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LLP is the very popular concept to register a business in India. It is governed by Limited Liability Partnership Act 2008.A Limited Liability Partnership gives the dual advantage of both the Company and Partnership into a single form of organization where one partner is not responsible or liable for another partner’s misconduct or negligence. its is also called the Limited Liability.
LLP is ideal for those startups who’s do want need external funding from the investor and want low setup cost and want to enjoy company features as limited liability. these is best for the startups which have enough funds to manage their business.
LLP Annual Compliance is also less than as compare to private limited company so like LLPs don’t have to have boards, hold annual meetings or record minutes.
Minimum Requirements for the Limited Liability Partnership
Minimum 2 Partner
No Capital Requirements ( you can start from any amount of capital)
One Indian Resident Partner is mandatory like who’s live in India
Features of the the Limited Liability Partnership
Separate Legal Entity- An LLP is a legal entity and a juristic person established under the LLP Act 2008.
Low cost of set up- LLP has no capital requirements and also the government charges and legal professionals fee are less as compare to pvt ltd company.
Limited Liability- Personal assets of partners are safe, a liability of LLP is limited to the assets of LLP Firm.
Minimal Compliances as Compare to Private Limited Company like no audit is required in LLP. An LLP’s accounts are required to be audited only if it has a turnover greater than Rs. 40 lakhs Rupees or capital contribution of over Rs. 25 lakhs Rupees
Tax Advantages- LLP Has many Tax Advantages also as compare to private limited company like Dividend Distribution Tax and tax surcharge are not applicable. Loan to partners is also not taxable.
Steps taken for the Register Limited Liability Partnership
Obtain Digital Signature for the partners – its a simple digital signature which is used for apply and filings Online Forms for the Company registration through the MCA Portal.
Apply for the DIN ( Director Identification Number) Number which is necessary to becoming a partner in the llp.
Apply for the Name Approval for the LLP Registraiton. Partners have to give some 5 to 6 names for the LLP so government approved the names after checking that its already registered or not or breach the name guidelines or not.
Once the name is approved then we have to filed some eforms for the certificate of incorporation and pay the the government fees.
At the end the government issued the Certificate of Incorporation which is the proof for the registration.
After the Register the llp we have to apply for the PAN Number on the LLP Name then open a current bank account.
Documents Required for the Limited Liability Partnership
PAN Card of the Partners
Address Proof of the Partners
Utility Bill of the proposed Registered Office of the LLP
No-Objection Certificate from the Landlord
Rental Agreement Copy between the LLP and the Landlord
The PAN Card of the Partners and the Address Proof the the Partners is required to start the LLP formation procedure.
