every LLP must have at least two designated partners who are individuals, and at least one must be a resident of India.
Every partner must inform the LLP of any change in their name or address within 15 days, and the LLP must file the details with the Registrar within 30 days.
In the absence of an agreement, the mutual rights and liabilities will be as provided for under Schedule I to the Act. However, LLPs can exclude provisions/requirements of Schedule I by entering into an LLP Agreement.
There is no minimum capital requirement at the time of incorporation.
Yes, as long as at least one designated partner is a resident of India, and they comply with all relevant Foreign Exchange Laws/Rules/Regulations/Guidelines
Once the Registrar of Companies approves Form 1, the name can be reserved for a period of 3 months from the date of intimation. However, Foreign LLPs/Companies can choose to reserve their existing names, which they use outside India, for 3 years in India, and can apply to renew it by submitting Form 25 to the Registrar.
Yes, an LLP can be a partner in another LLP.
Every LLP must keep accurate and honest annual accounts that reflect its current state. They must file a “Statement of Accounts and Solvency” in the prescribed format with the Registrar each year.
LLPs whose turnover does not exceed 40 lakh rupees or whose contribution does not exceed 25 lakh rupees are not required to get their accounts audited. However, they can be audited if the partners decide to do so.
Yes, every LLP must file an annual return in Form 11 with ROC within 60 days of the closure of the financial year.
The incorporation document, names of partners and changes, if any, made therein, statement of account and solvency, and annual return will be available for public inspection on payment of prescribed fees to Registrar.
Yes, provisions of clause 58 and Schedule II to Schedule IV to the Act provide the procedure for this.
Yes, provisions of section 60 to 62 of the Act provide for the manner in which mergers and amalgamations involving LLPs shall be allowed.
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