Limited Liability Partnership

Register A

Limited Liability Partnership

@5,999.00 All inclusive. No hidden charges




Advantages Of LLP

LLP refers to Limited liability…..

Registration Time

LLP Registration in just 20-25 Days

Documents Required

List of Documents / IDs for registration

What is Limited Liability Partnership ?

LLP refers to Limited liability partnership and is governed by Limited Liability Partnership Act 2008. Limited Liability partnership provides the 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.

LLP vs partnership

The Limited Liability Partnership is the type of partnership where all the business partners have the same liability. So, it shows some of the partnerships and corporations elements. In LLP, every partner for the business is held responsible for his/her conduct. In the market, from the unlimited partnership, this is a very important difference. In the LLP, partners have limited liability just like the shareholders in a corporation. But in some countries in addition to the partners, there has to be one general partner with unrestricted liability.

Reason for forming LLP companies

A single partner who is active and few partial partners are required to run an LLP company. Finance part and everyday activities maintained by the authorized person who is counting as the active partner. Partners that are having few bound in the authorization only permitted to give capital asset and get the share from the profit part which depends on the gain of shares in companies. An LLP can enjoy few benefits which are same as any partnership industry would experience. Foremost essential benefits availed by the LLP is – get freedom from industrial taxes. Active partner of LLP is not paying any charges for running the business. Only the partial partners have to submit the tax return based on profit which they are getting on a monthly basis from the LLP companies in which they invested. This significant difference found while individuals go through with the LLP vs partnership firm.

How does LLP work in India?

In India, Limited Liability Partnership Act, 2008 was issued by the governing body on 9th January 2009. It is being informed publicly with consequence from 31st March in the same year. LLP integrated into the 1st week of April 2009. Several parts relating to alteration of active partnership firm and confidential including few public companies which are unlisted, into LLP bring into compel on 31st may, 2009. Latest information reveals that there are near about 10,000 LLPs created and register under the LLP Act.

Features of LLP

 LLP is one of the essential groups that hold a legal unit which separate it’s from the partners. Only two people are required initially for forming an LLP firm.
 Filing the existing companies name in the LLP active partner can easily swap the unlisted company to LLP listing.
 Only one agreement signed between authorizing person and ruling body by whom this process is made known to the public. Any types of deed or agreements are non-required for those firms that are having pre-signed authorization as per the act of LLP 2008.
 Partnership Act of 1932 is null and void for LLPs registered firm as per government acknowledgment.
 All LLP should have minimum two partners from them one must be the citizenship of India.

Advantages of forming LLP

Some of the advantages of LLP includes

1. LLP works on the basis of agreements between the partners involved in the business.
2. The liability for the partners is limited to the agreed contribution in the formation of the LLP. No other partners are held responsible for any sort of unauthorized attempts for any one partner involved in the LLP. Thus, every partner is protected from the joint liability from the other partner or not held responsible for the wrongful actions by any other partner.
3. In LLP vs Pvt ltd companies, LLP is more flexible and has fewer complications than any private limited company.
4. It is simple in form; no registration is required and has no need for capital.
5. Easy in becoming a partner or leaving as a partner. This is a huge difference between LLP and partnership.
6. It is relatively easy to give the ownership to the other partners as per the conditions of LLP agreement.
7. In case of any misconduct or any other unauthorized behaviour, an LLP partner can sue any other partner or can be sued by other partners.
8. In case of damage or accident caused by any partner of the LLP, an unlimited amount of remuneration can be paid but it has to be under the accordance to the agreement signed by the partners.

Disadvantages
1. Any unfaithful act by one partner without the approval of the others can close the LLP.
2. Under some important cases, the liability may go further to personal properties of the liable partners.
3. LLP cannot fund money from the public.
4. It has complications regarding rules and formalities in the formation of the business.
5. In case of an emergency, it is very difficult, to sum up, the business due to very lengthy and expensive process.

Steps in forming LLP

With the approval of two or more persons, an LLP registration can be done. Here are the steps for LLP formation.

Deciding the partners and designated partners for forming.
Obtaining the director identification number and the digital signature
Checking the name availability for LLP.
Drafting of LLP agreement.
Filing of incorporation document
Certificate of incorporation.

Accounting related to LLP

Every LLP has to maintain the books for accounts and has to the submit the statements regarding the profit and loss within the period of 30 days to six months from the ending of the financial year. The LLP also has to maintain the annual return in 60 days before the end of the successive financial year. Aside from that, an LLP also has to audit the financial report that has the turnover of 40 lakhs annually or has the contribution exceeding 25 lakhs.

Perspective of LLP

In the manufacturing sector-

LLP is considered lawful in the sector of business. There are many small and medium enterprises that acquire the benefits of this hybrid system to get higher access in the market.

The service sector-

LLP is very helpful to the chartered accountants and company secretaries. MCA has clearly stated that as the limited application of the company’s acts 1956, an LLP will also be treated as a company and the LLP of the Chartered Accountants can conduct audits of various companies.

Anyone has the intention for a start-up can form LLP type of business by the authorization of the other partners too. It does not matter if the sector is commercial or manufacturing or trading service, you can always try for LLP if you have a suitable partner to start with.

What you Get

1. As Many Owners As Needed

One of the greatest things of a limited liability partnership is that there is no limit on a number 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 were to go wrong with the business.

2.Lower Registration Cost

The cost of registering LLP is low as compared to the cost of incorporating a private limited or a public limited company.

3. Audit not Required

Entrepreneurs earning a turnover of fewer than 40 Lakhs and a 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.

4. Tax Benefits

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 thecompany. However, each individual partner must file a variety of different tax forms regarding

the business.

5. 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 Registration

  • 1. Complete our registration form:

     

    You need to fill our registration form and submit the required documents

  • 2. Verification and Name Approval: 2 working days

     

    We will verify and then apply for the name approval. One time one name shall be applied.

  • 3. Get DPIN and DSC: 2 working days

     

    After applying the name approval we will make DIN and DSC

  • 4. Documents Submission: 3 working days

     

    After name approval and allotment of DPIN and DSC you need to sign some documents to proceed the final steps for incorporation

  • 5. Company approval : 5 working days

     

    Once all documents submitted to the ROC. ROC will verify the documents and issue certification of incorporation

  • 6. Your work is completed:

     

    Once your company is incorporated, we will send you the Company kit includes COI/ MOA/ AOA and DSC.

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. Get DPIN and DSC: 2 working days

After applying the name approval we will make DIN and DSC

3. Verification and Name Approval: 2 working days

We will verify and then apply for the name approval. One time one name shall be applied.

4. Documents Submission: 3 working days

After name approval and allotment of DIN and DSC you need to sign some documents to proceed the final steps for incorporation

5. Company approval : 5 working days

Once all documents submitted to the ROC. ROC will verify the documents and issue certification of incorporation

6. Your work is completed:

Once your company is incorporated, we will send you the Company kit includes COI/ MOA/ AOA and DSC.

Registration Of Limited Liability Partnership@5,999.00

* Stamp duty Extra for States: Punjab, Kerala, Madhya Pradesh
* Charges extra for NRI/Foreign Directors, or Foreign shareholding companies.

DOCUMENTS REQUIRED

ID Proof

PAN Card

Address Proof

Utility Bills Or Election ID Or Driving License

Passport Size Photo

Passport Size Photo

Registered Office

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.

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