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Limited Liability Partnership (LLP)
Introduction
LLP is an alternative corporate business form that gives the benefits of limited liability of a LLP and the flexibility of a partnership. The LLP can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name.
Business Format Description
The LLP is a separate legal entity, is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP. Further, no partner is liable on account of the independent or un-authorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s wrongful business decisions or misconduct. Mutual rights and duties of the partners within a LLP are governed by an agreement between the partners or between the partners and the LLP as the case may be. The LLP, however, is not relieved of the liability for its other obligations as a separate entity. Since LLP contains elements of both ‘a corporate structure’ as well as ‘a partnership firm structure’ LLP is called a hybrid between a LLP and a partnership.
Eligibility :
• Partners must have minimum age of 21 years.
• Partners should not be disqualified under LLP Act, 2008.
• Partners should not be convicted of any imprisonment over 7 years.
• Persons with Sound Mental Health can start a LLP.
• Persons recognized as Insolvent by the court of law cannot be a partner the LLP, until such insolvency omits.
• Partner Identification Number is required under LLP Act, 2008.
• Partners should be resident of India.
Required Documents
• PAN of Every Promotor/Partner/Managerial Personnel.
• AADHAR of Every Promotor/Partner/Managerial Personnel.
• Passport Size Photo of Every Promotor/Partner/Managerial Personnel.
• Digital Signature Certificate of Every Promotor/Partner/Managerial Personnel.
• Bank Statement with latest entries , not later than 2 months of Every Promotor/Partner/Managerial Personnel.
• Passport of Every Promotor/Partner/Managerial Personnel. (Mandatory, if available)
• Voter ID/ Driving License of Every Promotor/Partner/Managerial Personnel.
• Recent Utility bill as a address proof of the companies registered place of business.
• Rent Agreement / NOC by the Owner.
• Stamp Duty as per state of registration/ as per capital introduced.
• Other ancillary documents (If required, as per the special nature of the LLP)
-
₹799
inclusive tax
LLP-(Expert Advice/Consultancy Charges)
-> Get expert advice.Our team have experienced CA/CS/Legal Council.They will Guide you about registration process, documentation,legal requirements,advantage pvt.ltd. formation,taxation matters,legal compliances etc.
₹799 per year
-
₹4999
inclusive tax
LLP-(Silver Plan-includes)
* Expert Advice * LLP Registration * Filling/Drafting of documents by experts. * Filling the documents with MCA for processing * LLPIN * PAN Allotment * TAN Allotment * Allotment of 02 DPINs * GST Registration * First 03-month GST return ...
₹4999 per year
-
₹12999
inclusive tax
LLP-(Gold Plan-includes)
* Expert Advice * LLP Registration * Filling/Drafting of documents by experts. * Filling the documents with MCA for processing * LLPIN * PAN Allotment * TAN Allotment * Allotment of 02 DPINs * GST Registration * First 06-month GST return ...
₹12999 per year
Benefit of a Particular Format:
Seprate Legal Entity
LLP is a separate legal entity, which can sue as well as can be sued.
Assets and Liabilities
LLP can hold assets and liabilities in its own name.
No Minimum Capital
There is no specified minimum capital as required by the LLP act, 2008.
Liability
Liability of Partners are limited.
Transparency and Efficiency
Provides better transparency and efficient working culture as it is governed by special act.
Dividend Distribution Tax
No DDT is applicable on partnership firms
Compliances
LLP deals with minimun compliance burden.
Seprate Legal Entity
LLP is a separate legal entity, which can sue as well as can be sued.
Assets and Liabilities
LLP can hold assets and liabilities in its own name.
No Minimum Capital
There is no specified minimum capital as required by the LLP act, 2008.
Liability
Liability of Partners are limited.
Transparency and Efficiency
Provides better transparency and efficient working culture as it is governed by special act.
Dividend Distribution Tax
No DDT is applicable on partnership firms
Compliances
LLP deals with minimun compliance burden.
Process :
- Applicant has to fill up the form for required incorporation services
- Stay Relax, our representative will connect with you at earliest
- Get your documents ready, Our executive will ask for the necessary forms/documents/deeds.
- Our executives will finally scrutinised the forms/documents/deeds provided by you.
- After valid scrutiny, our team will continue preparing necessary attechments required for E-Filing
- After submission of E-Forms,, approval will be granted by Registrar
- Congratutaion !! Your are ready to Kick Start your venture.
Frequently Questions :
The LLP structure is available in countries like United Kingdom, United States of
America, various Gulf countries, Australia and Singapore. On the advice of experts
who have studied LLP legislations in various countries, the LLP Act is broadly based
on UK LLP Act 2000 and Singapore LLP Act 2005. Both these Acts allow creation of
LLPs in a body corporate form i.e. as a separate legal entity, separate from its
partners/members.
LLP form is a form of business model which:
(i) is organized and operates on the basis of an agreement.
(ii) provides flexibility without imposing detailed legal and procedural requirements
(iii) enables professional/technical expertise and initiative to combine with financial risk taking capacity in an innovative and efficient manner
it has been marked as defaulting. Once the same are filed, the defaulting status of the LLP will be removed and the LLP will be able to file normally.