LLP Registration in Vijayawada
A Limited Liability Partnership (LLP) is a hybrid business structure that combines the features of both a partnership and a corporation. In an LLP, partners enjoy limited liability, shielding their personal assets from the debts and liabilities of the business. Registering LLP in Vijayawada is best choice for entrepreneurs due to its benefits. Cqubes simplifies the LLP company registration process in Vijayawada with our expert guidance.
Characteristics of LLP:
- Limited Liability
- One of the primary features of an LLP is limited liability for its partners. This means that partners are not personally liable for the debts, liabilities, or misconduct of other partners. Their liability is limited to their agreed contribution to the LLP, providing protection for their personal assets.
- Separate Legal Entity
- Similar to corporations, an LLP is a separate legal entity distinct from its partners. It can own assets, enter into contracts, sue, and be sued in its own name. This legal status provides LLPs with perpetual succession, ensuring continuity of existence despite changes in partners.
- Regulatory Compliance
- LLPs are regulated under the Limited Liability Partnership Act, 2008 in India. They are required to comply with statutory obligations such as filing annual returns and maintaining accounting records as per the guidelines prescribed by the Ministry of Corporate Affairs (MCA).
- Partnership Agreement
- LLPs operate based on an LLP agreement, which outlines the rights, duties, profit-sharing ratios, and decision-making processes among partners. This agreement provides clarity and transparency in business operations and helps in resolving disputes amicably.
Additional registrations(if required):
- Goods and Service Tax (GST)
- One can register to GST for providing GST Invoice and benefit ITC.
- Udyam Registration (MSME)
- Helpful for Micro, Small & Medium Enterprise to obtain various benefits provided by the government for their establishment and growth.
- Importer Exporter Code (IEC)
- mandatory for firms which import to India or export from India.
- Digital Signaure (DSC)
- Digital Signature Certificate is an electronic, secure and authentic way to submit documents electronically for e-fillings, Govt.tenders.
Advantages of LLP:
LLP will have many benefits, we are mentioning few of them:
- Limited Liability
- No Minimum Capital Requirement
- Lower Compliance Burden
- Flexible Management
- Limited Liability
- Separate Legal Entity
Limitations of LLP:
LLP has few limitations. Few of them are:
- Limited Capital Raising Options
- Complex Dissolution Process
- Perception and Credibility
- Regulatory Changes
- Limited Growth Opportunities
- Risk of Disputes among Partners
Process for registering LLP Company in Vijayawada:
- Obtain Digital Signature(DSC)
- All Proposed directors should obtain Digital Signatures(DSC). The DSC is used for signing required documents electronically.
- Director Identification Number(DIN)
- Each director must apply for a DIN if they do not already have one. DIN is a unique identification number issued by the MCA, which is mandatory for anyone appointed as a director of a LLP company.
- Name Reservation
- Choose a unique name and apply for reservation of the LLP company name.
- Draft LLP Agreement
- Draft the LLP Agreement, which outlines the rights, duties, profit-sharing ratio, and management structure of the LLP. The agreement should be notarized and filed with the Ministry of Corporate Affairs(MCA) within 30 days of incorporation.
- Filing SPICe+ Form
- Will prepare and file the SPICe+ form (Integrated Incorporation Form) with the MCA. SPICe+ combines application for Incorporation Document (Form FiLLiP), LLP Agreement (Form 3), Subscription Sheet signed by partners and Details of registered office address and proof of address.
- Certificate of Incorporation
- After reviewing all documents, the Registrar of Companies (RoC) will issue a Certificate of Incorporation. This certificate legally establishes the existence of the Pvt Ltd Company.
- Obtain PAN
- Once Certificate of Incorporation is recieved, apply for the Permanent Account Number (PAN) for the LLP.
- Open a Bank Account
- Open a current account in the name of LLP company with any bank of your choice.
Documents Checklist:
Following documents are required for registering LLP company in Vijayawada:
- Aadhar Card & PAN Card (of all Partners)
- DIN & DSC (of all Partners)
- Passport size photos (of all Partners)
- Address proof (e.g., utility bill, rental agreement)
Start registering your LLP Company in Vijayawada with Cqubes
Choose CQUBES to guide and register your LLP Company in Vijayawada. Our dedicated team will navigate you in obtaining essential registrations, certifications and compliance in every step of your business growth.
