The requirement to Start A LLP
Minimum Two People: Two people are needed to register the LLP. However, there is no limit on maximum partners.
No Minimum Capital: Capital in the case of LLP is depending on the need of the business and the contribution to the partnership by partners. The Stamp Duty on the deed is based on the amount of capital.
Resident Person requirement: One Designated partner of LLP must be from India.
Unique Name: The name of the LLP should be unique, and it must not be the same or similar to the name of any existing company, LLP, or trademark which is registered or applied for.
Documents Required for LLP Registration
The procedure of LLP Registration
Issue of Digital Signature Certificate (DSC): DSC is necessary to sign the e-application for registration of LLP. Photo, ID, and Address proof are required with the DSC form for DSC issuance.
Name Approval: Name approval of LLP is required for application for registration of LLP. The name of the LLP should be unique and should not be similar to the existing or applied company, LLP, or trademark. In Form LLP_FiLLiP (eForm-2) name approval can be applied simultaneously with the application for LLP registration.
Registration Certificate of LLP: After DSC, Name approval, or LLP_FiLLiP (eForm-2) incorporation documents are submitted to MCA for registration of LLP, the Registrar issue the certificate of incorporation after his/her satisfaction. If Partners already have approved DPIN then that will be used and if Partners do not have approved DPIN then DPIN will be approved simultaneously with Registration of LLP.
LLP Agreement filing with Registrar: After incorporation of LLP, the partners of the LLP must enter into an LLP Agreement and file it with the ROC within 30 days of Incorporation. Non-submission of LLP Agreement incurs a penalty of Rs. 100 for each day of delay.
Application for PAN & TAN of LLP: PAN & TAN is required to be taken for the smooth running of the business.