Limited Liability Partnership has been introduced in India by way of Limited Liability Partnership Act, 2008. LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a Partnership. A Limited Liability Partnership combines the advantages of both the Company and Partnership into a single form of organization and one partner is not responsible or liable for another partner's misconduct or negligence. It is very easy to form LLP, as the process is very simple as compared to Companies and does not involve much formality.A LLP is indeed advantageous because of comparatively lower cost of formation, lesser compliance requirements, easy to manage and run, partners are not liable for the acts of the other partners.
It’s now very easy to start partnership and it can all be done online.Now you can start a limited liability partnershipin few days. What’s more, the cost of incorporating is an allowable expense against corporation tax
A LLP exists as a separate legal entity from your personal life. Both LLP and person, who own it, are separate entities and both functions separately. Liability for repayment of debts and lawsuits incurred by the LLP lies on it and not the owner.
It is easy to become a Partner with minimum number of documents or leave the LLP or otherwise it is easier to transfer the ownership in accordance with the terms of the LLP Agreement.
Just like a Company, LLP is also body corporate, which means it has its own existence as compared to partnership. LLP and its Partners are distinct entity in the eyes of law. LLP will know by its own name and not the name of its partners.
For income tax purpose, LLP is treated on a par with partnership firms. Thus, LLP is liable for payment of income tax and share of its partners in LLP is not liable to tax. Thus no dividend distribution tax is payable.
Financing a small business like sole proprietorship or partnership can be difficult at times. A LLP being a regulated entity like company can attract finance from PE Investors, financial institutions etc
A LLP is a new form of legal business entity with limited liability. It is an alternative corporate business vehicle that gives the benefits of limited liability but allows its partners the flexibility of organizing their internal structure as a traditional partnership. The LLP is a separate legal entity and, while the LLP itself will be liable for the full extent of its assets, the liability of the partners will be limited.
Yes, you can convert your existing Partnership firm into a Limited Liability Partnership. The process is also very simple and not cumbersome.
At least two partners required to register a LLP
Make sure that proposed name is not similar to existing private limited company or LLP or OPC or Public company. Also ensure that proposed name is not a registered trademark taken by anybody under IP act.
The Designated Partners needs to be over 18 years of age and must be a natural person. Even foreign nationals can be appointed as a Partner with the approval for Foreign Contribution Promotional Board.
Yes, a salaried person become a Partner, there are no legal bondages in this but you may have to go through with your employment agreement if it contains any restrictions on doing so.
We can register a LLP within 10 to 15 days of time. But the documents submitted should be as per our requirements and also within time. If there is any delay in submitting the docs the mentioned time frame may change..
To Start a LLP quickly, make sure the proposed name of the Limited Liability Partnership is very unique. Names that are similar to an existing private limited company / limited liability partnership can be rejected and extra time will be required for resubmission of names.
No. The Companies Act, 2013 not have any provision for conversion of an LLP into a private limited company.
A Digital Signature establishes the identity of the sender or signee electronically while filing documents through the Internet. The Ministry of Corporate Affairs (MCA) mandates that allDesignated Partners to apply with a Digital Signature for Designated Partner Identification Number.
Not at all. You only need to send us the scanned soft copies through email. All documents are filed electronically with the department. Hence, there is no requirement of couriered hard copies.
Send us necessary documents required for LLP incorporation our expert will advise on same.
Digital Signature Certificate and DIN is required for proposed LLP Incorporation. DIN and DSC can be obtained for proposed LLP in 1 -2 working days.
Our Expert Team will prepare partnership Deed agreement with required teams and conditions as per your business need. Name approval & Deed takes time of 5-6 days
Our Expert Team make application of LLP incorporation to ministry of corporate affairs . After application in 5-6 working days MCA issue certificate of incorporation. Subject to Approval of MCA.
Our experienced team of professional and help you in deciding and incorporating Private Limited, LLP, One Person Company, proprietary firm and other business entities. We advise on complete one roof services for business registrations.
We are a team of expert’s offering Business Taxation Services in direct and indirect taxation to the manufacturers, Traders, Dealers and service providers of the industry for all taxation in India. Effective tax planning helps to reduce pricing.
Indian companies and LLP are require do comply with various statutory provisions by filling return with MCA. Our teams helps for timely filling of compliance. Timely filling of returns avoid late filling penalty.