The very first step to form a Limited Liability Partnership (LLP) is to reserve the name by filing e-Form 1. Once the name is reserved, the second step is to file e-Form 2 for incorporating a new LLP, and the third and final step is to file the LLP agreement through e-Form 3 within 30 days of incorporation.

There must not be fewer than two members to form a Limited Liability Partnership. There is no upper limit prescribed.

Selection of Designated Partners must be done wisely. They are like directors of a company who manage day-to-day activities of the LLP and may face prosecution for failing to ensure compliance.

Partners can be anyone. They are like shareholders of a company, preferably your wife, son, daughter, mother, sister, brother, or a trusted friend.

Funding should always be considered after 3 years of business operations, when your firm’s financials have something substantial to show to investors. This leads to good valuation and premium on shares.

All major decisions should be made through Board Meetings. Avoid purchasing land in the name of the LLP. Register trademarks in an individual name rather than the LLP. Ensure all compliance requirements are met on or before their due dates to avoid penalties.

Appointment of a Statutory Auditor (Chartered Accountant) is required when the turnover of the LLP exceeds Rs. 40 lakhs or when partner contributions exceed Rs. 25 lakhs in a financial year.

No, physical presence is not required for incorporating a Limited Liability Partnership. Registeryourstartup.com handles all necessary activities online.

First, decide the business name and purchase the domain name in your own name (not by a consultant). Decide the brand name for products/services and register it as a trademark. Finally, choose the entity type (Pvt Ltd, LLP, etc.) and get it registered.

After forming an LLP, file form 3 within 30 days to upload registered address proof. Open a current bank account and transfer the share capital amount from the partners’ savings accounts. Obtain other registrations like FSSAI, Drug License, IEC, etc., depending on the industry.

Consider a bank loan after 3 years of operation when your financials are strong. You may also explore PMEGP and CGTSME loan options.

Opt for GST registration when the turnover exceeds Rs. 40/20 lakhs for goods and services, respectively. For E-commerce and export businesses, GST registration is mandatory irrespective of turnover.

Register your LLP in the state where you plan to start your business and have the maximum customer base or manufacturing units.

Yes, you can register your LLP in one state and obtain GST registration in another.

No, you cannot have a virtual registered address for your LLP. It is advisable to use a residential or coworking address for communication.

Start obtaining other registrations gradually after opening a bank account and obtaining GST.

The penalty is Rs. 100 per day for each form. There are two annual filing forms: Form 11 and Form 8.

Investors look for ethical and transparent promoters and true financial figures. First, build a trustworthy reputation before seeking investment.

Closing the company must be the last resort instead you should make this company as Dormant one. This can be done by filing dormant forms with ROC (www.registeryourstartup.com can help you in making your company dormant). By doing so you can start your business as and when you are ready

Under new Companies Act 2013 multifarious objects are allowed thus one company can serve many objects