Difference between a Shareholder and Director in Private Limited Company

 

Minimum Requirement to Form a Private Limited Company

The basic requirement to form any private Limited Company is that it requires a minimum of Two Shareholders, a minimum of two Directors, authorized share capital of a minimum of 1 lakh, and at last an office space in India. So these are the basic requirements of a Private Limited Company. But plenty of people had a doubt about the difference between Shareholders and Directors. And plenty of people believe Directors are the owners of the company!! Are they? So this article will help to understand more about Shareholders and Directorship.

Shareholder

Who is a Shareholder?

Shareholders are called members of the company in other words they are the owners. The shareholders own a part of the business by way of investing in the company and holding the respective shares. Yes, they are the owners of the company but they do not run the company. But if you ask me, how do they get to benefit from the company, here is the answer. 

The primary monetary benefit is through dividend which is reaped from the profit of the company. The secondary monetary benefit is by share value which they can sell at any point in time with the approval of all other shareholders. The shareholder who owns more than 50% of the share is called a major shareholder. And the shareholders who own below 50% of the shares are called minor shareholders.

Minimum and Maximum number of shareholders

As per the Companies act, to form a private limited company, it needs a minimum number of 2 members/shareholders and there can be a maximum of 200 members. The shareholders could be natural persons or companies, including foreign companies.

Roles and Responsibilities of Shareholders

• The primary responsibility of a shareholder is to appoint the right Directors for the company
• The shareholder has the responsibility to draft the policy of the company
• It is the responsibility of Shareholders to appoint the company’s auditors.
• Duty to be in touch with other members of the company so that they can see the work progress of the company.
• Their main role is to attend meetings and discuss whatever is on the agenda to ensure the directors do not go beyond their powers – and provide shareholders’ consent where required.

Rights and powers of a shareholder

• The shareholder has the right not only to appointing the shareholder but also to remove them from office
• The right to inspect the company's books and records
• The other primary right is to attend the annual meetings
• The right to vote on key matters
• Shareholders shall have the right to receive dividends.
• To change the company name or to initiate the winding off process 

Directors

Who is a director?

Directors are the supreme executive authority who controls the management of a company, and the directors are collectively known as the Board of Directors of the company. A Director is elected by the shareholders for the purpose of managing the affairs of the company. As the Private Limited company is an artificial judicial person but it cannot act on its own, so it acts through the agent called the director who is a natural person.

Are directors owners of the Company?

Unless the articles say so (and most do not) a director does not need to be a shareholder and a shareholder has no right to be a director.

Minimum and Maximum number of Directors

To form a private limited company minimum of 2 directors are required. And there can be a maximum of 15 directors in a company. A director can hold the office of a maximum of 20 companies. 

Qualification of a Directory 

• Should be an individual, so a company or an organization cannot become a director 
• Should be a major
• Should be of sound mind. 

Roles and Responsibilities of Directors

• He is the agent of the company who is responsible for the running business on behalf of the shareholders of the company. 
• Any Whole-time director appointed by the Board of Directors and approved by the shareholders of the company acts as an employee of the Company by managing day to day affairs of the Company.
• Director is like a trustee for the company, its money, and for the property. 
• The director is responsible to act according to the AOA of the company

Difference between Director and Shareholder

Ownership: shareholders own stock in a company so they are considered as owners, whereas the directors are the officers of the company.

The shareholder doesn't have any role to play in the day by day activity of the company, whereas the directors are responsible to run the business.

Private Limited Registration in Bangalore - Easy Steps to Register - Apply Online Now!

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Difference between Proprietorship and One Person Company (OPC)

  

There is a saying, If you want to be Strong, Fight Alone. 

Plenty of people will have a fear of failure too, this fear may be a reason for not starting a business, but many of us break the fear and come up with new business ideas and start a business. If you are the single owner, for creating a business, there are two options, one is a Proprietorship and the other is One Person Company. 

In this article, we are going to see the advantages, procedures for formation, and the difference between both:

Proprietorship Firm

A sole proprietorship Firm is the most common and traditional business type in India and all over the world. The form of a proprietorship firm is very simple because there is no complex Government regulation to register a sole Proprietorship Firm as compared with other business entities like a Limited Company or OPC.

How to Register a Proprietorship Firm?

