LLP registration is a process that sets up a business entity with the perks of a private limited company and a partnership firm. However, like the other business entity under the Ministry of Corporate Affairs – Private Limited Company – this one also entails online steps. Those strides are complex and difficult to follow. Thus, this article will explain the steps to establish a limited liability partnership in India as easily as possible.
The rise of entrepreneurship in India has several reasons behind it. And one of them is the increasing number of options they have when it comes to business entities. Among those, one has grabbed attention more than anyone. It is the Limited Liability Partnership.
- A Limited Liability Partnership is a business entity existing under the LLP Act, 2008. It has the features of a Partnership firm and a Private Limited Company.
- Similar to a firm, it has partners instead of directors.
- And like a Private Limited Company, it has limited liability.
But are these reasons enough to incorporate such a flexible business entity in India?
Why choose LLP incorporation?
The following are the handful of reasons why you should incorporate an LLP:
- There is no maximum limit to the number of partners
- Banks have the inclination to lend loans to an LLP
- It is a flexible business entity that allows the directors to take equally flexible decisions
To get your hands on those benefits, you need to incorporate a Limited Liability Partnership. However, the process is not that easy.
Related Service: Partnership Firm Registration
Why is it complex to incorporate a Limited Liability Partnership?
The following reasons are why entrepreneurs find it challenging to incorporate an LLP in India:
- The Online LLP registration is not self-explanatory: The online module that MCA has implemented to provide the application form is not easy to understand. It has left several things unexplained. It can cause novice entrepreneurs to feel lost.
- The requirements are ambiguous: LLP incorporation suffers from the issue of cryptic essentials. Those wishing to incorporate it can’t understand those necessities. As a result, it takes time for them to start their LLPs.
- The mistakes are common: Hardly any applicants can obtain the LLP incorporation certificate in a single attempt. The complex regulations of Limited Liability Partnership incorporation force those aspirants to deal with first-objections many times.
For the novices, such difficulties are enough to cause apprehensions about starting an LLP. However, there is a way to make the steps easier.
Related Article: BEE Certification Process to get Star Rating for LED lights
Making it easy to obtain LLP registration – bypassing the Challenges
If you do not want to face the complex challenges of the process of Limited liability partnership registration, find someone who can stand by you.
Choosing the right business consultants can assist you in the following ways:
- They can help furnish the required documents. You won’t have to deal with the ambiguity alone.
- Their approach to filling the application form is precise. Thus, you do not have to worry about making any mistakes.
- They understand the procedure of company incorporation. You won’t feel confused about the process.
Related Article: Top 5 Duties of Insurance Surveyor and Loss Assessor
Conclusion
To register an LLP is to go through a complex online procedure. It is often beyond the comprehension of most people. Therefore, whenever you plan to start this business entity, take help from business consultants. These professionals understand the ins and outs of the process. They can assist you in more ways than you can comprehend. Thus, do not ignore consulting with these experts if starting an LLP is on your mind.
