The people today mainly prefer to open up partnership firms, because it gives them more opportunities. There are mainly 3 types of firms: (1) General partnership (2) Limited partnership (3) Limited liability partnership. The Limited liability partnership has the properties of both partnership and company, as it provides the advantages of a company and flexibility of partnership firm in a single firm.
It is crucial to get yourself registered for a limited liability partnership firm. It is mainly the small, medium-sized firms. It has a simple process for limited liability partnership company registration. There are only two persons required to start this partnership firm, no fixed limit for the number of members. It has separate legal value, formation cost is also low. The proper registration process followed to get yourself registered, let’s discuss the steps one by one.
- The first step for the registration process is getting a digital signature certificate, the partners must apply for the signature. The documents of LLP registration are filed online, so it is crucial to get a digital signature certificate. The amount of getting DSC varies from one certifying agency to another. After filling the DSC application form, you can get the certificate within two days.
- The very next step is getting the identification number. After getting the certificate, apply for the identification number of the firm. This process mainly happens immediately, after getting the number one you have to fill the form. Some documents are submitted while filling the form, everyone should have one DIN.
- Next includes the registration of the name of the firm, registration you have to fill the form. The name should not be the same as the name of any other firm or company that is already registered. To avoid delays you can get the company’s name-checked on the site. The fee paid along with the form you will fill, the registrar can either accept it or deny it. After the rejection, you have to fill the form again and pay the fees again, but within few days.
- The very next step to be followed is incorporation. After getting permission from the MCA, you will get the approval letter from the registrar. After this within 60 days of getting the name approval letter, for incorporation, a form has to be filled. You have to pay the fees while filling the form.
- After this, the agreement is filled mainly known as a limited liability partnership agreement. This agreement contains mutual rights of the company, like the rights between different partners and the rights between the firm and the partners. For this agreement fill the form, under some portal. After getting the incorporation you have to fill the form within a few days. The special paper is used to print this agreement.
So, you have to follow the above-written process step by step to get yourself registered for the limited liability partnership. The LLP Registration Company gets many benefits, as it becomes flexible like the partnership firm and strong like company. You get a different legal base for your firm, no minimum capital is required for the start of the firm and the maintenance cost is also not too high.