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LLP stands for Limited Liability Partnership. It is an alternative corporate business form which offers the benefits of limited liability to the partners at low compliance costs. It also allows the partners to organize their internal structure like a traditional partnership. A limited liability partnership is a legal entity, liable for the full extent of its assets. The liability of the partners, however, is limited. Hence, LLP is a hybrid between a company and a partnership. But it should not be confused with Limited Liability Company.
LLP is one of the easiest types of business to incorporate and manage in India. With an easy incorporation process and simple compliance formalities, LLPs are preferred by Professionals, Micro and Small businesses that are family-owned or closely-held. Since LLPs are not capable of issuing equity shares, LLP should NOT be chosen for any business that has plans for raising equity funds from Angel Investors, Venture Capitalist or Private Equity Funds.
Limited Liability Partnership is managed as per the LLP Agreement, however in the absence of such agreement the LLP would be governed by the framework provided under Limited Liability Partnership Act, 2008 (LLP act). LLP registration process is less complex than other form of business.
Kshitij T & L Consultancy being the professionally managed firm provides LLP registration online within 15 working days, subject to government processing time. Our professionals help in estimating the LLP registration cost, documents required for LLP registration and hassle free procedure for Limited Liability Partnership (LLP) registration.
It is easy to start and manage a business like entrepreneurs. LLP agreements are customized in according to meet the needs of partners concerned. There are fewer formalities in areas of legal compilation, annual meeting, resolution as compared to any other Private Limited Company. For a detailed comparison between LLP and Private Limited read Choosing between LLP and Private Limited.
LLP can be started with the minimum amount of capital money. Capital may be in the form of tangible, movable asset like Land, machinery or intangible form. Capital requirement in the case of a Private company (Requirements for Registration of a Private Company) and Public Company (Requirements for registration of a Public Company) is Rs. 1, 00,000 and Rs. 5,00,000 respectively whereas no such mandatory capital requirement specified under the LLP.
LLP may have partners varying from 2 to many. There is no limit for partners in LLP. An LLP requires a minimum 2 partners while there is no limit on the maximum number of partners in contrast to a private company wherein there is a restriction of not having more than 200 members.
The cost of registration of LLP is low as compared to any other company (Public or Private). Read a Cost Comparison of LLP, OPC, private limited, partnership, and proprietorship
LLPs are not required to audit the accounts. Any other company (Public, Private) are mandated to get their accounts audited by the auditing firm. LLP is required to audit their account in the following situation:
• When the contributions of the LLP exceeds Rs. 25 Lakhs, or
• When annual turnover of the LLP exceeds Rs. 40 Lakhs
LLP have to face less compliance burden as they have to submit only two statements i.e. the Annual Return & Statement of Accounts and Solvency. Whereas in the case of private company, at Least 8 to 10 regulatory formalities and compliances are required to be duly completed. Read Annual Cost Comparison of Private Limited and LLP.
LLP is not liable to pay the tax on the income and share of its partner. Thus, no dividend distribution tax is payable as under section 40(b). Bonus, commission or remuneration, Interest to partners, any payment of salary, allowed as deduction. Provision of ‘deemed dividend’ under income tax law, is not applicable to LLP.
Passport size Photograph
Copy of PAN Card
Copy of Aadhar Card
Address Proof (Bank Statement/Mobile/Telephone Bill)
Copy of Electricity Bil
Sale Deed (if owned)
Copy of rent agreement
PAN & TAN
Drafting of LLP Agreement
Certificate of Incorporation
PAN & TAN
Drafting of LLP Agreement
Certificate of Incorporation
Udyog Aadhaar Registration (MSME)
DPIN and DSC of all the Directors
Minimum 2 Designated Partners
There should be some amount as contribution
At least one Indian resident Designated Partner out of two.
Registered office address in India
Execution of LLP agreement between the partners
1. LLP firms
are very flexible in terms of internal organization structure as they are simpler in nature.
2. There is no limit that has been mentioned regarding the number of partners.
3. Funds raising and utilization can only be done under the norms of ACT 2013.
4. LLP firm is not in need to pay Dividend Distribution Tax as they are an exception by rules.
5. White collar job people generally go with LLP for the flexibility it offers.
6. Audit is not in LLP mandatory unlike private or public incorporations.
|1||Foreign Participation||Foreign National cannot be the partners in a Partnership firm.||Foreign national can be a member in a Company./td>||Foreign National can be a partner in a LLP.|
|2||Tax Liability||Taxed at 30% plus surcharge and cess as applicable.||Taxed at a rate of 30% plus Surcharged education cess||Taxed at a rate of 30% plus education cess|
|3||Transfer of Shares||Not Applicable||Ownership is easily transferable by the way of transfer of shares.||Transfer are governed by the LLP agreement.|
|4||Annual Filing||No return is required to be filed||Returns is required to be filed with ROC every year..||Returns is required to be filed every year.|
|5||Audit of accounts||Required to have tax audit of their accounts||Required to get their accounts audited annually||Having turnover less than 40lacs or contribution less than 25 lac in financial year required to get their accounts audited annually.|
|6||Rights/Duties/ Rights/Duties/ obligation of the partners/Managing Partners/ Directors||Governed by Partnership deed||Governed by AOA and resolutions passed by shareholders or Directors||Governed by LLP agreement|
|7||Registration||Registration is optional||Registration with ROC is required.||Registration with ROC is required.|
|8||Cost of formation||Nominal cost of creating a firm||Minimum government fee for incorporation of private company is 6,000-7,000 approx/-||The cost of formation of LLP is lesser than the formation of company.|
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