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1 Services availableOur Complete range of products are LLP Formation Services, Partnership Firm Registration Services, LLP Registration Services, LLP Online Registration Services and Online Ngo Registration Services.
Stage I – PartnersTo form a LLP, there Minimum two partners and at least two shall be designated partners having DIPN. In case of body corporate as partners, their nominee can be act as designated partners. Out of two designated partners, one must be resident in India. (Who has stayed in India for a period of not less than one hundred and eighty two days during the immediately preceding financial year)
Stage II – Obtaining DPIN & Digital SignatureDPIN can be obtained by making an application online with www.llp.gov.in After submitting the online application, signed physical copy of Form 7 has to be submitted to Ministry of Corporate Affairs along with certified copies of address proof and Identity proof of the applicant. Digital Signature can be obtained from any of the Certifying Authorities in India.
Stage III – Name filingAfter finalization of name, an application of name availability has to be filed in form 1 with www.llp.gov.in for approval. Please note that selection of name is subject to Guidelines issued by MCA.
Stage IV – AgreementLLP agreement has to be drafted line with LLP Act. It is not mandatory to file LLP agreement at the time of registration and same can be file with in 30 days. If no agreement is framed, provisions of Schedule I of the LLP Act shall be applicable.
Stage V – Filing of Incorporation DocumentsThe following documents along with required attachments has to be filed
Above said documents are required to be filed after signing digitally. After verification, registrar will register all documents and issue Certificate of Incorporation.
What is a General Partnership?A General Partnership is a business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in the Partnership Deed. This structure is thought to have lost its relevance since the introduction of the Limited Liability Partnership (LLP) because its partners have unlimited liability, which means they are personally liable for the debts of the business. However, low costs, ease of setting up and minimal compliance requirements make it a sensible option for some, such as home businesses that are unlikely to take on any debt. Registration is optional for General Partnerships.
Essential Facts on Partnership
What is a partnership firm?A partnership firm is a business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Deed that may or may not be registered. In such a business, the members are individually partners and share the liabilities as well as profits of the firm in a predetermined ratio.
Why should I set up a partnership firm?A partnership firm is best for small businesses that plan to remain small. Low costs, ease of setting up and minimal compliance requirements make it a sensible option for such businesses. Registration is optional for General Partnerships. It is governed by Section 4 of the Partnership Act, 1932. For larger businesses, it has lost its relevance with the introduction of the Limited Liability Partnership (LLP). This is because an LLP retains the low costs of a partnership while providing the benefit of unlimited liability, which means that partners are not personally liable for the debts of the business.
Is a partnership firm a separate entity?The partners in a partnership firm are the owners, and thus, are not a separate entity from the firm. Any legal issues or debt incurred by the firm is the responsibility of its owners, the partners.
How many partners can there be?A partnership must have at least two partners. A partnership firm in the banking business can have up to 10 partners, while those engaged in any other business can have 20 partners. These partners can divide profits and losses equally or unequally.
Is partnership firm registration necessary?No, partnership registration is not necessary. However, it is advisable for you to have a partnership firm registration online. Also, remember that for a partner to sue another partner or the firm itself, the partnership should be registered. Moreover, for the partnership to bring any suit to court, the firm should be registered. For this reason, it is recommended that larger businesses register the partnership deed.
What are the main aspects of a partnership deed?The deed should contain names of the partners and their addresses, the partnership name, the date of commencement of operation of the firm, any capital invested by each partner, the type of partnership and profit-sharing matrix, rules and regulations to be followed for intake of partners or removal.
Documents Required for Partnership Registration
Benefits of a Partnership
Minimum ComplianceFor General Partnerships, there is no need for an auditor to be appointed or, if the company is still in the process of registration or incase unregistered, annual accounts filing with the registrar is not necessary either. When compared to LLP, annual compliances are also fewer. Further, taxes depending on turnover, service and sales tax also need not be filed in General Partnerships.
Simple To BeginGeneral Partnerships can begin simply with an unregistered deed of the partnership within 2-4 business days. However, having registration for the same has its own perks and advantages. The primary advantage for having a registered firm is that it will allow you to book lawsuits in courtrooms opposing another business or the business associates in the firm for the administration of rights addressed in the Partnership Act.
Comparatively EconomicalIn comparison to LLP, a General Partnership is much cheaper to begin. Even in the longer run, it will still work out inexpensive as the compliance requirements are very minimal. For example, there is no need for an auditor. Therefore, Home businesses still opt for this, although it offers unlimited liability.
