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What is a Limited Liability partnership company?
About LLP Company in India
A Limited Liability Partnership (LLP) is a type of business structure that combines the flexibility of a partnership with the benefits of limited liability for its partners. It is governed by the Limited Liability Partnership Act, 2008 in India.
In an LLP, each partner has limited liability for the debts and obligations of the business, similar to a limited company. This means that the personal assets of the partners are protected in case the business incurs losses or faces legal action. At the same time, the LLP allows for flexibility in terms of management and tax benefits that are similar to a partnership.
An LLP must have at least two partners, and there is no maximum limit to the number of partners. It can be formed by filing an application with the Registrar of LLPs and obtaining a Certificate of Incorporation. The LLP agreement, which outlines the rights and responsibilities of the partners, is an essential document for an LLP.
Some of the key features of an LLP are:
Separate Legal Entity: An LLP is a separate legal entity from its partners, which means that it can own assets, enter into contracts, and sue or be sued in its name.
Limited Liability: The liability of each partner is limited to their capital contribution to the LLP. The personal assets of the partners are not liable for the debts and obligations of the business.
Flexibility: An LLP offers flexibility in terms of management and operation. The partners can manage the business directly or appoint designated partners to manage it.
Taxation: LLPs are taxed like a partnership, which means that the profits and losses of the business are passed on to the partners and taxed at their individual tax rates. LLPs are not required to pay dividend distribution tax, making it a tax-efficient option for businesses.
In conclusion, an LLP is a hybrid business structure that combines the benefits of limited liability with the flexibility of a partnership. It is a popular choice for small and medium-sized businesses in India that want to limit the liability of their partners and enjoy tax benefits.
Benefits of Registering an LLP Company in India
Registering a Limited Liability Partnership (LLP) company in India has several benefits. Here are some of the key advantages of an LLP:
Limited Liability Protection: The primary benefit of an LLP is limited liability protection for its partners. The personal assets of the partners are not at risk in case the business incurs losses or faces legal action.
Flexibility: An LLP is a flexible business structure that offers greater operational flexibility in terms of management, ownership, and decision-making. The partners can manage the business directly or appoint designated partners to manage it.
No Minimum Capital Requirement: An LLP can be registered with minimal capital, making it an attractive option for small businesses and startups.
No Audit Requirement: An LLP is not required to undergo an annual audit unless its turnover exceeds a certain threshold.
Lower Compliance Burden: Compared to a private limited company, an LLP has a lower compliance burden, which translates into reduced compliance costs.
Tax Benefits: An LLP is taxed like a partnership, which means that the profits and losses of the business are passed on to the partners and taxed at their individual tax rates. LLPs are not required to pay dividend distribution tax, making it a tax-efficient option for businesses.
Greater Credibility: Registering an LLP gives the business greater credibility and enhances its image in the eyes of investors, suppliers, and customers.
In conclusion, registering an LLP company in India offers several benefits such as limited liability protection, flexibility, no minimum capital requirement, lower compliance burden, tax benefits, and greater credibility. It is a popular choice for small and medium-sized businesses that want to limit the liability of their partners and enjoy operational and tax benefits.
Documents required to register a LLP company IN INDIA
List of Documents Required
To register a Limited Liability Partnership (LLP) company in India, the following documents are required:
Digital Signature Certificate (DSC): All designated partners of the LLP must obtain a DSC for filing electronic documents with the Registrar of LLPs.
Director Identification Number (DIN): All designated partners must obtain a DIN, which is a unique identification number assigned by the Ministry of Corporate Affairs.
LLP Name Approval: The partners must choose a unique name for the LLP and file an application for name approval with the Registrar of LLPs.
LLP Agreement: An LLP agreement is a key document that outlines the rights, duties, and responsibilities of the partners. It must be executed on a non-judicial stamp paper and filed with the Registrar of LLPs within 30 days of incorporation.
Address Proof: The LLP must provide a proof of its registered office address, such as a rental agreement, electricity bill, or property tax receipt.