Basically, a Proprietorship firm is not considered as a Separate Legal Entity. Furthermore, there are no specific statutes to Govern a Proprietorship firm. Hence there is no specific registration process, but to show proof of existence, you can register your firm under MSME/Udyam Registration. 

Benefits of Proprietorship Firm

• Easy to make decisions
• Flexible to operate
• Tax Benefits 
• Suitable for New entrepreneurs
  
  

One Person Company

One Person Company is the most recent child in the Incorporation Family, which was introduced by the Companies Act, 2013. This is the first time in India to enables one single member to get a company Incorporated through ROC. 

Registration Procedure:

The registering authority is ROC, Registrar of Companies

Step 1: Name Approval

Step 2: Obtain Director Identification Number 

Step 3: Obtain Digital Signature

Step 4: Submit Documents

Step 5: Registration

What is the difference? 

1. Liability: The primary difference is Liability. The Liability of the Proprietor is unlimited towards business transactions. But whereas the liability of a shareholder is limited to its share value.
2. Formation: As already said, there is no specific registration required for Proprietorship. Because the proprietorship firm is not governed by any of the statutory legislatures. But whereas the formation of OPC is governed by the Indian Companies Act and the registration carried out by Registrar of Companies (ROC)
3. Status: The One Person Company is a type of Private Limited Company and the name itself adds a good reputation to the Company and it creates credibility among the clients and vendors.
4. Continuous existence: On the demise of the Proprietor, the firm life comes to an end, because the business and the proprietors are both one and the same. The PAN of the proprietor is used for business also. But whereas the OPC Is a separate legal entity, hence it cannot be treated as dead until it is winded up through the due process.
   
   

Call 9108569562 for any clarification or Book a Free Consultation

Source: https://leintelligensiaipr.com/difference-between-proprietorship-and-one-person-company-opc

Why LLP is more valuable than a Private Limited Company?

 

Limited Liability Partnerships(LLP) Vs Private Limited Company (PLC)

Awesome! You have a great plan for a startup, you've driven business, and have a team that backs you and are raring to go. But, wait! Have you thought about what type or category of company you fill the form? How many directors or partners? What amount of capital you decide to dispose of? What way will the company take? No? Well, with this article we hope to clear that up for your new company. 

We are going to examine at LLPs(Limited Liability Partnerships) of their merits and try to articulate the point that LLP is better than Private Limited Company. Before we see PLCs in a bad picture and LLPs as the best choice, there are more upsides to Private Limited company incorporation as well as similarities between PLCs and LLPs. You can check out 4 easy steps for registration of a private limited company in Bangalore. For more detailed information into when it could be wiser to go with PLCs

Three Similarity Points for LLP and PLC:

1. LLPs and Private Limited companies both require a minimum of 2 directors (or) shareholders (or) partners to start incorporation.
2. Private Limited Companies & LLPs both have Limited Liability to personal assets. (Limited to a nominal value of a share of company shareholders)
3. LLPs and Private Limited Companies both are a body corporate and a legal entity separate from its partner's companies and shareholders companies.
4. 
   

Registration Procedures for LLP and PLC in India

The procedures for the Private Limited Company Registration process and the LLP Registration process, are simplistic and very similar to each other. Some of the basic steps for the incorporation of these companies

Private Limited Company	Limited Liability Partnership LLP
Obtaining Digital Signature Certificate (DSC) for Proposed Directors of the company	Acquire Digital Signature Certificate (DSC) for Prop Partners
Acquire Directors Identification Number (DIN) for Proposed Directors	Obtain Designated Partner's Identification Number (DPIN)
Name Approval from Ministry of Corporate Affairs(MCA)	Need a Name Approval from MCA
Filing for Incorporation	Incorporation Filing

The Ministry of Corporate Affairs (MCA) is also taking steps to ensure a faster processing way of company incorporation procedure to incorporate a company now in just 1 day.

Why LLP is more valuable than a Private Limited Company

It is easy to see that both PLC and LLP registration procedures are rather simplistic. Thus, it is not a question of ease of incorporation it comes down to deciding the direction and future of the company. 

We have also seen that it could be beneficial to incorporate PLCs sometimes. However, Le Intelligensia provides you with a comprehensive argument for why Limited Liability Partnerships (LLPs) should prefer as compared to Private Limited Companies.

