How to Form a LLP Company in India


How to Form a LLP Company in India

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How to Form a LLP company in India is the question that many new entrepreneurs ask. The answer is quite simple. The LLP is a hybrid structure that combines the advantages of partnership and corporate ownership. An LLP provides limited liability to its partners and offers them the flexibility of organizing their management structure according to their unique business requirements. It also provides a distinct legal entity status, tax advantages, and more.

The LLP incorporation process has changed recently due to amendments made in the LLP Act 2008. The major change is that all forms are now web-based. Similarly, the application for LLP name reservation and DIN allotment has been simplified. The LLP registration process has become more efficient and cost-effective.

One of the main benefits of an LLP is that it does not require a minimum capital. In addition, profits are taxed at personal levels and can be retained for a future tax year. This makes it a preferred choice for professionals like lawyers, accountants, and architects.

To start the LLP formation process, all the designated partners need to acquire a digital signature certificate (DSC). The DSC is required for signing all documents filed with MCA. This can be obtained from any government-recognised certifying authority. The next step is to file a LLP name reservation application i.e. LLP RUN on the MCA portal. The name will be reserved for 90 days and can be renewed through a new application. In case the proposed LLP name contains any word or expression that requires approval, then a copy of the approval must be attached with the LLP RUN application.

 

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