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As the name suggests a limited liability partnership (LLP) is an advanced form of partnership firm with a limited liability of the partners forming the partnership firm. LLP displays elements of both partnership and corporations. In this form of business entity partners do not share the liabilities for one another.
LLP creates a transparent and well defined platform for the professional firms to work on a single project. Numbro has worked closely with several firms and have extensive experience in firm registration in Hyderabad online and offline.
- Benefits of limited liability and flexibility in partnership.
- No requirement of Minimum Contribution. Contribution of partner may consist of Tangible, Movable or Intangible property
- No limit on number of partners
- Lesser Cost of Registration
- Audit is required only if the transaction exceeds certain limits
- Mutual rights and duties of the partners within an LLP are governed by agreement between the partners
- Individual partners are shielded as no partner is liable on account of the independent or un-authorized actions of other partners
- Since LLP contains elements of both ‘corporate structure’ as well as ‘partnership firm structure’. Hence, LLP is called a hybrid between a company and a partnership.
Who is a designated partner in LLP?
“Designated partner” in reference to Limited Liability Partnership means any partner designated as such according to section 7 of Limited Liability Partnership Act 2008. Every limited liability partnership shall have at least two designated partners, who are individuals and at least one of them shall be a resident of India, who shall be responsible for all the actions taken by the company, matters and things required to be done by the limited liability partnership in respect of compliance of the provisions of this Act.
What is DSC?
Digital Signature Certificate (DSC) is a secured electronic format of signature which is used for signing electronic & online documents, forms for e-tenders, ROC requirements, IT & PF returns, etc.
What is an LLP Agreement?
An LLP agreement is a written understanding between partners that ascertains the profit sharing ratio among the partners, remuneration to the partners, objects of the LLP, registered office details and all the other key information that describe the way the business would be conducted and the key personnel who would be handling the business. An LLP Agreement can be changed as per the requirements of the partners in LLP.
How many members are required for starting a Limited Liability Partnership?
There must be a Minimum of Two Designated Partners and one of them must be Resident of India. There is no Maximum cap on number of Partners in LLP.
Which form of business can be converted into Limited Liability Partnership?
A private Limited company can be converted into LLP but not vice versa.
A partnership firm can be converted to LLP.
Can an LLP be converted into Private Limited Company?
Conversion of LLP into Private Limited Company is not allowed under LLP Act, 2008 and Companies Act 2013. Necessary amendments in the act are awaited.
I reside outside Hyderabad/Telangana can I get services from you?
Absolutely you can avail our services from anywhere within/outside India. As most of the procedural aspects are Online, the experienced team at Numbro will guide in all the procedural aspects of getting the company Registered.
What is a Limited Liability Partnership?
A limited liability partnership (LLP) resembles entity like partnership, in which partners have limited liabilities. Whereas, in traditional Partnership firm we have unlimited Liabilities of the Partners. Therefore it exhibits the elements and features of partnerships and corporations.
What is DIN?
DIN stands for Director Identification Number which is unique and is issued on request of the ROC to every person who intends to become a director. DIN is mandatory for a person to be appointed as Director.
What is Limited Liability Partnership registration certificate?
A signed statement by the Registrar of Companies that the Limited Liability Partnership is duly incorporated under the respective statute and is an exclusive evidence that the LLP has been formally Incorporated and all the procedures prescribed under the act has been fulfilled.
What is share capital and what is the minimum share capital for starting a Limited Liability Partnership?
There is no requirement for Minimum capital contribution for a LLP.
Who can start a Limited Liability Partnership?
A minimum of two partners will be required for formation of an LLP. There is no limit to the maximum number of partners. Any individual or corporate body can be a partner in LLP
Can an NRI start a Limited Liability Partnership in India?
Yes, an NRI can start LLP in India, however, there shall be at least one resident Partner in the proposed LLP.
What are the yearly compliances with respect to ROC (companies act) ?
A statement of solvency has to be filed before 30th of October.
An annual return is to be filed within 60 days from the closure of the financial year i.e. before 30th of May.
What are the yearly compliances with respect to Income Tax, Service Tax and VAT?
Income Tax: A Limited Liability Partnership has to pay an advance tax on quarterly basis if the tax liability payable during the year is more than INR 10,000 and has to file income tax return on a yearly basis.
Service Tax: a Limited Liability Partnership has to comply with the service Tax if the service value is more than INR 9 lakhs.
Sales Tax: a Limited Liability Partnership form of business can apply for TOT registration if the sales turnover crosses INR 5 lakhs and can apply for VAT registration once the sales turnover crosses INR 50 Lakhs.