How to Form a LLP Company in India


How to Form a LLP Company in India

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Forming a LLP company in India is a great idea for entrepreneurs who want the adaptability of a partnership and the limited liability protection of a corporation. The structure provides tax benefits, easy transferability of ownership, and perpetual succession. It is also more affordable than incorporating a private limited company and does not require a minimum paid-up capital. However, it is important to understand the risks involved in setting up a LLP before proceeding with the registration process.

Upon registration, the LLP will be given an Unique Name (UIN) and a Director Identification Number (DIN). The LLP must also file a Certificate of Incorporation along with its details and a declaration of compliances. A declaration of compliances is a requirement to ensure that the LLP adheres to the Ministry of Corporate Affairs naming guidelines and is not identical or similar to a registered trademark of a proprietor.

If the LLP is found to have a name that is not unique, the Central Government will direct the LLP to change its name within 3 months from the date of issue. Moreover, it is imperative that the LLP has at least two designated partners with one being a resident of India.

Obtain a DSC for at least two proposed Designated Partners of the LLP and acquire DINs for them. Once the UIN and DIN are obtained, submit an application for LLP name reservation through RUN e-form at MCA portal. The name is reserved for 90 days after submission of the application.

 

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