Register Karo, India

What is a sole proprietorship? Proprietorship firm registration in India is a type of unregistered business entity that is owned, managed, and controlled by one person. The micro and small businesses that are operating in the unorganized sector prefer registering as a proprietorship in India. It is very easy to start a sole proprietorship in India as it has very few regulatory compliances for conducting businesses. Proprietorship registration is ideal for the entrepreneurs who are getting into the business for small businesses with very few clients. The liability of the sole proprietorships is limited and they also do not have perpetual existence. https://www.registerkaro.in/sole-proprietorship- Who is a sole proprietor? A sole proprietor is the owner of the sole proprietorship, he is recognized as an entity same as the business. As the sole proprietor is the owner of the business he is entitled to all the company's revenue. The sole proprietorship is completely under the control of the proprietor. Hence, he makes the decisions for the company. To run a business as a sole proprietor some licenses and permits are required.Like GST registration for proprietorship The license will depend on the industry, state, and locality. Procedure for obtaining proprietorship registration How can Registerkaro help you in obtaining register sole proprietorship registration in India? The process of Sole Proprietorship registration online in India. There is no need to submit the documents manually. IndiaFilings has helped thousands of entrepreneurs to obtain proprietorship registrations in India. Once we receive a request our incorporation expert gets in touch with you and briefs you on the whole process. The expert will also guide you about the documents that are required to be submitted. Once the documents are submitted and the payment is initiated the process of registration begins. A relationship manager is assigned in the process who will guide you at every step. We can help you in obtaining the proprietorship registration in India within 8-10 days subject to the document submission. How to register a sole proprietorship in India? Starting a sole proprietorship in India is easy if all the compliances are properly met. Decide on the suitable business name. A suitable business location designated as the place of doing business should be selected.

MSME registration or Udyog Aadhaar can be obtained by any type of business entity. Proprietorships, Hindu Undivided Family, Partnership Firm, One Person Company, Limited Liability Partnership, Private Limited Company, Limited Company, Producer Company, any association of persons, co-operative societies or any other undertaking can obtain MSME registration in India. Small businesses having MSME registration enjoy various benefits under the Micro, Small and Medium Enterprises Development Act, 2006. Hence, it is recommended that all small businesses obtain MSME registration or Udyog Aadhaar after starting up Udyam register certificate. https://www.registerkaro.in/msme-registration-online Criteria for applying for MSME Registration Only those entities that can be classified as a micro, small or medium enterprise under the following criteria as per the MSMED Act, 2006 is eligible to obtain MSME registration or Udyog Aadhaar: In case of entities engaged in manufacturing or production of goods: Micro enterprise: Any entity wherein the investment in plant and machinery does not exceed rupees twenty five lakhs Udyog Aadhar update . Small enterprise: Any entity wherein the investment in plant and machinery does not exceed rupees five crores but also more than rupees twenty five lakhs Udyam registration Online. Medium enterprise: Any entity wherein the investment in plant and machinery does not exceed rupees ten crores but also more than rupees five crores. In case of entities engaged in providing or rendering of services: Micro enterprise: Any entity wherein the investment in equipment does not exceed rupees ten lakhs. Small enterprise: Any entity wherein the investment in equipment does not exceed rupees two crores but also more than rupees ten lakhs. Medium enterprise: Any entity wherein the investment in equipment does not exceed rupees five crores but also more than rupees two crores. When to apply for MSME registration? Obtaining MSME registration or Udyog Aadhaar is not mandatory and is at the sole discretion of the Entrepreneur. However, it is recommended that most businesses obtain MSME registration right after registration to enjoy various benefits like protection against delayed payments under the MSMED Act. you can apply at Udyog aadhar registration online