• LLPs combine the operational benefits of a company and also the flexibility of partnership companies.
• The fee for incorporation of an LLP firm is very lower range as compared to that for private limited company
• The Compliance requirements are very lower for LLP, compare to that for private limited company. The frequency of mandatory audits for LLP is revenue 0 if they haven't crossed the 40 lakhs turnover mark or 25 lakh revenue contribution mark.
• A private limited company has restricted ownership conditions and the PLC can only extend the number of owners to a maximum of 200 shareholders in a private limited company. However, there no restriction which to LLPs in India.
• The requirements for meetings are substantially more for PLCs with the requirement of holding 4 board company meetings and  1 annual general meetings of the all partners company but is not a compulsory requirement of holding meetings.
• The cost of incorporating and maintaining a PLC(Cost Details: INR 15000/- Incorporation + INR 15000/- Compliances + INR 15000/- Audit). So, PLC is three times higher than of LLP(INR 11,000 Incorporation + INR 4,000 Compliances). This makes LLP an economical choice.
• PLC model not adopting startup owners and its economically hurtful & risk. Sometimes owners of a private limited company unable to pay or do not pay their compliance requirements in time, Leading to fines of up to INR 1 lakh sometimes. However, with LLPs, you can skip the hassle of fines altogether. The number of fees for compliances of LLP is very low and rarely leads up to a fine.

Conclusion:

There more advantages of LLPs over PLCs. In light of all these advantages, it is a wise choice for early-phase startups to do the LLP registration process. While PLCs have their benefits, LLPs have been grossly underestimated to help shape a company's foundation. LLPs have proven to be an absolute miracle for construction and mechanical related type businesses ever since the incorporation of LLPs in the LLP act, 2008.

At Le intelligensia, We specialize in incorporate a company whether it is LLP registration or Private Limited Company registration along with GST registration, Brand name, and Logo registration. Talk to us about your intellectual property requirement at 9108569562 or Send us an email at arivu@leintelligensia.com

Source: https://leintelligensiaipr.com/why-llp-is-more-valuable-than-a-private-limited-company

How to Register for GST in Bangalore?

In February 2015 the Former Minister of Finance of India Arun Jaitley introduced the GST Bill in Lok Sabha. The Goods and Services Tax(GST) is implemented in India from July 1st, 2017.

The government announced every business carrying out with taxable for all supply of Goods/Services in Bangalore, Karnataka district whose earning or turnover exceeds the threshold limit of 20 lakhs per annum will be compulsorily required to register as a normal taxable person. This procedure of GST registration in Bangalore city is very simple and easy.

Required Documents for GST Registration in Bangalore:

Sole Proprietorship GST Registration Document Details:

• PAN Card
• Aadhar Card
• Colour Photo
• Company Address Proof
• Current Bank Account Statement / Cancelled Cheque

Partnership Firm GST Registration Document Details:

• PAN Card of Partnership Firm
• PAN Card of Partners
• Aadhar Card of Partners
• Colour Photo of Partners
• Company Address Proof 
• Current Bank Account Statement / Cancelled Cheque

LLP Company GST Registration Documents Details:

• PAN CPAN Card of LLP
• PAN Card of Partners
• Aadhar Card of Partners
• Colour Photo of Partners
• Company Address Proof
• Current Bank Account Statement / Cancelled Cheque
• Certificate of Incorporation
• LLP Agreement

Private Limited Company GST Registration Documents Details:

• PAN Card of Company
• PAN Card of Directors
• Aadhar Card of Directors
• Colour Photo of Directors
• Company Address Proof 
• Current Bank Account Statement / Cancelled Cheque
• Certificate of Incorporation MOA & AOA

GST registration done within 3 working days, Make Your Easy! See More Here (or) Call Us 9108569562 / 080–6547-0996

Source: https://leintelligensiaipr.com/how-to-register-for-gst-in-bangalore

7 Advantages of Trademark Registration

A trademark is a unique mark or sign that represents a business, and it is used to distinctively identify a company from another and build its credibility among consumers. Trademark Registration gives plenty of benefits to its registered owner.

Here in this video, we are going to discuss the top 7 benefits of Trademark Registration:

1. Exclusive right

This main advantage of trademark registration is that it grants the Exclusive right to use the Brand or the mark by its owner. This means only the owner of the registered trademark has the entire right to use the mark in relation to specific goods or services. The right granted to is the owner is for entire India. Hence, this registration stops any third party to use any similar or identical mark as that of the registered owner.

