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BOOKAFREECALLNOW Yourname Youremail Yourphone GETFREEQUOTETODAY! THREESTEPSFOLLOWEDBYFINACCLE mitforEInvoicinghasbeenreducedto10croresfromexisting20croresrespectivelyLimitforEInvoicinghasbeenreducedto10croresfromexisting AskaQuestion BecomeaPartner Introduction InIndia,theLimitedLiabilityPartnership(LLP)isawellknownandpopular businessstructure TheLimitedLiabilityPartnership(LLP)conceptwasintroducedinIndiaby theLimitedLiabilityPartnershipActof2008 ThebasicideabehindthecreationofaLimitedLiabilityPartnership(LLP) istoprovideatypeofbusinessentitythatissimpletomanagewhile providingtheownerswithlimitedliability LLPsarepreferredbyprofessionals,microandsmallbusinessesthatarefamilyownedorcloselyheldduetotheirsimpleincorporationprocess andsimplecomplianceformalities.BecauseLLPscannotissueequityshares,theyshouldnotbeusedforanybusinessthatintendstoraiseequity fundsfromAngelInvestors,VentureCapitalists,orPrivateEquityFunds
Service State Latestnews: 1.CollectthedocumentsrelevantforLLP registration 2.Weshallapplyforregistrationonyour behalf 3.YoucanenjoyallthebenefitsofLLP
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LLPisaseparatelegalentitythatprovidesthebenefitsofaprivatelimitedcompanyaswellastheflexibilityofapartnershipfirm,inwhichno partnerisheldliableforthemisconductofanotherpartnerandtheirrightsanddutiesaregovernedbytheLLPagreement.LLPcanalsobecomea memberinanothercompany
Registration
SeparateLegalEntity:Alimitedliabilitypartnership(LLP)isaseparate legalentityfromitspartnerswithperpetualsuccession.Ithastheability toownassets,sue,andbesued Noliabilityfornegligenceofotherpartner:Theprimarybenefitofan LLPisthatnopartnercanbeheldliableforthenegligenceor misconductofotherpartners.
Eligibility ✓Minimum2DesignatedPartners ✓NolimitonMaximumnumberofPartners ✓OnedesignatedpartnermustberesidentofIndia ✓MinimumCapital Atchoiceofpartners ✓DINofDesignatedPartners(Ifavailable) ✓DigitalSignatureofDesignatedPartners Contactus Filltheformtocontactus Yourname Youremail Yourphone Getstartednow! Features
LimitedLiability:Exceptincasesoffraud,apartner'sliabilityislimitedtotheamountofagreedcontribution(capital)intheLLPAgreement PerpetualSuccession:Alimitedliabilitypartnership,unlikeageneralpartnership,cancontinueitsexistenceevenaftertheretirement,insanity, insolvency,orevendeathofoneormorepartners BusinessforProfitOnly:LimitedLiabilityPartnershipsarenotpermittedtobeformedforcharitableornonprofitpurposesItiscriticalthatthe
LowerComplianceRequirement:Incomparisontoaprivate/publiclimitedcompany,anLLPrequireslesscomplianceCompliancesrelatedto boardmeetings,statutorymeetings,andsoondonotapplytoLLPsBut,LimitedLiabilityPartnershipsarerequiredtofiletheannualreturns
60daysfromtheendofthecloseofthefinancialyearandaccountstatementandsolvencywithin30daysfromtheendofsixmonthsofthe
Auditofaccountsfromprofessionals:IfthecapitalcontributionorturnoverexceedsRs25LakhsorRs40Lakhs,theLLPmustkeepproperbooks ofaccounts,andanauditisrequired Documentsrequired ✓PANCard ✓Descriptionofproposedbusinessactivity Service Registrations Compliance Accounting Advisory KnowledgeCentre Contact
entitybeformedtoconductalegalbusinessinordertomakeaprofit.
within
closureofthefinancialyear.
✓Proofofregisteredofficeaddress(Rentdeed/leasedeed)
✓Passportsizecolourphotoofallpartners
✓MobileNo.andemailidofdesignatedpartners
✓Copyofresolution(ifabodycorporatebecomespartnerofLLP)
✓Utilitybillinnameoftheowner
✓NOCfromtheownerofthepremises
Benefits
NorequirementofcompulsoryAudit:Allcompanies,whetherprivate orpublic,irrespectiveoftheirsharecapital,arerequiredtogettheir accountsauditedButincaseofLLP,thereisnosuchmandatory requirementThisisperceivedtobeasignificantcompliancebenefit
ALimitedLiabilityPartnershipisrequiredtogetthetaxauditdoneonlyin thecasethat:
✓ThecontributionsoftheLLPexceedsRs25Lakhs,or
✓TheannualturnoveroftheLLPexceedsRs.40Lakhs
Lowerregistrationcost:Whencomparedtotheexpenseofformingaprivatelimitedorpubliclimitedcompany,thecostofforminganLLPislower However,thepricegapbetweenforminganLLPandformingaprivatelimitedcompanyhasnarrowedinrecentdays
Norequirementofminimumcontribution:ThereisnominimumcapitalrequirementinLLPAnLLPcanbeformedwiththeleastpossiblecapital Moreover,thecontributionofapartnercanconsistoftangible,movableorimmovableorintangiblepropertyorotherbenefitstotheLLP TaxationAspectonLLP:Forincometaxpurpose,LLPistreatedonaparwithpartnershipfirms.Thus,LLPisliableforpaymentofincometaxand shareofitspartnersinLLPisnotliabletotaxThusnodividenddistributiontaxispayableProvisionof deemeddividendunderincometaxlaw,is notapplicabletoLLPSection40(b):Interesttopartners,anypaymentofsalary,bonus,commissionorremunerationallowedasdeduction
Incorporation: Theactofcreatingororganizingacorporationunderthelawsofaspecificjurisdiction MoA: AMemorandumofAssociationisadocumentthatcontainsthebasicinformationwhichisrequiredforincorporatingacompany AoA: ArticlesofAssociationisadocumentthatdealswiththeinternalgovernanceofacompany
ThestatutoryaddressofacorporationInstatesrequiringtheappointmentofaregisteredagent,itisusuallytheaddressoftheregisteredagent
TheDSC(DigitalSignatureCertificate
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Glossary
RegisteredOffice:
DSC:
)isaninstrumentissuedbycertifyingauthoritiesbywhichyoucansignalltheelectronicdocuments.
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