Import Export Code (also known as IEC code) is a 10 digit identification number that is issued by the DGFT (Director General of Foreign Trade), Department of Commerce, Government of India. It is also known as the Importer Exporter Code. Companies and businesses must obtain this code to start a business that deals with import and export in the Indian Territory. It is not possible to deal with export or import business without this IEC code. https://www.registerkaro.in/iec-code-registration-online There are certain processes and conditions that you need to fulfill to obtain the Import Export Code Registration(IEC code). You also need to adhere to certain regulations. Once you fulfill the conditions, you can get the IEC code from the DGFT offices. It has several regional offices throughout the country. You can get it from the nearest zonal or regional office. We have covered this topic in the past about how to apply for IEC code application and what are the documents that are required for the application. Here we compile the information in brief. How Can You obtain the IEC Code? In order to apply and get the Import Export Code in India, there are certain processes to follow. Every applicant must follow these steps. You need to fill the application form for IEC code online on the DGFT website. Go to www.dgft.gov.in and click on ‘ IEC code apply’ Fill in all details to register as a new user. You will receive an OTP on your mobile number and email id for verification. After verifying your mobile and email, a username and password will be sent to your registered email id. Log in with these credentials DGFT IEC Code. After you log in to your account, select ‘Apply IEC’ Next, click on ‘Start Fresh Application’ Fill all details asked and upload required documents After submitting the application, pay the application fee of INR 500. Post payment approval, you will receive the IEC certificate in your registered email. After you get the IEC code, you can engage in exporting and importing businesses. Learn how to renew your IEC Code renewal and IEC code online application

The Food Safety and Standards Authority of India (FSSAI) has been established under Food Safety and Standards , 2006 which consolidates various acts & orders that have hitherto handled food related issues in various Ministries and Departments. FSSAI license registration has been created for laying down science based standards for articles of food and to regulate their manufacture, storage, distribution, sale and import to ensure availability of safe and wholesome food for human consumption. https://www.registerkaro.in/fssai-registration-online Highlights of the Food Safety and Standard Act, 2006 Various central Acts like Prevention of Food Adulteration Act,1954,Fruit Products Order , 1955, Meat Food Products Order,1973, Vegetable Oil Products (Control) Order, 1947,Edible Oils Packaging (Regulation)Order 1988, Solvent Extracted Oil, De- Oiled Meal and Edible Flour (Control) Order, 1967, Milk and Milk Products Order, 1992 etc will be repealed after commencement of FSS Act, 2006. The Act also aims to establish a single reference point for all matters relating to food safety and standards, by moving from multi- level, multi- departmental control to a single line of command. To this effect, the Act establishes an independent statutory Authority – the Food Safety and Standards Authority of India with head office at Delhi. Food Safety and Standards Authority of India (FSSAI license) and the State Food Safety Authorities shall enforce various provisions of the Act. Establishment of the Authority Ministry of Health & Family Welfare, Government of India is the Administrative Ministry for the implementation of FSSAI license cost. The Chairperson and Chief Executive Officer of Food Safety and Standards Authority of India (FSSAI renewal) have already been appointed by Government of India. The Chairperson is in the rank of Secretary to Government of India. FSSAI license registration has been mandated by the FSS Act, 2006 for performing the following functions: Framing of Regulations to lay down the Standards and guidelines in relation to articles of food and specifying appropriate system of enforcing various standards thus notified. Laying down mechanisms and guidelines for accreditation of certification bodies engaged in certification of food safety management system for food businesses. Laying down procedure and guidelines for accreditation of laboratories and notification of the accredited laboratories. To provide scientific advice and technical support to Central Government and State Governments in the matters of framing the policy and rules in areas which have a direct or indirect bearing of food safety and nutrition. Collect and collate data regarding food consumption, incidence and prevalence of biological risk, contaminants in food, residues of various, contaminants in foods products, identification of emerging risks and introduction of rapid alert system. Creating an information network across the country so that the public, consumers, Panchayats etc receive rapid, reliable and objective information about food safety and issues of concern. Provide training programmes for persons who are involved or intend to get involved in food businesses. Contribute to the development of international technical standards for food, sanitary and phyto-sanitary standards. Promote general awareness about food safety and food standards. For more details check out these links: fssai online registration , food license registration, fssai food license.