Pre-requisites for registering a LLP-
Pre-requisites for registering a LLPAn LLP should have minimum 2 partners. In case any Body Corporate is a partner, then it will be required to nominate any person (natural) as its nominee for the purpose of the LLP.
Partner of LLP can be consisted of
Partners of LLPEvery LLP should have minimum 2 designated partners who are individuals and at least one of them should be resident in India. A person or nominee of a body corporate, intending to be appointed as who is appointed as designated partner of LLP should hold a Designated Partner Identification Number (DPIN) allotted by the Ministry of Corporate Affairs. DPIN can be obtained by submitting application along with address proof and identity proof of the individuals.
Digital Signature CertificateAll forms for registration of LLP shall be filed online after signing digitally and for this purpose, one of the designated partners shall take digital signature certificate.
LLP NameSelection of business name is crucial for the image of your venture. You select a name which reflects the business you plan. Ensure selected name satisfy LLP Name Guidelines of Ministry of Corporate Affairs.
LLP AgreementLike partnership, partners of LLP can frame agreement for defining their terms, profit sharing ratio etc. The basic contents of Agreement are, Name of LLP, Name of Partners and Designated Partners, and Form of contribution, Profit Sharing ratio and Rights and Duties of Partners. In case no agreement is entered into, the rights & duties as prescribed under Schedule I to the LLP Act shall be applicable. It is possible to amend the LLP Agreement but every change made in the said agreement must be intimated to the Registrar of Companies.
Registered OfficeThe Registered office of the LLP is the place where all correspondence related with the LLP would take place, though the LLP can also prescribe any other for the same. A registered office is required for following purposes. At the time of incorporation, it is necessary to submit proof of ownership or right to use the office as its registered office with the Registrar of Companies.
CompaniesInn, the first LLP online registration portal offers following LLP Services.
Name Reservation ServiceLLP Act 2008 provides special provisions for the Intellectual Property for Foreign Companies/LLP. Foreign Companies/LLP interested in establishing LLP in India can reserve its existing name by which it is registered in the country of its regulation or incorporation for forming an LLP in future on payment of fees of INR 10, 000. No LLP will be formed with the reserved name during the course of reservation. The reservation is for a period of three years and can be renewed on fresh application with fees of INR.5, 000.
LLP Agreement Drafting ServiceLLP is governed by LLP Act, 2008 and the LLP agreement. Our experienced team of legal professionals can help you to draft LLp Agreement taking into account of requirements and applicable law. A well drafted agreement will help smooth running of your LLP.
Annual Filing ServicesUnder LLP act, it is mandatory to file accounts and annual return with Registrar of LLP. CompaniesInn can help you in filing returns in time and thus avoid penalty.
Induction of New Partners and changes thereofIn terms of LLP law, induction of partners and changes there of has to be intimated to Registrar by filing specified returns. Our LLP law experts can assist you in inducting new partners and effect the changes in partners.
Other LLP Services
How to Register an NGO OnlineAn NGO is basically a not for profit earning entity which strives to work towards the betterment of the underprivileged sections of Society. Online NGO registration could have a wide range of interests for the betterment of society.
This could include Environmental reasons, human & animal rights, improving fitness, and the welfare of children, development work and will even include raising recognition about sports of social importance. So there could be any sight for an online NGO registration which could bring your idea to reality.
There are various means and sources through which a non-profit organization raises funds which could be a voluntary donation, donations to gain relaxation in income tax and it could be foreign contributions. There are 3 most popular ways for online NGO registration in India:
Documents required for online NGO registration
Methods for ngo registration in indiaNGO registration in India can be done with three different statutory laws in place.
Companies act, 2013
Online ngo registration as “section (8) company”
Indian trust act, 1882
Online ngo registration as “trust”
Societies regulation act, 1860
Online ngo registration as “society”
Forms Required For Online Ngo Registration In India
FORM NO. | PURPOSE OF THE FORM |
---|---|
INC 1 | Name Approval |
INC 7 | Application for Incorporation of Company |
INC 8 | Declaration |
INC 9 | An affidavit from each director and subscriber |
INC 12 | Application for License |
INC 13 | Memorandum of Association |
INC 14 | Declaration from a practicing Chartered Accountant |
INC 16 | Section 8 company license |
INC 22 | The situation of Registered Office |
DIR 2 | Consent of Directors |
DIR 3 | Application to ROC to get DIN |
DIR 12 | Appointment of Directors |