What Process for Limited Liability Partnership Registration in Chennai?


What Process For Limited Liability Partnership Registration in Chennai?

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LLP is a new corporate structure which integrates the benefits of a private limited company and a partnership firm. It is easier to maintain and has lower registration fees.

A registered LLP will have higher credibility in the market as it is a separate legal entity. It will also find it easier to raise funds as compared to traditional partnership firms. As the firm has a proper succession structure, it will be easy to continue even after the death of any partner. Furthermore, it has fewer compliances and is more transparent than a traditional partnership firm.

The process for converting an unregistered partnership firm into a registered LLP is relatively simple and can be completed within three months. The first step involves drafting the partnership deed. The partnership deed should clearly state the rights and responsibilities of all partners in the business. It should also provide for the procedure for dissolution. The next step is to file the deed with the Registrar of Firms. 

The registrar will examine the documents and issue a Certificate of Registration. The deed will be entered in the Register of Firms, which can be accessed by anybody. The partners of the LLP will need to submit their PAN Card, passport size photographs and proof of address (either an electricity or water bill or any other official document).

 

 

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