2. Legal Protection

Trademarks are a form of intellectual property and the trademark registration protects the brand or the name from infringement. so once the Trademark Registration is done, the owner of the mark has the right to sue anyone who breaches the rights. So, if a third party uses your trademark without your consent, you easily file an infringement suit before the High Court or the District Court.

3. Builds Trusts

The Registered Proprietor can use the R symbol and it adds a great reputation to the goods or service. In simple it gives branded recognition to your products. 

4. Protects your brand in Social Media Too

Nowadays, we started promoting the brands through Social Media like Facebook, YouTube, and many more platforms by way of a YouTube Channel or a Business Page. You can protect your brand name even in Social Media by way of Trademark Registration.

5. Business expansion globally 

By way of the Madrid System, you can protect your Trademark even in foreign countries. So if you are in export trade, your brand would be protected even abroad. And by that, you can expand your business globally without any huddle.

6. Asset Creation

Trademark is an Intangible Asset and is considered as a property of your company or the owner. So you can earn smart by way of licenses, assigned, and even sold for commercial benefits.

7. Ten years of Validity 

The registered trademark is unlike patent and copyright, trademark registration provides uninterrupted protection, provided every 10 years it needs to be renewed.

So, these are the top 7 benefits of Trademark Registration. One important thing.  Most of the business owners does a common mistake, that is they do trademark registration only when the brand starts fetching profit. But at that time if the trademark application is refused, because of the similarity of name, it would be a greater loss both financial as well as time. So the best time to protect a brand is immediate once the brand name is selected.

Le Intelligensia where we can handle your Trademark Registration in Bangalore. Send Us an e-mail at arivu@leintelligensia.com or give us a call at 910-856-9562.

Source:https://leintelligensiaipr.com/7-advantages-of-trademark-registration

Types of Company Registration in Bangalore

Once you had decided to start your own business, you need three things, Well worth Business Idea, Capital, and a Company. So if you had already chosen the best business Idea, not its time to decide on the Type of Company for your business.

Basically, there are totally 6 types of Business Registrations

1. Proprietorship Registration:
 

This is the oldest and traditional form of business ownership in the world. There will be just a single owner and he is solely responsible for the entire profit and loss of the Company. 

Proprietorship firm Registration:

There is no registration procedure for a Proprietorship Firm. There is no Governing act too. So just by enrolling under MSME registration at Bangalore, you can float a Proprietorship Firm. 

Bank Account Opening:

If you approach a nationalized bank, just by submitting the MSME Certificate, you can open a current account. But if you approach a Private bank, they may ask for two different Government licenses. At that time, you may obtain a GST Certificate. 

PAN Card: 

For the Proprietorship firm, there is no separate Pan card to be obtained. In that case, the Proprietor's pan card can be used for the Firm too. 

 2. Partnership Firm:

Minimum two or more people join together, share the ownership, as well as shares the responsibilities, and also share the profit and loss. To carry out the above object the Partnership firm is formed. 

Governing Act: 

Indian Partnership Act, 1932 is the Governing Act for the Partnership Act. Registration of a Partnership Firm in Bangalore is not compulsory as per the Act. 

Partnership Deed: 

The partners decide upon the terms and conditions and sign up a deed called Partnership Deed. This needs to be very carefully drafted legally because it speaks about the entire rights of the partners and the object. 

PAN Card: 

This is unlike a Proprietorship type of business, this need to have a separate PAN card. By submitting the entire details about the Partners and also submitting the deed, you can obtain a PAN Card for the business separately.

3. LLP Registration: 

Limited Liability Partnership is a combination of both Partnership and Private Limited. It has the feature of both these forms. This has become a preferred form of organization among entrepreneurs as it incorporates the benefits of both partnership firms and companies into a single form of organization. 

Features of LLP

1. LLP is a Separate Legal Entity. And the Partners are distinct from the Company

2. Minimum 2 partners are required, no maximum limit. 

3. No authorized minimum share capital as per the Act. 

Documents Required: 

1. Address Proof of both the Partners

2. PAN Card of both the Partners

3. Passport Size Photo of both the partners

4. Rental deed for office space

5. EB Bill

Governing Act for LLP Registration in Bangalore: Limited Liability Partnership Act, 2008. The Registering authority for LLP is the Registrar of Companies. 

