LLP (Limited Liability Partnership)
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Key Features
- Limited Liability: There is limited liability to the extent of the agreed contribution of each partner in the LLP.
- Distinct Legal Entity: The LLP holds a distinct legal identity independent of its partners.
- Continuous Existence: The LLP survives if there is a transition in partners.
- Flexible Operations Management: Partners can manage operations as agreed.
- Minimal Compliance: Companies are usually subject to more regulations.
Benefits
- Partners’ Limited Liability Protection: The personal assets of partners cannot be reached to settle debts of the business.
- Distinct Legal Entity: The LLP owns property and can sign contracts in its own name.
- Ease of Formation: Simple process with fewer formalities.
- Lower Cost of Compliance: Lesser compliance requirements than a company.
- Flexible Agreement: The structure and operations can be customized via an LLP agreement.
- No Audit Requirement: LLPs having turnover less than Rs. 40 Lakhs and also partners capital less than Rs. 25 lakhs are not required to get itself AUDITED.
Documents Required
- PAN Card of all partners.
- Aadhar Card or Address Proof (e.g., passport, voter ID) of all partners.
- Address Proof of Registered Office (utility bill, rental agreement, or NOC from the owner)
- Passport-size Photographs of all partners
- Digital Signature Certificate (DSC) for all designated partners
- LLP Agreement (drafted after incorporation)
Process
- Get DSC: To file the online forms, a Digital Signature Certificate is a must.
- Apply for DIN: Designated Partner Identification Number (DIN) for all partners.
- Approval of Name: Reserve a unique name for the LLP with the Ministry of Corporate Affairs (MCA).
- File Incorporation Form: Submit Form FiLLiP with necessary documents to incorporate the LLP.
- Draft LLP Agreement: Which outlines the roles and responsibilities of partners and profit-sharing.
- Certificate of Incorporation: Get the official Certificate of Incorporation issued by the MCA.
- Apply for PAN and TAN: Essential for tax and financial compliance.
- Open Bank Account: Open a current account in the LLP's name.
Why Us?
- Expert Guidance: An excellent guide to empower you at every step of the registration process.
- Hassle-Free Process: Quick and error-free filing of all documents.
- Cost-Effective Solutions: Transparent pricing with no hidden charges.
- Customized Support: Assistance in drafting the LLP agreement tailored to your business needs.
