FAQ - Limited Liability Company
- What is a Limited Liability Company?
A Limited Liability Company is governed by the Limited Liability Partnership Act, 2008. It is a corporate structure that encapsulates flexibility of a partnership and benefits of limited liability to the owners at a low cost. In other words, it's a combination of a Company and Partnership where one partner is not liable for misconduct or negligence of another partner.
- Documents for Limited Liability Company Registration?
Just like a limited company, Identity proofs and address proofs of all proposed Directors are required for registration of a Limited Liability Company. For Indian nationals, PAN Card is mandatory. In addition to this, a No Objection Certificate (NOC) should be obtained from the landlord of the registered office address for having company's office registered in his or her premises. The identity and address proofs of the landlord are also required.
- How to Register Limited Liability Company?
Registering a Limited Liability Company can take 14-20 days, subject to Registrar of Companies (ROC) processing time. Various steps to register a Limited Liability Company are as follow:
- Obtaining DSC and DIN: Digital Signature Certificate (DSC) and Designation Partner Identification Number (DPIN) would be required for the proposed Partners of the Company.
- Approval of Name: A minimum of one and a maximum number of six names should be proposed to the Ministry of Corporate Affairs (MCA), Government of India. The Ministry will approve the name within 5-7 days depending upon the availability, processing time and naming guidelines.
- Company Registration: All the related documents should be submitted to the MCA along with an application for registering the company. Subject to the MCA processing time, it can take 5-7 working days to approve the application.