4. Private Limited Company:

Private Limited is the most popular form of Company in India suitable for small and medium scale companies. This is registered under the Indian Companies Act, 2013. A Private Limited Company is a separate Legal Entity that requires a minim of two shareholders and One Lakh shareholders. 

Registration Process: 

a. Name Approval

b. Obtain DIN Number

c. Obtain Digital Signature

d. Submission of MOA and AOA

e. Incorporation Certificate

Advantages of Private Limited Registration in Bangalore:

1. Limited Liability: Limited Liability means the status of being legally responsible only to a limited amount for debts of a company. 

2. Credibility: It created huge credibility for the company among its clients and the vendors. 

3. Perpetual Succession: A Private Limited company, being a separate legal entity, is unaffected by the death of any member and it continues to be in survival irrespective of the changes in membership.

5. One Person Company: 

The most recent newborn child baby in the ROC family Once Person Company which is suitable for Small businesses. Just with a single director, you can incorporate a One Person Company. This was introduced in the year of 2013 through the Indian Companies Act, 2013. 

Requirements:

1. One Director

2. One Nominee

3. No minimum authorized Share Capital

4. Office Space

Conversion of OPC to Private Limited Company:

OPC must be converted to a private limited company when paid-up share capital exceeds Rs.50 lakhs or turnover crosses Rs.2 crores.

6. Public Limited Company:

A Public Limited Company under Company Act 2013 is a company that has limited liability and offers shares to the general public. Its stock can be acquired by anyone, either privately through (IPO) initial public offering or via trades on the stock market. 

Requirements:

1. Minimum 7 Shareholders

2. Minimum 3 directors

3. Minimum 5 lakhs share capital

Registration Formality

Step 1: Obtain Digital Signature

Step 2: Obtain Din Number

Step 3: Name Approval

Step 4: Submission of AOA & MOA

Step 5: Incorporation Certificate

Step 6: Get listed on the stock exchange

Le Intelligensia where we can handle your Company Registration in Bangalore. Send Us an e-mail at arivu@leintelligensia.com or give us a call at +91-9108569562

Source: https://leintelligensiaipr.com/types-of-company-registration-in-bangalore 

5 Simple Steps to Register a Patent

What is a Patent?

A patent is a Monopoly Right granted to the owner/inventor of a new invention that restricts others from making, using, or selling the same without his permission of the patent owner.

What is the importance of a patent?

1. A patent gives you the right to stop others from copying your invention
2. It increases the market value of your product/company
3. You can license the rights and can enjoy the monitory benefits/royalty for patent
4. You can avail the benefit of Start-up India Scheme
5. You can assign/sell all your and can enjoy a huge sum of money

What is the procedure for Patent Registration?

Step 1: Patent Search

Before filing any of your inventions under patent, it is advisable to conduct a Patentability Search. The patentability search gives you a result to understand is there any similar or already existing invention is similar to that of yours. This will help you to understand whether your invention is eligible for patenting or not. by that, you can avoid wastage of time and your money. 

Step 2: Patent Filing

There are various forms as per the Patent Rules. For filing a patent, you need to submit Form 1, 2, 3, and 5. In that, you need to provide the basic details like

1. Name and address of Applicant
2. Name and address of Inventors
3. Name of the Invention
4. Declaration from Inventor and Applicant

Along with this, you need to submit either the Complete Specification or Provisional Specification. Provisional Specification is the outline and basic description of the Invention. If your invention is still under research under development, you can file provisional specification to get the priority date. Then, within 1 year, you need to file the Complete specification, which speaks about the invention in detail.

Step 3: Publication

The publication is where your patent application is published in the Patent Journal. Normally it takes 18 months to publish your patent in the journal from the date of filing the Complete Specification. 

But there is a procedure to speed up the process by way of filing a form for Requesting for Early Publication along with the valid reason for the same. In that case, your application would be published in a month or two.

Step 4: Examination

The examination is the process where the Registry will examine your Patent application and will issue the First Examination Report, which contains the list of deviations, clarifications, and objections against your application. But to proceed for the examination process, we need to submit the form for Request for Examination within 48 months from the date of filing the application. Based on that the Examiner will examine the application and will issue the FER. We need to reply to the same within the stipulated time. If the authority is not satisfied with our reply, they may ask us to appear in person for a personal hearing. 