Income tax is a type of tax that the central government charges on the income earned during a financial year by the individuals and businesses.Taxes are sources of revenue for the government.Government utilizes this revenue for developing infrastructure, providing healthcare,education,subsidy to the farmer/ agriculture sector and in other government welfare schemes. Taxes are mainly of two types,direct taxes and indirect form of taxes.Tax levied directly on the income earned is called as direct tax,for example Income tax is a direct tax.The tax calculation is based on the income slab rates applicable during that financial year. https://www.registerkaro.in/income-tax-filing-online Types of Income Tax payers The Income tax Act has classified the types of taxpayers in categories so as to apply different tax rates for different types of taxpayers Income tax return filing online. Taxpayers are categorized as below: Individuals, Hindu Undivided Family (HUF), Association of Persons(AOP) and Body of Individuals (BOI) Firms Companies Further, Individuals are broadly classified into residents and non-residents.Resident individuals are liable to pay tax on their global income in India i.e. income earned in India and abroad.Online file ITR Whereas, those who qualify as Non-residents need to pay taxes only on income earned or accrued in India. The residential status has to be determined separately for tax purposes for every financial year on the basis of the individual tenor of stay in India.ITR filling Resident Individuals are further classified into below mentioned categories for tax purposes- Individuals less than 60 years of age Individuals aged more than 60 but less than 80 years Individuals aged more than 80 years Types of Income / Heads of Income Everyone who earns or gets an income in India is subject to income tax.(Yes, be it a resident or a non-resident of India ).Income tax e filing For simpler classification, the Income tax department breaks down income into five main heads: Head of Income Nature of Income covered Income from Other Sources Income from savings bank account interest, fixed deposits, winning in lotteries is taxable under this head. Income from House Property Income earned from renting a house property is taxable under this head of income. Income from Capital Gains Surplus Income from sale of a capital asset such as mutual funds, shares, house property etc is taxable under this head of Income. Income from Business and Profession Profits earned by self employed individuals, businesses , freelancers or contractors & income earned by professionals like life insurance agents, chartered accountants, doctors and lawyers who have their own practice, tuition teachers are taxable under this head. Income from Salary Income earned from salary and pension is taxable under this head of income e filing income tax Taxpayers and income tax slabs Each of these taxpayers is taxed differently under the Indian income tax laws. While firms and Indian companies have a fixed rate of tax calculated on their tax profits, the individual,HUF, AOP and BOI taxpayers are taxed based on the income slab they fall under. People’s incomes are grouped into blocks called tax brackets or tax slabs indian income tax e filing. And each tax slab has a different tax rate.Rate at which income is charged to tax increases with increase in income. Income tax return online Budget 2020 introduced a ‘New tax regime’ for the Individuals and HUF taxpayers :

In simple words, trademarks are special unique signs that are used to identify goods or services from a certain company. They can be designs, pictures, signs or even expressions. It is important because it differentiates your products from the competitions. It can be associated with your brand or product. Trademarks are classified as intellectual property and therefore is protected from infringement. Trademarks and its rights are protected by the Trademark Act, 1999. ​ To get the protection of trademark rights one has to register the trademark. It is important to register your trademark because it prevents others from copying your mark and misrepresenting other products with your mark. Therefore a trademark once registered drives as an untouchable asset (intellectual property) which is used to safeguard the company’s investment in the brand or ideogram. https://www.registerkaro.in/trademark-registration Why a Trademark registration is important? It guarantees the identity of the origin of goods and services. It may enable the consumer to make a lifestyle or fashion statement. The trademark would be an important asset for your business and contributes to the goodwill generated. It stimulates further purchases. With a registered trademark, you can stop others from using your trademarked business name/logo with regards to goods or services it is registered Trademark can be considered just like any other form of an asset like real estate, as it can be sold, licensed, or assigned. It serves as a badge of loyalty and affiliation. What can you register as a Trademark? Many aspects of your brand image can be registered as a trademark. The aspect you need to consider is which aspect of your brand stands out to your customers. Pick that aspect(s) for registering. 