Limited Liability Partnership (LLP) registration in Gwalior, Madhya Pradesh � advantages, process, fees

If you are planning to setup a Limited Liability partnership or LLP in Gwalior, Madhya Pradesh, you will find all the relevant requirements laid down by Registrar of companies (RoC). Also find the step by step process for registration of Limited Liability Partnership (LLP) in Gwalior, Madhya Pradesh along with other necessary information like fees, documents required, capital requirements, requirement of minimum number of partners, process for registration of name, etc.

The Limited Liability Partnership or more popularly known as LLP is a boon for micro or small businesses where one partner doesn’t wish to be liable for another’s mistakes and misconducts. The LLP also makes sure the partners get ‘limited liability protection’ to the owners from debts of the partnership. It is a great business structure for a group of new business professionals or a business owned by a joint family and is getting popular by the day.

Advantages of formation of Limited Liability Partnership (LLP) in Gwalior, Madhya Pradesh

With company structure like Private limited company and public limited company or partnership form, why should you go with a Limited Liability Partnership (LLP) registration in Gwalior, Madhya Pradesh is easier to setup with lesser compliance and simple day to day operations. Among the various advantages of incorporation of Limited Liability Partnership (LLP) in Gwalior, Madhya Pradesh, few of them are :

Lesser cost of incorporation

In comparison to incorporation of Private limited company, Limited Liability Partnership (LLP) in Gwalior, Madhya Pradesh is not only easier to setup, but also cost effective. Not only the cost of incorporation is lesser but also the cost of compliance is also significantly low.

No minimum Capital requirements

In a LLP, there is absolutely no requirement for minimum capital (unlike in private limited company where it is 1 lakh). However, the contribution of any partner towards the capital of the LLP may also include and tangible or intangible, movable or immovable property.

No limit on Number of Partners

While minimum 2 partners are required to form a Limited Liability Partnership (LLP) in Gwalior, Madhya Pradesh, there is absolutely no limit on the maximum number of partners.

Tax Audit Requirements

Unlike Companies, be it private limited or public limited, where the audit is mandatory irrespective of capital requirements, in Limited Liability Partnership (LLP), such requirement is not starts only with capital contributions exceeding Rs.25 lakhs or annual turnover exceeding Rs.40 lakhs.

Income tax

LLP, for the purpose of taxation, is just like a partnership firm. It is required to pay Income tax at the rate of 30% instead of corporate tax rate of 25%. However the share of profits given to partners is not a dividend, so the question of Dividend distribution tax doesn’t even arise. Moreover, interest paid to partner (not more than 12%), salary or bonus or commission for the actual work done by working partner is allowed for deduction from the profits.

Annual Compliance

Similar to other company legal structures, LLP also need to complete annual compliance that includes Income tax returns and Financial statements and Annual Returns filings with MCA at the end of each year.

No Equity shareholding

Any Limited liability partnership or LLP is not constituted through equity so selling of its equity or shareholding to any other person or company in not possible. Thus funding avenues like venture capital or private equity capital may not be used in this case. However LLP may always raise capital from existing or new partners or through loans from banks.

Limited Liability

Limited Liability Partnership or LLP is superior to any partnership in terms of limiting the liabilities of the partners. It frees the partners of the fear of being responsible for someone else’s misconduct.

Advantages of registration of Limited Liability Partnership (LLP) in Gwalior, Madhya Pradesh

If you are planning to start a business or startup by incorporation or registration of a Limited Liability Partnership (LLP) in Gwalior in the state of Madhya Pradesh, the registration of such Limited Liability Partnership (LLP) will be with Registrar of Companies, Gwalior office i.e. RoC – Gwalior. All Limited Liability Partnership (LLP) within Gwalior or any other part of the state of Madhya Pradesh, is required to be registered with RoC Gwalior.

Located in central India, M.P. is popularly known as the ‘heart of India’. Due to its geographical location M.P. is a major beneficiary of various mega infrastructure projects, with both North-South corridor and East-West corridor passing through it. Excellent support of infrastructure is present in Madhya Pradesh for industrial growth. M.P. has a robust network of railways with 550 trains crisscrossing on daily bases. M.P. also has network of 5,000+ Kms of National Highways, 5 commercial airports that operate 100+ daily flights and 6 Inland container depots (ICDs). Indore, a major city of Madhya Pradesh stood 1st while the capital, Bhopal has been rated 2nd cleanest city in India in by Government of India in the Cleanliness Survey 2018.

Madhya Pradesh also has large mineral resources and produces 14% of India’s total cement production. M.P. has an oil refinery at Bina with capacity of 6 MMT annually. The state is power producer with installed power capacity of over 23,400 MW; out of which 35% is contributed by renewable energy. The state is the highest producer of wheat and also produces other varieties of horticulture crops due to which it offers a lucrative opportunity for food processing industry. Madhya Pradesh also offers opportunities in textile and automobile manufacturing, agriculture equipment and engineering manufacturing, and so many more. Madhya Pradesh is a leading producer of manganese, coal, limestone, dolomite, glass sand and copper.

Madhya Pradesh is the largest producer of various agricultural products such as soybean, garlic and pulses while it ranks 2nd in the production of floriculture. Asia’s thickest coal seam with the depth of 138 m is in coalfield in Singrauli.

