NIDHI COMPANY REGISTRATION

The word LLP holds immense significance in the corporate world and refers to Limited Liability Partnership which differs from Private Limited Company and General Partnership in terms of liability, protection and cost. India has become one of the most attractive markets for start-ups, where LLP is one of the most usual business formations for startups.

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NIDHI COMPANY REGISTRATION

All you need to know

Limited Liability Partnership is a type of partnership firm which is mostly preferred by entrepreneur. It is the easiest form of business structure with the benefit of limited liability. LLP registration gives freedom to partners to form a partnership structure where the liability of each partner is limited to the amount they contribute into the business. Limited liability partnership firm registration means that if the partnership fails, creditors cannot ask for partner’s personal property or income.

What are the Benefits of Registering One Person Company?

  • Enjoys The Status Of Corporate Bodies

As per Section 3 of the Limited Liability Partnership Act, 2008, under LLP registration a firm is a corporate body which has come into force with effect from April 1, 2009. The Indian Partnership Act 1932 is not applicable to LLP.

  • Perpetual Succession

A Limited Liability Partnership firm has a benefit of perpetual succession and can continue its existence even after the retirement, death, insanity of one or more respective partners in the firm.

  • Shares Limited Liability

The most important feature of LLP is limited liability that all its partners should entertain which means their personal assets are safe and won’t be used to pay the losses or debt of the firm. Apart from it, innocent partners of a Limited Liability Partnership firm are not liable to pay for the wrong deeds done by some other partner.

  • Fewer Credentials Are Required

A person can start an LLP firm with just two partners out of which one should be an Indian resident. The designated partners of limited liability partnership firm can either be an individual or a corporate body. Moreover, there is no specific capital requirement to incorporate a limited liability partnership firm registration.

  • Quicker Decision Making Process

An agreement is printed on a stamp paper and signed by all the partners that define their roles and duties in the firm. It helps them in the decision making process.

  • Easy Online Registration And E-Filling

MCA has simplified LLP registration and made it an easy online procedure. The forms and the documents are filed electronically on the official MCA portal. A designated partner of a limitedliability partnership firm has to obtain DSC to sign these documents and forms.

  • Easy Conversion

If a public or private company or a partnership firm decides to emerge as a limited liability partnership, they can easily convert as per the provisions of the applicable act.

  • Efficient Business Management

The business is managed by the respective partners as per their roles and duties. The designated partners of the firm are responsible for the legal compliances.

  • Profit Sharing Business

Profit is equally shared amongst all the partners of a limited liability partnership firm. An LLP registration cannot be incorporated for a charitable purpose. Its purpose is to carry on business activities with an aim to earn profit.

Documents Required for GST Registration

Documents required for LLP 

  • Minimum 2 Partners
  • DIN (Director Identification Number) for all the Designated Partners
  • If a body corporate is a Partner, it has to nominate a natural person as its Nominee
  • DSC (Digital Signature Certificate) for all the Designated Partners
  • There is no concept of share capital, but each Partner has to contribute towards capital of LLP
  • Address proof for office of LLP

WHAT ALL YOU GET

  • DIN for 2 Partners
  • LLP Agreement
  • Bank A/C Opening Document Support
  • Master File of all docs filed for Incorporation
  • Digital Signature for 1 Partner
  • LLP PAN Card
  • Incorporation Certificate
  • LLP TAN/TDS Number