1. Name a. Product Name: You can register a particular product’s name as a trademark. Apple’s iPod is a product name trademark. b. Business Name: Registering a company name as a trademark is the most common route businesses take. Ex: Bajaj. c. Person’s Name/Surname: If your name plays an important part in generating revenue, then you can even trademark your name! Ex: Shah Rukh Khan has trademarked his name. d. Abbreviations: Abbreviations of a company or brand name can also be a trademark. Ex: BMW. ​ 2. Logo/Symbol It is highly recommended to trademark a logo because it visually represents your brand. Your customers can recollect a logo faster than a name. A great example of a logo trademark is the ‘swoosh’ of Nike. ​ 3. Tagline If you have a tagline for your brand, you can go ahead and trademark that as well. A tagline tells your customers what you stand for as a business. For example, KFC’s ‘It's finger lickin' good’. ​ 4. Other Options a. Colour Mark: You can trademark a colour or a combination of colours. (Ex: Cadbury has trademarked the colour royal blue) b. Sound Mark: Musical notes or sounds can be trademarked if we can prove that it's distinctive. Nokia has trademarked its tune. c. Scent Mark: Even scents can be trademarked. Trade Mark Classes Under Trademark Registration process, goods and services are classified into 45 Classes of Trademark. It is very important to identify the class in which the goods/services fit into and file an application under the relevant class. If a trademark is used for goods and services under different classes, separate applications are required to be filed under each class to get protection of trademark for the respective goods and services. What are the documents required for a trademark registration? For individuals and sole proprietors: Copy of the proposed logo, ideally in black and white (which is optional). However, in case the logo is not provided, the trademark application can be filed for the word. Duly signed Form- 48. This form is an authorisation from the applicant to a Trademark Attorney to file the trademark registration application on his/ her behalf. Copy of the identity proof of the individual applicant or the proprietor which may include: passport, aadhar card, PAN card, etc. Copy of the address proof of the individual applicant or the proprietor which may include latest electricity bill, phone bill, etc. ​ For Partnership / Company / LLP: Scanned copy of the logo (optional) Duly signed Form- 48 Udyog Aadhar Registration Certificate Partnership Deed or the Incorporation Certificate Copy of identity proof of signatory/ applicant Copy of address proof of signatory/ applicant ​ For other applicants: All other applicants, including companies that do not have Udyog Aadhar registration, will have to submit the following documents to obtain trademark registration in India. Our Trademark Registration Process The process of trademark registration is more complicated than one might think it to be. At Registerkaro, we make it easy for you by breaking it down into 3 steps and taking care of most of the work. ​ Step 1: Trademark Search Once you give us the basic information about what you want to trademark and the industry you operate in, our experts will do a thorough search across the trademark database. This is to check whether the mark you want to register is available or not. Once you decide on an available trademark, we move to step 2. Step 2: Class Selection and Document Collection The next task is to select the appropriate class(es) for your business. You need not worry too much though. Our experts will guide you in selecting the right classes to cover all aspects of your business. Simultaneously, you can start uploading all the required documents (list given below) for trademark registration in your dashboard. Step 3: Trademark Application Filing Once you upload all the documents, our team will proceed to verify them. Then the trademark application form will be filled on your behalf and submitted along with the documents. Our team will ensure that your application is accurate and error-free. We will keep you updated throughout the process and watch out for any notifications from the Trademark Registry until the registration is complete. ​ Meanwhile, you can start using the symbol ™ as soon as the application is submitted!

