Limited Liability Partnership ,LLP registration Chennai is a business entity that combines the convenience of a business entity with a particular legal entity status and the limited liability of the company on the one hand. LLP registration in Chennai was newly introduced in India and is govern by the Limited Liability Partnership Act, 2008, which came into force on April 1, 2009.
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Features of LLP registration in Chennai
The main features of LLP registration in Chennai are as follows:
LLP is a body corporate and a legal entity separate from its partners, owns assets in its own name, can be sue and sue. The mutual rights and duties of the partners of the LLP are govern by the parties or by agreement between the LLP and the partners, subject to the provisions of the LLP Act, 2008.
An LLP is a separate legal entity responsible for the full extent of its assets, with the liability of the partners being limit to the cooperation they have agreed to in the LLP, which may be explicit and / or incomplete. No partner is liable for the independent or non-authoritative actions of other partners or for their misconduct.
The liabilities of the LLP and its partners for the purpose of defrauding creditors or for any fraudulent purpose are unlimited to all or any of the LLP’s debts or other liabilities.
Each LLP registration in Chennai must have at least two partners and at least two designated partners, at least one of whom must be a resident of India. The duties and responsibilities of designated partners are provided for by law, i.e. LLP law.
The LLP is responsible for maintaining annual accounts that reflect a true and fair view of the state of its affairs. Each LLP must file a statement of accounts and solvency with the Registrar each year. LLP accounts are also audited and any class of LLPs is exempt from this require by the Central Government.
It is permissible to convert a company, private company or unlisted public company into an LLP in accordance with the provisions of the Act.
Process
Step 1: Get a Digital Signature Certificate (DSC)
LLP registration in Chennai needs every form or application file online with MCA must be digitally sign by the applicants and partners of the LLP. Therefore, limited liability is usually obtain by the DSC with a validity of 2 years for the designated partners of the partnership. Associated with the PAN card of the DSC application. In addition, a passport size photograph and proof of address are require.
Step 2: Get the LLP name approve for LLP registration in Chennai
The applicant must file a web form called RUN-LLP. RUN-LLP replaced the old LLP Form 1. The new form has been simplified, which requires information on the desired name, its significance and other basic details. Get the help of an abyssal filing expert to save the LLP name you want.
The application can be make with a maximum of 2 names in order of priority give their importance. Names must conform to the rules applicable for name reservation. If neither of the names is approve by the MCA, another two names will be give another chance to apply.
Once the name is assign to the LLP, it is reserve for a period of 90 days from the date of approval.
Step 3: LLP registration in Chennai –T.Nagar (including DIN application)
The main change in the new process is this step and application. Previously, the incorporation application had to be file in LLP Form 2, which has now been replace with Philip (Form to Include Limited Liability Partnership). Integrating the DN Assignment Application with the Incorporation Application is a very important part. The features of the application are give below:
DPN / DN application can be made to a maximum of 2 designated partners (DPs) under the application. If there are more than 2 DPs that do not have a DIN, they can be added later by following the relevant files.
With this form, one can also apply for name reservation. However, it will be kept at the choice of the applicants. Applicants can choose to reserve a name through LLP-RUN or under this form.
The application should be accompanied by the required documents including the subscriber’s sheet and the registered office address proof. The e-Form will be digitally signed by the partners.
Step 4: Processing of the LLP application
LLP registration in Chennai –T.Nagar requires the application is process for approval by the Central Registration Center (CRC). If the registrar finds it necessary to call for more documents or information, it can do so by ordering a return within 15 days. Another opportunity may be provide to resubmit the application after re-examination, which again has a period of 15 days. The total period for resubmission of documents shall not exceed 20 days.
Once the application for online LLP registration in Chennai –T.Nagar is approve, the Certificate of Incorporation (COI) will be issue in Form 16 along with the DPN / DN assign to the designate partner. CoI also has a Limited Liability Partnership Identification Number (LLPIN). The date of the CoI will be the date on which the LLP is merge from the date of its legal existence. The business can now be start under the LLP name.
Step 5: Apply for PAN
Unlike in the case of a company, the application for PAN has to be made separately to the LLP. Applications are submit directly to the Income Tax Department and are also process through it. Applications as supporting proof are made in Form 49A with Certificate of Incorporation.
Step 6: Apply for TAN
Apply for TAN by applying on Form 49B through online or offline modes. Learn more about what TAN is and why you need it here.
Step 7: Prepare and file the LLP agreement
This is an important step in the process of LLP registration in Chennai – T.Nagar. The LLP agreement should be design very carefully and various factors should be taken into consideration. The contract takes care of the name, business object, place of business and all other important details of the LLP. Other terms include capital, profit-sharing ratio, rights and partners’ obligations, etc. Abyssinian filing experts will assist you in drafting the LLP agreement, which includes all the necessary terms.
Step 8: Get GST registration for LLP
GST registration for LLP is the final step. GST registration is not mandatory for LLPs. However, it should be obtain if it assumes that the LLP deals with inter-state transactions. It is advisable to obtain GST registration if the LLP proposes to purchase expenses or goods.