What is Limited Liability Partnership ?
LLP refers to Limited liability partnership and is governed by Limited Liability Partnership Act 2008. Limited Liability partnership provides advantage of limited liability to its owners and at the same time requires minimal maintenance. The directors of a private limited company have limited liability to creditors. In case of default, banks / creditors can only sell company’s assets and not personal assets of directors.
Advantages Of LLP
As Many Owners As Needed
One of the greatest things of a limited liability partnership is that there is no limit on the amount of owners that can be involved with the business. This is great because it evenly spreads out the amount of liability that each partner can have if something where to go wrong with the business.
Lower Registration Cost
The cost of registering LLP is low as compared to cost of incorporating a private limited or a public limited company.
Audit not Required
Entrepreneurs earning a turnover of less than 40 Lakhs and capital contribution of less than 25 Lakh need not get their accounts audited .Therefore, LLPs are ideal for startups and small businesses that are just starting their operations and want to have minimal regulatory compliance related formalities.
Another one of the great benefits of operating underneath an LLP is how you file taxes. The partnership itself doesn’t have to file taxes as a business, which provides great breaks for the company. However, each individual partner must file a variety of different tax forms regarding the business
Savings from lower compliance burden
Every year, there are about 8 to 10 regulatory formalities and compliances are required to be duly completed and submitted by a Private limited company whereas a Limited Liability Partnership is required to file only two, namely, the Annual Return & Statement of Accounts and Solvency.
Procedure for Limited Liability Partnership Company Registration
1.Complete our registration form:
You need to fill our registration form and submit the required documents
2. Obtain DPIN and DSC: 2 working days
After submitting all the required documents, we will make your DIN and DSC
3. Verification and Name Approval: 2 working days
We will verify your details and then apply for the name reservation form.
4. Documents Submission: 3 working days
Once you get the name approval, you need to sign some documents to proceed for the final incorporation step
5. Company approval : 5 working days
Once all the documents are submitted to ROC your company will be approved by MCA
6. Your work is completed:
Once your company is incorporated, we will send you the Company Kit includes MOA/AOA and DSC’s.
Registration Of Limited Liability Partnership@6,999.00
Utility Bills Or Election ID Or Aadhar Card Or Driving License
Passport Size Photo
Passport Size Photo
NOC From The Owner With Utility Bills With Rent Agreement Or Registry Proof Or House Tax Receipt
Frequently Asked Questions
- What are the restrictions in respect of minimum and maximum number of partners in an LLP?
A minimum of two partners will be required for formation of an LLP. There will not be any limit to the maximum number of partners.
- Whether a body corporate may be a partner of an LLP?
Yes. Partners are persons (whether natural or artificial) who have subscribed their name to the incorporation document and further any new person can be admitted to the LLP as per the provisions of LLP Agreement.
A Company is an Artificial person.
- The registered office of my LLP has been shifted from the juridiction of one ROC office to another. How do I file eForm 15 with both the ROCs?
You are required to file eForm 15 at LLP portal only once. Existing registrar shall process the eForm and forward the same to the new Registrar for registration. Please note that approval of such eForm 15 shall not be allowed in case there is any other eForm(s) pending for payment of a fee or is under processing in respect of the LLP. Upon approval, Certificate for change of registered address from the Registrar office shall be provided.
- What are the annual compliances required for a LLP?
There is a need of annual filling of LLP with Registrar each year. The turnover of LLP is much lesser about Rs. 40 lakh and also might have a capital of less than Rs.25 lakh. In case of LLP, the financial statements do not need to be audited.