The Startup India Scheme is an initiative by the government of India aimed at encouraging the development and innovation of products and services and the creation of employment opportunities across the country. One of the goals of the scheme has been simplifying how to register a startup in India by reducing regulatory burdens and allowing them to focus on their core business while keeping compliance costs low and also providing multiple benefits, aside from the massive networking opportunities provided by the bi-annual startup festivals held by the Government of India both domestically and internationally. ​ ​Start-up India is a flagship initiative of the Government of India, intended to catalyse start-up culture and build a strong and inclusive ecosystem for innovation and entrepreneurship in India. https://www.registerkaro.in/ Benefits of Startup India Scheme As per the guidelines of DPIIT guidelines, a recognised start-up gets the following benefits: 1. Self-Certification: For Compliance under 9 environmental & labour laws ​ 2.Tax Exemption: Income Tax exemption for a period of 3 consecutive years and exemptions on capital gains & investments above Fair Market Value. ​ 3. Easy winding up of company: Within 90 days under insolvency & Bankruptcy code 2016. ​ 4. Startup Patent Application and IPR protection: Fast track & up to 80% rebate in filing patents. ​ 5. Easier Public Procurement Norms: Exemption on EMD and minimum requirements. Get listed as a seller! ​​ 6. SIDBI Fund of Funds: Funds for investment into startups through Alternate Investment Funds. Eligibility for Startup India Registration To be eligible under this scheme, a start-up must be incorporated as a Private Limited Company under Indian Companies Act, 2013, a Limited Liability Partnership (LLP) under Indian Limited Liability Partnership Act, 2008 or a partnership firm under the Indian Partnership Act, 1932. ​ As per the Start-up India Action plan, the followings conditions must be fulfilled to be eligible as Start-up: Being incorporated or registered in India up to 10 years from its date of incorporation. Is a private limited company or registered as a partnership firm or a limited liability partnership. Has an annual turnover not exceeding Rs. 100 crores for any of the financial years since incorporation/registration. Is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation. ​ Note - It is important to note that an entity formed by splitting up or reconstruction of an existing business shall not be considered a ‘Start-up’. Also, an entity will not be called a start-up after: Completion of ten years from the date of its incorporation/registration, or Achieving turnover in any previous year more than Rs. 100 crores. Documents required for Startup India Registration Registration Certificate(s) Certificate of Incorporation as Private Limited Company Or Certificate of Incorporation as LLP Or Certificate of Registration as a Partnership ​ Other Documents Permanent Account Number (PAN) MSME Registration Number ​ Details Required Details of Directors / Partners Profile of Promoters A detailed write up on the Start-Up Our Startup India Registration Process 1. Register the business as a Private Limited Company / Limited Liability Partnership / Partnership Firm if not already registered ​ 2. Obtain PAN for the Business if not available ​ 3. Obtain MSME Registration for the Business ​ 4. Our experts will help you in making a brief writeup on the following: a. What is the problem the startup is solving? b. How does the startup propose to solve this problem? c. What is the uniqueness of the solution by the startup? d. How does the startup generate revenue? e. Details of any awards/recognition received by the startup ​ 5. We will then file your application at www.startupindia.gov.in ​ 6. We will the be submitting supporting documents such as Certificate of Incorporation / Registration ​ Start-Up India Hub will review the application and if the application fulfils the Start-up India guidelines and conditions, will grant recognition as a Startup and will issue the Certificate of Recognition.

Find out the Statutory fees for your company registration. Today, the public limited company registration process and other regulatory filings are paperless; documents are filed electronically through the MCA website and is processed at the Central Registration Centre (CRC). https://www.registerkaro.in/public-limited-company-registration Public Limited Company Registration process is completely online. Upon completing all registration formalities, the Registrar of Companies’ issues a digitally signed Certificate of Incorporation (COI). Electronic certificates issued by the ministry can be verified by all stakeholders on the MCA website itself. Incorporating a public limited company is a systematic process of collection and submission of details required as per the requirements of Companies Act 2013 and as per the process defined by the Ministry of Corporate Affairs from time to time. Management of the process requires in-depth knowledge of legal requirements and not to mention, practical experience of the same Why register a public limited company? Offers liability protection to protect your company’s assets Shields from personal liability and protects from other risks and losses. Attracts more customers Greater capital contribution and greater stability Procures bank credits and good investment from reliable investors with ease. Increases the potential to grow big and expand Ability to raise more capital than a private limited company due as it can go for an IPO or FPO BENEFITS OF INCORPORATING A COMPANY No personal liability to the owner of the company Improves credibility Increases the potential to grow big and expand. Easier to raise funds and get loans from banks What to keep in mind while Registering? Three Directors and Seven Shareholders A public limited company must have at least three directors and a minimum of seven shareholders. Among all the directors in the business, at least one must be a resident of India Minimum Capital Contribution There is no minimum capital amount for a public limited company. A public limited company should have an authorized capital of at least Rs. 5 lakh. Unique Name The name of your business must be unique. The suggested name should not match with any existing companies or trademarks in India. The proposed name and trademark can be checked here Registered Office The registered office of a public limited company does not have to be a commercial space. Even a rented home can be the registered office, so long as a NOC is obtained from the landlord. What Documents will you need? The below mentioned documents will be required for each Director/Shareholder: Identity And Address Proof Scanned copy of PAN Card or Passport (Foreign Nationals & NRIs) Scanned copy of Voter’s ID/Passport/Driver’s License Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill Scanned passport-sized photograph specimen signature (blank document with signature [directors only]) Registered Office Proof For online public company registration in India, the company must have a registered office in India. To prove admittance to the registered office, a recent copy of an electricity bill or the property tax receipt or water bill must be submitted. Along with the rental agreement, utility bill or the sale deed and a letter from the landlord with her/his consent to use the office as a registered office of the company should be submitted.​ Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill Scanned copy of Notarized rental agreement in English Scanned copy of No-objection certificate from the property owner Scanned copy of sale deed/property deed in English (in case of owned property) ​​ Note: Your registered office need not be a commercial space; it can be your residence too.

