Frequently asked questions
I want to convert my private company ‘XYZ Private Limited’ into LLP but with name ‘ABC excel LLP’. Can I get my LLP registered with new name?
Any private company or unlisted public company can be converted into LLP. However, in this case LLP shall take same name as that of the company at the time of conversion.
What are the restrictions in respect of minimum and maximum number of partners in an LLP?
A minimum of two partners will be required for formation of an LLP. There will not be any limit to the maximum number of partners.
Nature & extent of liability of a partner of an LLP?
Every partner of an LLP would be, for the purpose of the business of the LLP, an agent of the LLP but not of the other partners. Liability of partners shall be limited except in case of unauthorized acts, fraud and negligence. But a partner shall not be personally liable for the wrongful acts or omission of any other partner. An obligation of the limited liability partnership whether arising in contract or otherwise, is solely the obligation of the limited liability partnership. The liabilities of LLP shall be met out of the property of the LLP.
Difference between LLP & a Company
1. A basic difference between an LLP and a joint stock company lies in that the internal governance structure of a company is regulated by statute (i.e. Companies Act, 1956) whereas for an LLP it would be by a contractual agreement between partners.
2. The management-ownership divide inherent in a company is not there in a limited liability partnership.
3. LLP will have more flexibility as compared to a company.
4. LLP will have lesser compliance requirements as compared to a company.
For what period a name can be reserved by Registrar?
The name can be reserved by ROC on approval of Form 1, for a period of 3 months from the date of intimation by the Registrar. However, Foreign LLP/Companies have an option to reserve their existing names, under which they are operating outside India, for a period of 3 years in India, which can be further renewed on application to Registrar in Form 25.
Whether audit of all LLPs would be mandatory?
The accounts of every LLP shall be audited in accordance with Rule 24 of LLP, Rules 2009.
Such rules, inter-alia, provides that any LLP, whose turnover does not exceed, in any financial year, forty lakh rupees, or whose contribution does not exceed twenty five lakh rupees, is not required to get its accounts audited. However, if the partners of such limited liability partnership decide to get the accounts of such LLP audited, the accounts shall be audited only in accordance with such rule.
LLP Registration in Delhi
Choose this plan to get your Limited Liability Partnership Firm registered along with FREE GST Registration.
What is Limited Liability Partnership Firm?- LLP is alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership.
- The LLP is a separate legal entity, is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP.
- Further, no partner is liable on account of the independent or un-authorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s wrongful business decisions or misconduct.
- FREE GST REGISTRATION
- Filing of E-forms with the Registrar of Companies (ROC)
- Designated Partner Identification Numbers-DPINs (2 nos.)
- Digital Signature Certificates-DSCs (2 nos.)
- Name Approval
- PAN Application
- TAN Registration
- Issue of Certificate of Incorporation
- Includes Government Fees and Stamp Duty upto 1 Lakh Capital Contribution by Designated Partners
- Companies, body corporates or already existing partnerships
- LLPs registered outside india
- Startups and SMEs looking for carrying business with minimal legal formalities
- ID Proof of Partners such as PAN, AADHAAR
- Address Proof of Partners such as Voter’s ID, Passport, Driver’s license or Aadhar Card.
- Residence Proof of Partners such as Latest bank statement, telephone bill, mobile bill, electricity bill or gas bill.
- Passport size photograph of partners
- Proof of Registered Office Address such as rent agreement/NOC form owner
- Any other document as necessary
| Plan Charges | 5819 |
| Goods & Services Tax (GST) | 180 |
| Total Cost | 5999 |
* Estimate Time for Service Completion
13-15 Days
I want to convert my private company ‘XYZ Private Limited’ into LLP but with name ‘ABC excel LLP’. Can I get my LLP registered with new name?
Any private company or unlisted public company can be converted into LLP. However, in this case LLP shall take same name as that of the company at the time of conversion.
What are the restrictions in respect of minimum and maximum number of partners in an LLP?
A minimum of two partners will be required for formation of an LLP. There will not be any limit to the maximum number of partners.
Nature & extent of liability of a partner of an LLP?
Every partner of an LLP would be, for the purpose of the business of the LLP, an agent of the LLP but not of the other partners. Liability of partners shall be limited except in case of unauthorized acts, fraud and negligence. But a partner shall not be personally liable for the wrongful acts or omission of any other partner. An obligation of the limited liability partnership whether arising in contract or otherwise, is solely the obligation of the limited liability partnership. The liabilities of LLP shall be met out of the property of the LLP.
Difference between LLP & a Company
1. A basic difference between an LLP and a joint stock company lies in that the internal governance structure of a company is regulated by statute (i.e. Companies Act, 1956) whereas for an LLP it would be by a contractual agreement between partners.
2. The management-ownership divide inherent in a company is not there in a limited liability partnership.
3. LLP will have more flexibility as compared to a company.
4. LLP will have lesser compliance requirements as compared to a company.
For what period a name can be reserved by Registrar?
The name can be reserved by ROC on approval of Form 1, for a period of 3 months from the date of intimation by the Registrar. However, Foreign LLP/Companies have an option to reserve their existing names, under which they are operating outside India, for a period of 3 years in India, which can be further renewed on application to Registrar in Form 25.
Whether audit of all LLPs would be mandatory?
The accounts of every LLP shall be audited in accordance with Rule 24 of LLP, Rules 2009.
Such rules, inter-alia, provides that any LLP, whose turnover does not exceed, in any financial year, forty lakh rupees, or whose contribution does not exceed twenty five lakh rupees, is not required to get its accounts audited. However, if the partners of such limited liability partnership decide to get the accounts of such LLP audited, the accounts shall be audited only in accordance with such rule.