Limited Liability Partnership Registration in Chennai - An Overview
Limited Liability Partnership has become a preferred form of organization among entrepreneurs as it incorporates the benefits of both partnership firm and company into a single form of organization. Minimum two partners are required to incorporate an LLP.
Limited liability partnerships in Chennai allow for a partnership structure where each partner's liabilities are limited to the amount they put into the business. Limited liability means that if the partnership fails, then creditors cannot go after a partner's personal assets or income
Benefits of Limited Liability Partnership Registration in Chennai
Limited Liability Partnerships are special entities that have the benefits of a traditional partnership and a private limited company. The limited liability status is enjoyed by the partners of a limited liability partnership.
- You have the flexibility of being taxed as a sole proprietor, partnership, S corporation or C corporation.
- Less paperwork and lower filing costs
- You can form an LLC with as little as one person, but you can also have an unlimited number of members.
- Flow-through income taxation, keeping things simple
- Members are protected from some liability if the company runs into legal issues or debts.
- Members can receive revenues that are larger than their individual ownership percentage
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Documents required for Limited Liability Partnership Registration in Chennai
How to Register a Limited Liability Partnership in Chennai
How to Register a Limited Liability Partnership in Chennai
LLPs are governed by state law and must be registered with a state office. An LLP usually is formed from a preexisting general partnership.
Step 1: Application for DIN or DPIN
All designated partners of the proposed LLP shall obtain “Designated Partner Identification Number (DPIN)”. You need to file eForm DIR-3 in order to obtain DIN or DPIN. In case you already have a DIN (Director Identification Number), the same can be used as a DPIN.
Step 2: Acquire/ Register DSC
The Information Technology Act, 2000 provides for use of Digital Signatures on the documents submitted in electronic form in order to ensure the security and authenticity of the documents filed electronically. This is the only secure and authentic way that a document can be submitted electronically. As such, all filings done by the LLP(s) are required to be filed with the use of Digital Signatures by the person authorised to sign the documents.
Step 3: New User Registration
To file an eForm or to avail any paid service on the LLP portal; you are first required to register yourself as a user in the relevant user category, such as registered and business user. To register now click New User Registration
Step 4: Incorporate a LLP
Apply for the name of the LLP to be registered by filing Form 1 for the same. After that depending upon the proposed LLP, file required incorporation
Once the form has been approved by the concerned official of the Ministry, you will receive an email regarding the same and the status of the form will get changed to Approved. To know more about e-Filing process click "All About e-Filing"
Step 5: File LLP Agreement
After incorporation of LLP, an initial LLP agreement is to be filed within 30 days of incorporation of LLP. The user has to file the information in Form 3.
What is the process for LLP Registration?
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Application for DIN or DPIN
ll the partners are required to get DPIN(Designated Partner Identification Number). DIN can be used if a partners possesses DIN
Acquire/ Register DSC
Digital Signature Certificate should be obtained and should be registered with the LLP Application
Incorporate a LLP
Form1 to be filled for Name confirmation and form 2 should be filed for Incorporating an LLP after the Name is confirmed
File LLP Agreement
After incorporation of LLP, an initial LLP agreement is to be filed within 30 days of incorporation of LLP.
LLP Registration Done
Once the LLP is Incorporated, we will send you LLP Certificate
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