Step 5: Grant of Patent

Once the Examiner satisfies our reply the application is put in order for Grant of Patent. But if the examiner is not satisfied with the reply, he/she may refuse the application for patent. The validity of the patent is 20 years from the date of filing the patent application.

Source: https://leintelligensiaipr.com/5-simple-steps-to-register-a-patent

The Process of Doing Business in Bangalore - Le Intelligensia

India has raised 14th place in the ease of doing business ranking across the globe. In India, a large contributing factor towards this is drastic and quick improvements are the rewarding nature of the two capitals of the country's financial Mumbai. According to the recent statistics doing business in Bangalore, companies improve tire 3 to tire 1 level in 3 more years. Banglore ranks number 1 among 17 major cities for starting a business.

A very simplistic procedure of Private Limited Company Registration In Bangalore. This serves major motivation to register your company in Delhi. Nowadays, the Quick processing of company registration is taking great decisions by the Ministry of Corporate Affairs (MCA).

Pre-requisites for Private Limited Company Registration in Bangalore:

• 2 Directors
• 2 Shareholder
• Registered Office Address (Residential/ Non-Residential)

Process for Private Limited Company Registration in Bangalore:

Step 1: Apply for Digital Signature Certificate (DSC).

Step 2: Apply for Director Identification Number (DIN)

Step 3: Apply for Name Approval with Registrar of Companies (ROC), Bangalore

Step 4: Apply for Registration with the new PICe form or Form INC-32

Step 5: Aquire Registration Certificate.

Documents Checklist For Private Limited Registration in Bangalore:

• Memorandum of Association (MoA)
• Articles of Association (AoA)
• Declaration and Affidavit by directors and first subscribers
• Proof of Office Address
• Utilities Bills’ Copy not more than 2 months old. Note: Address of the bill same of original proof (Electricity, Gas, Water Bills, etc.)
• Copy of approval if the proposed name is containing words/expressions and must need authorization by the Central government
• In case of proposed name based upon a registered trademark then it is mandatory to attach a trademark registration certificate or trademark application copy
• Get NOC from sole proprietors partners /associates/ existing company
• Need Proof of identity & residential address of subscribers.
• Need Proof of identity & residential address of directors.

Does this process seem a bit too long? Let int the experts at Le Intelligensia where we can handle your Private Limited Company Registration in Bangalore. 

Send Us an e-mail at arivu@leintelligensia.com or give us a call at +91-9108569562.

Source: https://leintelligensiaipr.com/the-process-of-doing-business-in-bangalore

NEED TO KNOW SOME IMPORTANT FEATURES OF LLP IN INDIA

Partnerships are one of the most common forms of corporate world and organization to commence business. LLP gives a window to coordinate efforts and capital with relative ease to set up a sustainable business. Since 2008, any partnership formed in India implied unlimited liability for partners.

The case of inability of the business to repay debt and your personal assets used to repay debt. After settling financial obligations. Although for the startups this risk is always inherent for protecting interests and entrepreneurship was recognized by JJ Irani Committee at 2005. The JJ Irani Committee is suggested introducing Limited Liability Partnerships in India.

In 2008, The legislature approved the Limited Liability Partnership Act. This Limited Liability Partnership Act,2008 provides both professionals (CA/CS/CWA/Doctors/Architects/Engineers/Lawyers, etc).
and Non-Professionals Individuals opportunity(single person owner) to run a business as a company enmeshes with the flexibility of the partnership company.

Features Of LLPs Registration In India:

1. Incorporation under LLP Act,2008: Legalizes your business as a separate entity, distinct from the partners. Benefits incorporate under LLP right to sue & sued, purchase property, enter into contracts and perpetual succession.
2. Unlike Or Private companies, You do not require any minimum capital contribution
3. An only mandatory clause is having at least two partners.
4. LLP is registered and regulated by the Registrar of companies. It means the corporation and management procedures are done online.
5. No separate DPIN(Designated Partner Identification Number) is required. This rule followed in 2011.
6. Compulsory of audit financial accounts(Only threshold limit – Rs. 25 lakh of contribution from partners or Rs. 40 lakh of revenues)
7. Restriction for LLPs: Unlike companies, they cannot raise money from financial markets.

The new process is implemented with effect from 2nd October 2018. Here are the steps for the LLP registration process.

