LLP (Limited Liability Partnership)
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Key Features
- Limited Liability: Partners' liability is limited to their agreed contribution in the LLP.
- Separate Legal Entity: The LLP has its own legal identity, separate from its partners.
- Perpetual Succession: The LLP continues to exist even if partners change.
- Flexible Management: Partners have the flexibility to manage operations as per their agreement.
- Minimal Compliance: Less regulatory burden compared to companies.
Benefits
- Limited Liability Protection: Partners' personal assets are protected from business debts.
- Separate Legal Entity: The LLP can own assets and enter contracts in its own name.
- Ease of Formation: Simple process with fewer formalities.
- Lower Cost of Compliance: Lesser compliance requirements compared to a company.
- Flexible Agreement: The structure and operations can be customized via an LLP agreement.
- No Audit Requirement: LLPs with turnover below Rs. 40 Lakhs and capital below Rs. 25 Lakhs are exempt from audits.
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
- Obtain DSC: Digital Signature Certificate is mandatory for filing online forms.
- Apply for DIN: Designated Partner Identification Number (DIN) for all partners.
- Name Approval: 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: Define roles, responsibilities, and profit-sharing among partners.
- Certificate of Incorporation: Receive the official Certificate of Incorporation from 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: Our team ensures seamless registration from start to finish.
- 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.
