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LLP Registration in India


Professional Charges 4999/-



  • DIN & DSC for Two Partner
  • Name Approval of the LLP
  • Certificate of Incorporation of the LLP
  • Allotment of PAN and TAN of the LLP
  • Drafting of LLP Agreement & its Filing

Introduction



A Limited Liability Partnership (LLP) is a type of partnership firm in which few or all of its partners have a limited liability. Therefore it exhibits elements of both corporations and partnership. An important difference between a LLP and an unlimited partnership is that in an LLP, one partner is not liable or responsible for another partner's misconduct or negligence. In a LLP, some partners have a form of limited liability similar to that of the shareholders of a corporation.

  • Easy to form- It is very easy to form LLP as the process is very simple as compared to companies and does not have much formalities.
  • Body Corporate- Just like a company LLP is also a body corporate, which means it has its own existence. LLP will know by its own name and not by the name of its partners.
  • Flexible to manage- LLP Act 2008, gives LLP the freedom to manage its own affairs. Partner can decide the way they want to run and manage the LLP, in form of LLP Agreement
  • Easy Transferable Ownership- It is easy to become a Partner or leave the LLP or otherwise it is easier to transfer the ownership in accordance with the terms of the LLP Agreement.
  • Taxation- LLP are taxed at a lower rate as compared to company.
  • Capacity to sue- As a juristic legal person, a LLP can sue in its name and be sued by others. The partners are not liable to be sued for dues against the LLP.
  • No Mandatory Audit Requirement- Under LLP, only in case of business, where the annual turnover/ contribution exceeds Rs 40 Lacs/Rs 25 Lacs are required to get their account audited annually by a chartered accountant. This provides great relief to small businessmen.
  • Compliances- As compared to a private company, the number of compliances are less.

FAQ



Yes, subject to the provisions of LLP Act, an existing partnership firm can be converted into LLP.

Persons, who subscribed to the “Incorporation Document” at the time of incorporation of LLP, shall be partners of LLP. Subsequent to incorporation, New partners can be admitted to the LLP as per conditions and requirements of LLP Agreeme.

No, only private or unlisted company can converted into LLP.

Log on to the LLP portal and file form no. 1 ( application for reservation or change of name) along with prescribed fees.

Yes, it mandatory to execute and file LLP Agreement in view of Section 2(0) & (q) , 22 and 23 of the Act.

LLP is required to file LLP Form 8 (Statement of Account & Solvency) and LLP Form 11 (Annual Return) annually. The ‘Annual Return’ is required to be filed within 60 days of close of the financial year and ‘Statement of Accounts & Solvency’ shall be filed within 30 days from the end of six months of the financial year to which it relates. Every LLP has to maintain uniform financial year ending on 31st March of a year.

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