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 do LLP Registration in India , 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.
LLP Incorporation in India is made more easy by Ministry of Corporate Affairs. From 2nd October 2018 earlier process of LLP registration has been modified. Now the new process is much simpler and with fast tack mode. Experts at VALS & CO. have helped number of start-ups for LLP Registration. In all major cities of India Our services are reliable and quick.
It's now very easy to start up a proprietorship business. In fact you can get a proprietorship firm register within few days. We will help you to Register the name of your business with the Secretary of State or the Department of Corporations in your jurisdiction.
A Limited Liability Partnership (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 by 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 Investors, financial institutions etc.
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DSC is required for Proposed Partners.
An application shall be made for opting Designated Partners Identificatoin No. (DPIN)
Making Application for Proposed Name of LLP from Option given by directors
Submission of documents to MCA with Consent Letter , Partnership Deed and supporting documents. And follow up for certificate.
Once incorporated, can commence business ,Apply PAN, Open bank account.
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.
At least two partners required to register a LLP
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. LLP registration can be done at friend / relative address. You just need to submit Address proof that can be Light bill / Corporation tax Paid receipt / Index II and NOC ( No objection certificate ) for same.
Yes. The LLP Agreement contain details about partners , nature of business , rights and liabilities of partners. LLP Agreement need to be filed with in 30 days from date of registration of LLP.
After LLP Registration , need to apply separately for PAN & TAN of firm with NSDL Centre. It generally takes 1 week time to get PAN & TAN physical copies.
For Opening a current account need firms PAN , COI , deed , address proof and partners KYC documents. Generally bank take 2-4 working days for opening a current account.
Yes. Company can become partner in LLP. Basic requirement is LLP need to have minimum designated partner.
Yes. FDI is allowed in LLP by using automatic route in the sectors which are allowed by Foreign Investments Promotion Board (FIPB). Also point to note that LLP can not avail External Commercial borrowing (ECB).
1. Minimum 2 Individuals as designated partners 2. out of above 2 , one must be Indian resident. 3. Place of LLP registration should be in India
Our process of registration is 100 % online. There is no need you be to be present at our office. We just need few scanned documents over mail. You will get registration documents by courier from our side.
Yes. However pre condition is that they holding a DIN/DPIN. One partner need to be Indian residence. Foreign partner can hold majority of percentage in LLP
Yes. Salaried person can become Partner in LLP. Person need to check with employer that where there is any restriction on it. However most of time companies don't have such conditions.
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