Any legal problem in your Business? We are available Call Us 9108569562 Or Chat With Us

 Source: https://leintelligensiaipr.com/need-to-know-some-important-features-of-llp-in-india

REGISTRATION PROCEDURE FOR PRIVATE LIMITED COMPANY

Establishment of business is a very crucial part for the new businessman as one has to comply with all legal requirements for launch the new business in the market. The motive of the entrepreneurs willing to focus on launch business without any hassle and following the legal procedure to launch the business in the market.

Follow the registration procedures and launch your company successfully:

Step 1: Obtaining Director Identification Number (DIN) & Digital Signature

Step 2: Applying for the name

Step 3: Filing for Incorporation of Private Limited Company

Step 4: Subscribing to the Private Limited Company

Step 5: Certificate of Incorporation

Contact us if you are in need of specialised private limited registration agency in Bangalore.

We are also known as the top company registration in Bangalore, the best GST registration in Bangalore, and the LLP registration in Bangalore. Our growing branch offices in Chennai, Coimbatore and Bangalore.

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SOME KEY THINGS TO KNOW FOR LLP REGISTRATION

A Limited Liability Partnership registration is a hybrid business structure that combines the best aspects of a Partnership and a Company.

The central government was introduced new LLP Bill in the Rajya Sabha on December 15, 2006, to combine the tax status of a partnership structure with the benefits of limited liability for its partners.

Separate Entity:

A Limited Liability Partnership is a separate legal entity that can own properties in its name, it is based on sued in its name and its continuity does not depend on its partners, who may change from time to time

Limited Liability:

Partners are liable to the extent of their contribution to the organization or firm. Unlike a partnership company, partners in an LLP are not liable to the outside creditors.

Run the business easy:

The formation and running of an LLP requires very lesser compliances when compared to the formation and running of a current company

Membership

The following terms are partners in an LLP:

1. Individuals

2. Limited Liability Partnerships

3. Foreign Limited Liability Partnerships

4. Companies

5. Foreign Companies

Incorporation of an LLP

Limited Liability Partnership Act in 2008 (the Act) is a governing Act.

#1:  Need Digital signature Certificate and Designated Partner Identification Number Mandatory for LLP Registration

Every individual and Limited Liability Partnerships who are intending to be appointed as designated partner of an LLP must make an application for a Digital Signature Certificate (DSC). It is a mandatory rule to digitally sign all forms to be filed electronically on the MCA portal. Government monitoring all-digital signature certificates then only recognized Certifying Agencies

#2: Reservation of name of the LLP

LLP registration applicant must find a reserved name for any new Limited Liability Partnerships to be incorporated or for any conversion of a firm or company into LLP. An application of reserving proposed name shall be made through the MCA portal. This application is made by filing Form Reserve Unique Name-LLP (RUN-LLP). Finally, the name reservation request has been submitted, it will be checked and, if found feasible, approved by the Central Registration Centre (CRC).

#3: Registration of LLP

If the name has been reserved, the applicant has to file an LLP Integrated Incorporation form (FiLLiP) through the MCA portal. This form requires details such as particulars of the proposed or approved name of the LLP, business activity to be carried out by the LLP, proof of address of the registered office of the LLP, subscriber’s sheet including consent, details of the designated partners along with with the DPIN, Total monetary value of the contribution by partners in the LLP etc.

Form FiLLiP has to be filed with the following fee along with the applicable Stamp Duty

LLP Filed Fee Table

#4: Certificate of Incorporation

Upon successful registration of the LLP, the RoC shall issue a Certificate of Incorporation in Form 16 under the seal of the Registrar. This certificate contains the LLP Identification Number (LLPIN)

#5: Limited Liability Partnership Agreement

LLP Agreement is the document that defines the relationship between the partners and their rights and duties. The partners can enter into this agreement upon registration of the LLP. An LLP agreement lays down terms and conditions for admission and removal of partners, consequences of the death of a partner, sharing of profit and loss, dispute resolution, partners’ duties and responsibilities, among others. If the agreement has been executed before incorporation, the partners have to ratify the agreement after registration and have to file Form 3 with the RoC within 30 days of incorporation.

Form 3 has to be filed with the following fee along with the applicable Stamp Duty

LLP Form 3 Fee

In case no agreement has been executed, the relationship between the partners and the partners and the LLP will be governed by the First Schedule of the Act.

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