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Limited Liability Partnership

Why the concept of LLP was introduced?

Rs. 8,999/- No Hidden Charges

What is a limited liability partnership (LLP)?

LLP is an organization which combines the advantages of both a company and a partnership firm. It gives the partners the freedom of a partnership firm as well as the limited liability feature of a company so that the fault of one partner need not be borne by others. LLPs are governed by Limited Liability Partnership Act,2008.

Advantages of LLP

  1. Separate Legal Identity

    Separate Legal Identity

    LLPs enjoy the status of separate legal identity hence making the partners and the business different persons.

  2. No Audit

    No Audit

    All the LLPs are not required to get their books of accounts audited unless their turnover/capital exceeds a specified limit.

  3. Continuous Existence

    Continuous Existence

    LLPs enjoy perpetual existence and thus exist irrespective of the status of the partners of the LLP.

  4. Sharing of risk

    Limited Liability

    Partners of LLP enjoy the limited liability feature of a company which enables the partners to free themselves from the faults committed by another partner.

  5. Ensures secrecy

    Free Transferability of shares

    Ownership of LLP can be easily transferred to others by making them designated partners.

Disadvantages

  1. Cannot access public funds

    Cannot access public funds

    LLPs cannot invite funds from public.

Procedure for incorporating LLP

  • Application for DIN or DPIN: All the partners are required to get DPIN(Designated Partner Identification Number). DIN can be used if a partners possesses DIN
  • Acquire/ Register DSC: Digital Signature Certificate should be obtained and should be registered with the LLP Application
  • Incorporate a LLP: Form1 to be filled for Name confirmation and form 2 should be filed for Incorporating an LLP after the Name is confirmed
  • File LLP Agreement: After incorporation of LLP, an initial LLP agreement is to be filed within 30 days of incorporation of LLP.

FAQs

How many people are required to form an LLP?

Minimum of 2 persons are required to form an LLP. There is no limit on the maximum no. of partners an LLP can have.

What are the requirements to be a partner in a LLP?

Designated partner needs to be over 18 years of age. There is no restriction with respect to the nationality or citizenship.

What is the minimum capital required to start an LLP?

There is no minimum amount of capital required to incorporate an LLP. A limited liability partnership can be started with any amount of capital.

Can a LLP undertake Not-for-Profit activities?

No. One of the requisite of an LLP is to carry on business for profit.

What are the documents required to start an LLP?

Residence proof and ID proof are required for all the partners along with PAN card if the partner is an Indian national. No objection certificate along with ID and residence proof of the landlord of office premises is also required.

What are the compliance requirements for an LLP?

Filing of Income Tax Return, Service Tax/Sales Tax returns or both as may be. Payment of the above taxes and deduction of Income Tax at source may also be required in some cases.

When is an LLP required to get it’s books audited?

If the LLP has a turnover of Rs.40 lakhs or more and/or has a capital contribution of Rs.25 lakhs or more, the financial statements should be audited.

What is a digital signature certificate (DSC)?

Digital signature is process to authenticate and validate records electronically. DSC is required for every director of the company as the Ministry of Corporate Affairs (MCA) mandates digital signature of directors on some documents.

What is Director Identification Number (DIN)?

DIN is a unique identification number which is allotted to all the directors existing or proposed. DIN can be obtained by filing e-form DIN1 in MCA portal.

Can an existing partnership firms be converted into LLPs?

Yes. An existing partnership firm can be converted into a limited liability partnership by following procedure laid down.


Our Pricing

  1. Basic Plan

    Rs.7,499/-

    LLP Registration with DSC,DIN,ROC,TAN, and professional fee for incorporation.

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  2. Gold Plan

    Rs.9,999/-

    LLP Registration with DSC,DIN,ROC,TAN, and professional fee for incorporation with service tax registration.

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  3. Platinum Plan

    Rs.11,499/-

    LLP Registration with DSC,DIN,ROC,TAN, and professional fee for incorporation with service tax registration,MSME Registration.

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Call us for further details — 9884113300

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