How to apply for LLP Registration in Sikar?

If you want to establish a Limited Partnership or an LLP in Sikar, you will discover all of the necessary procedures laid forth by the Registrar of Companies (RoC). You will also discover the step-by-step process for creating a Limited Liability Partnership (LLP) in Sikar, as well as other important information such as fees, required paperwork, capital requirements, minimum partner requirement, name registration process, and so on. Let us explore in detail the complete process of LLP Registration in Sikar.

Meaning of Limited Liability Partnership or LLP

A Limited Liability Partnership is the business with a minimum of two members (which can be up to five selected partners (without DIN)) and an unlimited number of members. Its liability is restricted.

An LLP is an organizational structure that combines the advantages of a Limited Liability Company with the flexibility of a partnership. An LLP exists in perpetuity, regardless of partner changes. It has the authority to create contracts and possess property in its name. An LLP is an independent entity that is entirely accountable for its assets; nevertheless, partners’ responsibility is restricted to their agreed-upon contribution to the LLP.

Advantages of Limited Liability Partnership (LLP) Registration in Sikar

Why should you opt for Limited Liability Partnership (LLP) registration in Sikar over business structures like Private Limited Companies and Public Limited Companies or Partnership Firm is because it is easier to establish up with fewer regulatory compliance and easy day-to-day operations. The following are some of the benefits of forming a Limited Liability Partnership (LLP) in Sikar:

• Reduced setup costs: When compared to forming a Private Limited Company, forming a Limited Liability Partnership (LLP) in Sikar is not only easier but also less expensive. Not only are incorporation expenses reduced, but compliance costs are also much lower.

• There are no Minimum Capital Requirements: An LLP has no minimum capital requirement (unlike a limited company, which has one lakh). However, every partner’s contribution to the LLP’s capital may comprise physical or intangible, moveable or immovable property.

• There is no limit to the Number of Partners: While forming a Limited Liability Partnership (LLP) in Sikar requires a minimum of two partners, there is no limit to the number of partners.

Benefits of Limited Liability Partnership (LLP) Registration in Sikar

Limited Liability Partnership (LLP) is a hybrid business structure that provides the benefits of both a partnership and a company. LLPs are becoming increasingly popular among entrepreneurs due to their flexible structure and limited liability feature. In Sikar, getting an LLP registration can be of significant commercial importance for businesses looking to establish themselves as a legal entity.

• Limited Liability Feature: The most significant advantage of registering an LLP is the limited liability feature it provides. This means that the personal assets of the partners are protected in case the business incurs any financial losses or debts. Therefore, an LLP registration in Sikar can provide a sense of security to the partners while conducting business.

• Flexible Structure: LLP also offers a flexible structure that allows partners to manage their affairs and conduct business as per their own discretion. This means that the partners have the freedom to decide their own management structure and profit-sharing ratio. This flexibility can be particularly beneficial for businesses operating in Sikar, as it can help them tailor their business structure as per their unique needs.

• Legal Entity: By registering as an LLP, businesses in Sikar can establish themselves as a legal entity. This provides the business with a separate legal identity, distinct from its partners. As a result, the business can enter into contracts, own assets, and sue or be sued in its own name. This legal recognition can help businesses gain credibility and establish themselves as a serious player in their respective industry.

• Perpetual Succession: LLPs also offer perpetual succession, which means that the business will continue to exist even if one or more partners leave the business or pass away. This ensures that the business can continue to operate without disruption and provides a sense of security to its partners.

• Tax Benefits: LLP also offers tax benefits to its partners, as the income earned by the LLP is taxed at a lower rate than that of a company. Additionally, the partners are not required to pay dividend distribution tax, which can be a significant cost-saving for businesses operating in Sikar.

• Easy to Set Up and Maintain: LLP registration is a relatively straightforward process, and it does not require a large amount of capital investment. Once registered, an LLP is also easier to maintain compared to other forms of business entities, such as private limited companies. LLPs have fewer compliance requirements, and the annual compliance cost is relatively low.

• Better Access to Funding: LLPs have better access to funding compared to partnerships, as they can raise capital from external investors by issuing equity shares or other securities. This allows businesses to expand and grow their operations without relying solely on their partners’ contributions.

Documents required for Limited Liability Partnership (LLP) Registration in Sikar

The following documents are necessary for the registration of an LLP in Sikar:

• A copy of each partner’s PAN card
• Photos of all partners in passport size
• Proof of residency is provided by a water/electricity/telephone bill or the most recent account statement.
• In the event of property ownership, a copy of the selling transaction/title deed.
• A letter of authorization from the property owner.
• A duplicate of the rental agreement.
• A letter of authorization from the landlord, in the format we will give.
• A copy of the NRI/Foreigner partner’s passport, suitably certified.
• Certificates for digital signatures.

How to apply for LLP Registration in Sikar?

The following are the procedure for LLP Registration in Sikar:

• Step 1: Obtain Digital Signature Certificate (DSC): The first step in LLP registration is to obtain a Digital Signature Certificate (DSC) for all the partners. The DSC is a secure digital key that is used to sign electronic documents.

• Step 2: Obtain Director Identification Number (DIN): Next, the partners need to apply for a Director Identification Number (DIN) from the Ministry of Corporate Affairs (MCA). The DIN is a unique identification number that is required for all directors of a company.

• Step 3: Name Approval: After obtaining the DSC and DIN, the partners need to apply for name approval for their LLP. The name should be unique and should not be similar to the name of an existing company or LLP.

• Step 4: File LLP Agreement: Once the name is approved, the partners need to file the LLP Agreement with the Registrar of Companies (ROC). The LLP Agreement is a legal document that outlines the rights and duties of the partners and the LLP.

• Step 5: Obtain Certificate of Incorporation: After the LLP Agreement is filed, the Registrar of Companies (ROC) will issue a Certificate of Incorporation. This certificate is proof of the LLP’s existence, and the LLP can start its business operations.

Legal Window has a team of professionals dedicated to providing you with the greatest guidance, on-time delivery, and the highest level of client satisfaction during the LLP creation process. For LLP Registration and LLP Compliance services, please contact our team at 072407-51000 or [email protected]. 

Forms required for Limited Liability Partnership (LLP) Registration in Sikar

The following forms are necessary for the registration of an LLP in Sikar:

• RUN-LLP (Reserve Unique Name – Limited Liability Partnership) – This form is used to reserve a name for a limited liability partnership.
• FILLIP – This form is used to create an LLP.
• Form 5 – This is a notification of name change form.
• Form 17 – This form is used to apply to convert a corporation into an LLP.
• Form 18 – This form is used to request the conversion of a private or unlisted public company into an LLP.

Fees and other charges for Limited Liability Partnership (LLP) Registration in Sikar

The following are the fees and other charges for Limited Liability Partnership (LLP) Registration in Sikar:

Takeaway

LLP registration in Sikar is a simple and straightforward process that can be completed online. It is essential to obtain a Digital Signature Certificate (DSC) and a Director Identification Number (DIN) before starting the registration process. Additionally, the partners should ensure that they have a unique name for their LLP, and the LLP Agreement is filed correctly. By registering an LLP, the partners can enjoy the benefits of limited liability and tax benefits while managing the business as per their agreement.