Today, company registration process and other regulatory filings are paperless; documents are filed electronically through the MCA website and is processed at the Central Registration Centre (CRC). https://www.registerkaro.in/opc-registration Company Registration process is completely online. Upon completing all registration formalities, the Registrar of Companies’ issues a digitally signed Certificate of Incorporation (COI). Electronic certificates issued by the ministry can be verified by all stakeholders on the MCA website itself. Incorporating a company is a systematic process of collection and submission of details required as per the requirements of Companies Act 2013 and as per the process defined by the Ministry of Corporate Affairs from time to time. Management of the process requires in-depth knowledge of legal requirements and not to mention, practical experience of the same Why register a Company? Shields from personal liability and protects from other risks and losses. Offers liability protection to protect your company’s assets Procures bank credits and good investment from reliable investors with ease. Greater capital contribution and greater stability Increases the potential to grow big and expand BENEFITS OF INCORPORATING A COMPANY No personal liability to the owners of a company. Improves Credibility Easier to raise funds and loans from banks. Increase the potential to grow and expand. Attracts more customers What to keep in mind while Registering? One Director and Shareholder + One Nominee A One Person Company(OPC) can only have one shareholder. It must have a minimum of one director as well. A OPC also needs to appoint a nominee. Minimum Capital Contribution There is no minimum paid up capital amount for a company. A company should have an authorized capital of at least Rs. 1 lakh. Unique Name The name of your business must be unique. The suggested name should not match with any existing companies or trademarks in India. The proposed name and trademark can be checked here Registered Office The registered office of a company does not have to be a commercial space. Even a rented home can be the registered office, so long as an NOC is obtained from the landlord. What Documents will you need? The below mentioned documents will be required for each Director/Shareholder and Nominee Identity And Address Proof Scanned copy of PAN Card or Passport (Foreign Nationals & NRIs) Scanned copy of Voter’s ID/Passport/Driver’s License Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill Scanned passport-sized photograph specimen signature (blank document with signature [directors only]) Registered Office Proof For online company registration in India, the company must have a registered office in India. To prove admittance to the registered office, a recent copy of an electricity bill or the property tax receipt or water bill must be submitted. Along with the rental agreement, utility bill or the sale deed and a letter from the landlord with her/his consent to use the office as a registered office of the company should be submitted.​ Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill Scanned copy of Notarized rental agreement in English Scanned copy of No-objection certificate from the property owner Scanned copy of sale deed/property deed in English (in case of owned property) ​​ Note: Your registered office need not be a commercial space; it can be your residence too.

