LLP Registration in Mumbai

Introduction

Mumbai, also known as the city of dreams, is not only the capital of Maharashtra, but also the financial capital of India. With a heavy influx of trade and business, Mumbai is one of the best locations to start a business in India. Starting a Limited Liability Partnership in Mumbai is a great choice. A Limited Liability Partnership firm is a type of business structure that enjoys limited liability like companies and has the simplicity of Partnership firms. To start an LLP you have to file for  LLP registration with the MCA (Ministry of Corporate Affairs). All Limited Liability Partnerships are governed by the Limited Liability Partnership Act which came out in 2008.

Why you should go for new LLP registration

• LLPs have a separate legal identity akin to companies. Because of this, the partners are not personally liable for the LLP’s actions. The liability of each partner is limited beforehand based on their contribution to the Limited Liability Partnership.
• LLPs have very few compliance requirements. Because of this LLP compliance is also very cost-effective.
• LLPs do not have any minimum capital contribution. However, every Limited Liability Partnership partner does have to bring something to the table, be it capital contribution or skills. 

Basic Requirements for New LLP Registration in Mumbai

• Firstly, every LLP requires a minimum of 2 partners for incorporation
• Secondly, at least one of the Partners needs to be a citizen of India and residing in India.
• Thirdly, no minimum capital is required to start an LLP,  but every partner must contribute something to the Limited Liability Partnership, be it monetary or non-monetary.
• Finally, partners also have to apply for DIN (Director identification number) or DPIN (designated partnership identification number)

Important Documents for New LLP Registration in Mumbai

For Limited Liability Partnership registration you have to provide the following documents:

• Copies of the to-be partners PAN Cards
• Identity proof of copies of the to-be partners (Aadhar Card, Passport, Driving License, etc)
• Copies of the to-be partners address proof (Electricity bill, water bill or any other utility bill)
• Proof of address of the Registered Office (Utility Bills)
• NOC (No Object Certificate) from the owner of the property if the registered office is on rent
• A copy of the Rental Agreement if the registered office is on rent
• DSC (Digital Signature Certificate) of at least two partners

You can easily apply for new LLP registration online by using legal services providers such as LegalWiz.in. The services provided by LegalWiz.in make the whole registration process seamless. LLP registration generally takes 15-18 days (depending on MCA approval).

Procedure for LLP Registration Online

1. The first step for Limited Liability Partnership registration in Mumbai is to apply for DIN or DPIN. At Least two partners need to apply for this as a minimum of two directors are needed for LLP registration.
2. The second step is to apply for DSC. Once again at least two Partners need to apply for this for LLP registration. 
3. After this, you have to apply for a name reservation for a Limited Liability Partnership. You can do this by using the RUN service which is available on the MCA (Ministry of Corporate Affairs) website. 
4. After all of that, you can apply for Limited Liability Partnership incorporation via the e-form FiLLiP available on the MCA website. In this, you need to state the details of your partners, and registrar’s office. After the whole process is done, you receive your incorporation certificate. 
5. Finally, you need to draft and submit your Limited Liability Partnership agreement within 30 days of incorporation. 

LLP Registration Fees in Mumbai

LLP Registration Fees in Mumbai range from around INR 10,000 to INR 30,000. Here’s a list of affordable plans from LegalWiz.in:

Final Pointers

After Limited Liability Partnership registration in Mumbai, you have to fulfil the following compliance requirements:

• The first thing, as mentioned before, is for you to file the Partnership Agreement with the MCA. 
• After that, you need to apply for PAN and TAN numbers for your LLP.
• Next, you must open a bank account in the name of your new Limited Liability Partnership.

As for LLP’s annual compliances, there are very few requirements. They are as follows:

• You have to file form 8 for Statement of Account and Solvency
• You need to file form 11 for Limited Liability Partnership annual returns
• Finally, you have to file ITR form 5 for Income Tax Returns