Identity and Address Proof: All designated partners must provide their identity and address proof, such as a PAN card, Aadhaar card, or passport.
Consent to Act as Designated Partner: All designated partners must give their consent to act as partners of the LLP.
Certificate of Incorporation: If the LLP is being registered as a subsidiary of a foreign company, a certificate of incorporation or registration of the foreign company must be provided.
Form 8: Form 8 is a statement of account and solvency that must be filed by the LLP within 30 days from the end of the six months of the financial year.
Form 11: Form 11 is an annual return that must be filed by the LLP within 60 days from the end of the financial year.
In conclusion, registering an LLP company in India requires several documents such as digital signature certificate, director identification number, LLP agreement, address proof, identity and address proof, consent to act as designated partner, certificate of incorporation (if applicable), Form 8, and Form 11. It is advisable to seek professional assistance in preparing and filing these documents to ensure compliance with the regulations.
We Follow a Simple 4 Steps Company Registration Process!
In order to get your company registration process started, we would request you to either fill the contact form below or call us directly on +91.8920769787.
Once done, a designated account manager from our team will connect with you to understand the requirements and expectation you are having with your future company. You will be allowed to choose the desired medium to be contacted and updated about the ongiong process in regard to your company registration.
We prefer to connect with you over WhatsApp, Telegram, Email, Live Chat or our CRM directly.
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Once your case is confirmed, you will be asked to upload the necessary documents in a secure environment.
You can either send your documents via E-Mail or WhatsApp or your designated account manager will send you a link to directly upload your documents to our self hosted and secure CRM.
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For further information about documents, file formats and the process of uploading, please get in touch with your account manager.
The time taken in the registration of sole proprietorship company is between 4-30 days.
In some (exceptional) cases, some clarifications are demanded from the department of GST which may increase the time to obtain the company registration certificate.
The Final Delivery of the document is done over Email and the same can also being sent via registered post (on request).
STARTER
You're Just Starting a new Business
₨7999
₨
5999
+ GST -
LLPIN
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1 RUN Name Approval
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Upto 1 Lakhs Contribution
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Incorporation Fee
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Stamp Duty
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LLP Agreement
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PAN
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Digital Signature
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Director Identification Number
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GST Number
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Dedicated Account Manager
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Udyog Aadhar
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GST Returns for 1 Year
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MCA Compliance for 1 Year
-
Dedicated Compliance Officer
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Preparation Of Balance sheet
-
Preparation of P & L
-
Income Tax Returns Filing for 1 Year
-
Dedicated Tax Advisor for 1 Year
BUSINESS
Already Have a Running Business
₨11999
₨
9999
+ GST -
LLPIN
-
1 RUN Name Approval
-
Upto 1 Lakhs Contribution
-
Incorporation Fee
-
Stamp Duty
-
LLP Agreement
-
PAN
-
Digital Signature
-
Director Identification Number
-
GST Number
-
Dedicated Account Manager
-
Udyog Aadhar
-
GST Returns for 1 Year
-
MCA Compliance for 1 Year
-
Dedicated Compliance Officer
-
Preparation Of Balance sheet
-
Preparation of P & L
-
Income Tax Returns Filing for 1 Year
-
Dedicated Tax Advisor for 1 Year
Popular
PROFESSIONAL
Already Having Significant Turnover
₨17999
₨
13999
+ GST -
LLPIN
-
1 RUN Name Approval
-
Upto 1 Lakhs Contribution
-
Incorporation Fee
-
Stamp Duty
-
LLP Agreement
-
PAN
-
Digital Signature
-
Director Identification Number
-
GST Number
-
Dedicated Account Manager
-
Udyog Aadhar
-
GST Returns for 1 Year
-
MCA Compliance for 1 Year
-
Dedicated Compliance Officer
-
Preparation Of Balance sheet
-
Preparation of P & L
-
Income Tax Returns Filing for 1 Year
-
Dedicated Tax Advisor for 1 Year
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