A Limited Liability Partnership (LLP) is a form of business that offers the combined features of ‘Partnership’ and ‘Limited Company’ business structures. This business form was introduced in India in April 2009 with the enactment of the Limited Liability Partnership Act, 2008. In an LLP, a partner is not responsible or liable for another partner's misconduct or negligence. Instead, all partners have limited liability, limited to their own acts of commission or omission, similar to shareholders’ liabilities in a limited company. However, unlike the shareholders in a company, LLP partners have the right to manage the business directly. An LLP also limits the personal liability of a partner for the errors, omissions, incompetence, or negligence of the LLP's employees or other agents. The management of the day-to-day business is outlined in the LLP Agreement, providing partners with the freedom to regulate the affairs of the business. LLP registration is administered by the Ministry of Corporate Affairs (MCA) through the Office of the Registrar of Companies. The incorporation process is fully electronic, similar to the company registration process, i.e. applications and documents are filed electronically and the Registrar issues a digitally signed Certificate of Incorporation (COI). https://www.registerkaro.in/llp-registration Why register a Limited Liability Partnership? Registering an LLP offers many benefits with the main benefit being the limited liability of partners. The members of the firm are only liable for a small amount of debt incurred by it. This is entirely different from proprietorship and partnership where the personal assets of directors and partners are not protected if the business becomes bankrupt. Registering an LLP in India offers the following benefits- ​ LLP is a separate legal entity from the partners. Each partner can sue the other in case a situation arises. It has an uninterrupted existence that follows perpetual succession, i.e., the partners might leave, but the business remains. A term of dissolution has to be mutually agreed on for the firm to dissolve. Transferring the ownership of LLP is also simple. A person can quickly be inducted in as a designated partner and the ownership switches to them. LLPs having a capital amount less than 25 lakhs and turnover below 40 lakhs per year do not require any Statutory audit unlike a Private Limited Company, where it is mandatory . It makes registering as LLP beneficial for small businesses and startups. A Limited Liability Partnership has partners, who own and manage the business. This is different from a private limited company, whose directors may be different from shareholders. For this reason, VCs do not invest in the LLP structure. An LLP can own or acquire property because it is recognized as a juristic person. Partners of LLP cannot claim the property as theirs. BENEFITS OF INCORPORATING AN LLP It is a separate legal entity from its partners. Induction of partner is simple. No requirement of audits for small business. No distinction between owner and partner. Steps to register an LLP in India 1. Obtain DSC and DIN of partners The first step is to obtain the Digital Signature Certificate of the desired partners of the Limited Liability Partnership. The reason for this is that all the forms need to be submitted online and require the directors' digital signatures. The law also requires that all directors file for a DIN number. The application has to be made in Form DIR- 3. 2. Application For Name Approval This process involves registering the LLP. Before you do this, you would need to see if the name is already taken. You can check on the free search facility on the MCA portal. The registrar only approves LLP names that are not taken before. The approval of the name will be made by the Registrar only if the Central Government does not deem it undesirable. The name should also not hold any resemblance to any of the existing partnership firms, LLPs, trademarks, or body corporates. 3. Filing of LLP Incorporation Documents with MCA LLP Registration filing consists of preparation and filing of E-Form FiLLip with MCA with required documents. All the documents executed and attested as per documentation requirements has to be attached to the E-Form FiLLip and has to be digitally signed with the Digital Signature Certificate (DSC) of all the proposed Partners and Designated Partners. 4. LLP Agreement LLP agreement is very crucial in a limited liability partnership as it determines the mutual rights and duties amongst the partners, and between the LLP and the partners. The partners enter into the LLP agreement upon the LLP registration by filing form 3 online on the MCA portal. This procedure has to be done within 30 days of the date of incorporation. 5. Apply For PAN & TAN & Bank Account As soon as you get the incorporation certificate, you need to apply for your company PAN & TAN with the NSDL. The cost for this procedure is less than Rs.200 and it takes around three weeks to get done. What Documents will you need? The below mentioned documents will be required for each Director/ Shareholder: Identity And Address Proof of Partners Copy of PAN Card or Passport (Foreign Nationals & NRIs) Copy of Aadhar Card/ Voter’s ID/ Passport/ Driver’s License Copy of the latest bank statement/telephone or mobile bill/electricity or gas bill Copy of passport-sized photograph specimen signature (blank document with signature [directors only] ) ​ Note: In the case of foreign nationals or NRI's, all documents must be notarized (if currently in India or a non-commonwealth country) or apostilled (if in a commonwealth country). Registered Office Proof Copy of the latest bank statement/telephone or mobile bill/electricity or gas bill Copy of Notarized rental agreement in English Copy of No-objection certificate from the property owner (If registered office is a rented property) Copy of sale deed/property deed in English (in case of owned property) ​​ Note: Your registered office need not be a commercial space; it can be your residence too. The LLP Registration process is completely online, so you don't even have to leave your home to get your entity registered