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LLP Formation

Rao & Associates LLP Formation

The Ideal Structure for Professionals and Businesses

An LLP is a hybrid business structure that offers the flexibility of a partnership with the limited liability protection of a company. It’s a popular choice for professionals, startups, and small businesses due to its unique advantages.

The LLP Registration Process

Obtain Digital Signature Certificate (DSC)

All designated partners of the LLP must acquire a Digital Signature Certificate (DSC). This certificate is necessary for signing and submitting online forms, as well as for filing annual returns and income tax returns. To obtain a DSC, the partners need to provide photographs, identity proofs, and address proofs. The DSC must be renewed every one or two years.

Apply for Director Identification Number (DIN)

After obtaining DSCs, the partners can apply for a Director Identification Number (DIN). The DIN is usually granted immediately after the DSC is issued, and no additional documents are typically required. Each partner can only hold one DIN, and it does not require annual renewal.

Secure Approval for the LLP Name

The proposed name of the LLP must be approved by the relevant authorities. The name must adhere to the LLP naming guidelines, ensuring it is unique and not similar to any existing company, LLP, or trademark. The name should include the term "LLP" at the end and reflect the nature of the business. The partners may need to provide a document explaining the significance of the chosen name and the intended business activities.

File for LLP Incorporation with Rao & Associates

Once DSC, DIN, and name approval are secured, the LLP incorporation application is filed with the Indian Ministry of Corporate Affairs (Rao & Associates). Partners have 60 days to submit the required documents, or they must reapply for name approval. The application must be attested by a practicing CA, CS, Cost Accountant, or High Court advocate, and the fee, based on the LLP’s proposed capital, must be paid.

Issuance of the LLP Registration Certificate

After reviewing the submitted documents, the Registrar of Companies (ROC) will issue a certificate of incorporation if everything is in order.

File the LLP Agreement with ROC

Upon receiving the certificate of incorporation, the partners must draft and execute an LLP agreement. This agreement must be filed with the ROC within 30 days of incorporation. The signatures on the agreement must be notarized. Failure to file the agreement within the specified time frame will result in a penalty of INR 100 per day.

Apply for PAN and TAN

With the LLP now incorporated, the partners can apply for a Permanent Account Number (PAN) and Tax Deduction Account Number (TAN), both of which are necessary for tax-related activities. The application for PAN is submitted to the Income Tax Department using Form 49A, and the PAN is typically issued within a week. After receiving the PAN, the LLP can apply for TAN.

Open a Bank Account

Finally, the partners must open a current account in the name of the LLP at a bank to facilitate financial transactions.

Key Differentiators

Expertise

Our team has in-depth knowledge of LLP formation and can provide expert advice.

Efficiency

We streamline the registration process to ensure timely completion.

Personalized Approach

Our services are tailored to your specific needs and goals.

Cost-Effective Solutions

We offer competitive pricing without compromising on quality.

FAQs About LLP Formation

Due diligence services involve a thorough investigation and analysis of a company’s financials, operations, and legal matters before a transaction, such as a merger, acquisition, or investment. This process helps assess risks, validate information, and ensure informed decision-making.
Due diligence is crucial because it uncovers potential risks, liabilities, and opportunities associated with a transaction. It ensures that all relevant information is considered, helping to avoid surprises and making sure the transaction aligns with your strategic objectives.
Types of due diligence include financial due diligence (reviewing financial statements and performance), operational due diligence (assessing business operations and processes), legal due diligence (examining legal agreements and compliance), and commercial due diligence (evaluating market position and competitive landscape).
The duration of the due diligence process varies depending on the complexity and size of the transaction. It typically ranges from a few weeks to several months. The timeline is influenced by factors such as the volume of information to review and the need for additional investigations.
Due diligence services provide valuable insights that help identify potential risks and opportunities, validate business information, and support informed decision-making. They enhance the likelihood of a successful transaction by ensuring that all critical aspects are thoroughly examined.