LLP registration in coimbatore or limited liability partnership is an alternative business form that provides benefits such as limited liability company benefits and relief payments to the partnership firm.
LLPs, therefore, represent components of both partnerships and corporations. This innovative and motivated form of the company has been in the Indian corporate world for over 200 years. No. The limited liability was introduced by the Partnership Act.
This unique hybrid combination of limited and Partnership Company is thus suitable for small, medium sized businesses or professionals.
The easiest business to enter and manage there is one introduction since more than one lakh registrations have been received in India. A minimum of two partners can include an LLP, there is no upper limit.
One partner in an LLP is not responsible for another partner’s misconduct or negligence. The mutual rights and obligations of the partners with the LLP are govern by agreements that are sign between the partners.
As an LLP, it is not capable of issuing equity shares. LLPs should not be chosen for any business that plans to raise equity funds angel’s investors, venture capitalists or private equity.
Form is require for LLP registration in coimbatore
The following are the documents required for the process of obtaining LLP registration in coimbatore :
Run-LLP
This form is require for name reservation
FiLLiP
This form is require to include LLP
Form 5
Notice for renaming
Form 17
Application form for conversion of pay firm to LLP
Form 18
Application form for conversion of a public limited company into an LLP
Documents required for LLP registration in coimbatore
The following documents are require from the concerned LLP partners:
PAN card, Aadhaar card, Voter ID, partner’s driving license
Proof of partners
Proof of residence of partners
Photograph
Passport (if any of the partners is a foreign national or NRI)
The following documents are require for the relevant Limited Liability Partnership:
Proof of address of registered office fee
No matter from the landlord whose space is use as a registered Reg fee
Utility bill in the form of electricity bill, water tax receipt (not more than two months old)
Filled the application for LLP registration in coimbatore
Registration process:
In the first step, the nominate partners as well as the designate partners are require to apply for LLP registration.
LLP for DPN and DSc Getting
DPIN (Designated Partner Identification Number) is mandatory for obtaining DSC (Digital Signature Certificate) for the process of obtaining registration for LLP. DSC is required to digitally sign documents by at least one of the designated partners. Next, all designated partners are required to obtain a mandatory DPIN and this can be obtained by filing a DIR-3.
Verification and name approval
In the third step of obtaining LLP registration, partners are require to reserve a unique name for pay. Next, partners are require to file an LLP-Run form to reserve a pay firm name. In addition, the suggested name will be reserved by the MCA for 90 days, if the process of LLP incorporation is not within 90 days, the said reservation will be canceled. However, it should be noted that the above name should be offensive and is already in nature. Finally, a maximum of two names can be propose by the partners through the ROC way of paying the RUN.
Submission of documents for LLP registration in coimbatore
In the fourth step, after the ROC approves the name, the nominated partners and designated partners will have to submit all the documents required for registration of the LLP. These documents include Aadhaar card, PAN card, photograph, proof of address, etc.
Draft LLP Agreement
After properly submitting all the required documents, the partners are require to enter into an LLP agreement stating all the roles, responsibilities and duties of the respective partners. In addition, it is important to note that the above LLP Agreement must be filed online within the MCA Portal within 30 days or on the respective ROC.
Certificate of LLP registration
In the last step, the concerned partners will have to apply for the certificate of registration of LLP along with LLPN (Limited Liability Partnership Identification Number).
Benefits:
Separate the legal entity
A limited liability partnership or LLP acquires the status of a legal entity separate from its members.
Limited liability
The term “limited liability” implies that the liability of each member is limited to the amount allocate by them. On the other hand, this also means that if the said LLP firm suffers any loss, the personal assets of the partners will not be forfeited. Therefore, partners are held accountable to the extent of their respective contributions.
Ease of transfer of ownership
Unlike in the case of a private company, transferring ownership to another under the concept of a limited liability partnership is a much easier task.
Corporate body
Section states of the Limited LLP Act, 2008 states that in order to obtain LLP registration in coimbatore, one payee is treated as a corporate body.
Permanent succession
The Limited Liability Partnership (LLP) has a permanent successor facility, which means that the entry of a new member and the exit of an existing member will not affect the existence of the LLP Pay Firm.
No minimum capital required
Two people can easily start an LLP firm that, too, without any amount in their pocket, as there is no minimum capital requirement under the LLP firm’s inclusion act.
LLP agreement
An LLP agreement is a print stamp paper that is duly sign by all partners. This agreement defines the roles, responsibilities and duties of each partner operating in the field. In addition, the LLP agreement also helps the firm in the decision making process.
No audit requirement
A more significant advantage attached to the concept of LLP is that there is no need for an audit date. However, there are two conditions that require an audit date –
Whenever the annual turnover of the respective business is Rs. 40 lakhs, or
If the capital contribution is more than Rs. 25 lakhs.
Easy registration process
The process of getting LLP registration has been simplified by MCA (Ministry of Corporate Affairs) by making the process online. Therefore, all the required documents can now be filed electronically on the MCA portal.
The wind is easy
Involving an LLP firm is not only an easy task, but also a process of completion. Therefore, an LLP firm can be easily injured compared to a private limited company.