Not only this, as per the latest report by World Bank, Madhya Pradesh ranked 4th out of 36 states in terms of ease of doing business. Although, the entire process of registration of Limited Liability Partnership (LLP) in Gwalior, Madhya Pradesh is  online however for any queries or clarification, one can visit RoC regional office at Gwalior with address given below

Registrar Of Companies  (ROC Gwalior )

Ministry of Corporate Affairs (MCA)

Address : 3rd Floor, ‘A’ Block, Sanjay Complex, Jayendra Ganj, Gwalior

Phone: 0751-2321907   Fax: 0751-2331853

Email  roc.gwalior@mca.gov.in

Documents required for registration of Limited Liability Partnership in Gwalior, Madhya Pradesh

Here’s a list of documents required for LLP registration:

• PAN Card copies of all the partners
• Passport sized photographs of all the partners.
• Water/ electricity/ telephone bill or the latest bank statement to serve as a proof of registered office space.

Copy of the sale deed/ property deed, in case of an owned property.

• NOC from the property owner.
• Copy of the Rent Agreement.
• NOC from the landlord, the format for which will be provided by us.
• Copy of Passport, if the partners are NRIs/Foreign citizens, duly certified.
• Digital Signature Certificates.

Step by Step Procedure for Registration of Limited Liability partnership (LLP) in Gwalior, Madhya Pradesh

To register as an LLP, a few eligibility criteria have to be met. These are as follows:

• Must have at least two partners who’re both eighteen years or above old.
• A minimum of at least one partner should be an Indian Resident.
• DIN/DPIN for all the designated partners.

There is no minimum capital corpus requirement for LLP (unlike Private Limited Company)

Step by Step Procedure for Registration of Limited Liability Partnership (LLP) in Gwalior, Madhya Pradesh

There are a bunch of steps that are to be followed in order to register your company as a Limited Liability Partnership. These steps include:

STEP 1 : Obtain the DSC & DIN/DPIN

The initiating step for all the partners or would be Designated Partners of a Limited Liability Partnership is to apply for the Digital Signature Certificate and DIN/DPIN. The digital signature is an online signature used for the purpose of filing while the DIN/DPIN refers to Directors Identification number or Designated Partner Identification number issued solely by the Ministry of Corporate Affairs.

• DIN/DPIN for 2 Designated Partners

DIN/DPIN or Designated Partner Identification Number is a registration of Designated Partners with Registrar of Companies. Similar to PAN or Aadhaar, it is the mandatory registration required for becoming Designated Partner in any Limited Liability Partnership in Gwalior, Madhya Pradesh.

• DSC for 2 Designated Partners (Digital Signatures)

DSC or Digital Signature Certificates are the signatures of designated partner that enables to sign any document in the digital form. All documents that are now filed with RoC or MCA are filed online. To file any such documents on behalf of any limited Liability Partnership (LLP) in Gwalior, Madhya Pradesh, one need to sign digitally, using this DSC.

If the designated partners have already obtained both the DSC and DIN/DPIN, then they can easily skip to the next step.

STEP 2 : Filing the Name for the Limited Liability Partnership in India

Once the DSC and DIN/DPIN is in place, its the time to get the name approved for our Limited Liability Partnership in Gwalior, Madhya Pradesh. To apply for LLP name, the online web-based eform-Reserve Unique name-‘RUN’ has to be filled and submitted

Here’s what you should factor in while selecting a name for your LLP:

List of naming guidelines have been issued by the Registrar of Companies specifically for LLPs. These rules are meant to be followed accordingly and if they’re not, there is a good chance that the names will not be approved.

●        Select a meaningful name – You should select a name that reflects what your brand is all about. People should have get an idea of the business from the meaning attached to the name itself.

• The name should be simple and short – You should go for a name of your LLP to the point, easy to pronounce and easy to remember. A complicated name will always be another complicated word that won’t be imprinted in the minds of people at once.
• Select a unique name – Your company’s name should not
• Blacklist Abstracts – The generic or random words are rejected on the spot. The words “bank, exchange and stock exchange” are also rejected in no time, and should be avoided.
• Make sure you have different Trademarks – You have to run checks and ensure that there aren’t any certified trademarks by the same identical name on the website of ‘IP India’. In case the name you have chosen is already a registered under a trademark, you can still get it approved only if you manage to obtain a NOC from it’s owner.
• A fixed Suffix – It is mandatory that the name of your should end with ‘LLP’, which indicates that your company is an Limited Liability Partnership.
• Choose a Descriptive Name – You have to select a name that is descriptive of what the LLP is all about.
• Should not be an illegal or offensive name – The name of your choosing for your LLP shouldn’t comprise any illegal word. It should not be abusive or offensive to the beliefs of any particular religion or community.

STEP 3 : Incorporation of the LLP

The next step is the Incorporation of the LLP or Limited Liability Partnership in Gwalior, Madhya Pradesh is to submit another form FiLLiP. FiLLiP or Form for incorporation of Limited Liability Partnership is used for incorporation of LLP in Gwalior, Madhya Pradesh. Along with this form, fees for incorporation of LLP or Limited Liability Partnership in Gwalior, Madhya Pradesh is to be paid. The name that was approved as per step 3 need to be filled as the proposed name of the Limited Liability Partnership in Gwalior, Madhya Pradesh or LLP

STEP 4: Filing of the LLP Agreement or Deep

The final steps include the submission of two forms that include the filing of the LLP agreement and documenting the partner’s details. This LLP agreement or LLP deed defines the rights of partners and norms according to which the partnership will perform. This agreement is to be filed as per form 3 on the MCA portal i.e www.mca.gov.in with in 30 days of LLP incorporation. The agreement is only valid if it is duly stamped as per state laws or jurisdiction.

You may find the above steps to be quite tricky and can take quite some time to complete. Which is why we at seedup.in are at your service to make sure you have a perfect business strategy that suits your trade and company dynamics and have all the processing of Limited Liability Partnership smoothened up for you.