Limited Liablity Patnership (LLP) Incorporation

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Limited Liablity Patnership (LLP) Incorporation

Limited Liability Partnership (LLP) has become a desirable form of business among entrepreneurs as it includes the benefits of both company and partnership firm into a single form of business.

Limited Liability Partnership (LLP) was launched in India by way of the Limited Liability Partnership Act, 2008. The basic idea behind the launch of Limited Liability Partnership (LLP) is to offer a form of business entity that is modest to maintain though providing limited liability to the owners. Since, its introduction in 2010, LLPs have been well expected with over one lakhs incorporation in India.

Limited Liability Partnership (LLP) offers the value of limited liability to its owners and at a similar time needs nominal maintenance. The directors of a private limited organisation have limited liability to creditors. In case of default, banks/creditors can lone sell the company’s assets and not the personal assets of the directors. Limited Liability Partnership (LLP) is one of the easiest kinds of businesses to register and manage in India. Through an easy registration process and simple compliance regulations, LLPs are chosen by Professionals, Micro and Small companies that are family-owned. Since LLPs are not clever of issuing equity shares, LLP is not preferred for any business that has ideas for raising equity funds from Angel Investors, VC or Private Equity Funds.

Limited Liability Partnership (LLP), introduced only in the year 2008, it has rapidly become a popular legal structure for businesses. Its main enhancement over the Common Partnership is that, as the name specifies, it limits the liabilities of its partners to their contributions to the organisation and also offers all partners safeguard from the abandon, misdeeds or ineffectiveness of the other partners.

Benefits of Limited Liability Company

No Owner/Manager Contrast

A Limited Liability Partnership (LLP) has partners, who own and manage the organisation. This is unlike from a Private Limited Company, whose directors may be different from stockholders.

Flexible Agreement

Transferring the ownership of Limited Liability Partnership (LLP) is also simple. A person can rapidly be initiated in as a designated partner and the ownership shifts to them.

Limited Liability

Partners of Limited Liability Partnership (LLP) enjoy the limited liability feature of an organisation which allows the partners to open themselves from the faults committed by another partner.

Continuity of Business

Limited Liability Partnership (LLP) continues to exist afar the existence of its Partners. This is not likely in traditional partnership businesses.

Lower Incorporation Cost

The cost of incorporating of Limited Liability Partnership (LLP) is low as compared to any other company (Private or Public).

Dividend Distribution Tax (DDT) is not applicable

If the partners of Limited Liability Partnership (LLP) draw profits from the organisation, extra tax liability in the form of Dividend Distribution Tax (DDT) is not payable by partners.

Easy Transferability

Presence as a separate legal entity, it’s easy to transfer the ownership of the LLP to another individual by stating them as a partner of the LLP.

Partners cannot be used

Partners are not accountable to be sued in the name of Limited Liability Partnership (LLP), as a juristic legal individual LLP can sue in its own name.

No Audit Requirement & Minimal Compliance

Limited Liability Partnership (LLP) is easy to manage and statutory audit is not mandatory for LL. Limited Liability Partnership is most ideal for small enterprises.

Separate Legal Entity

Limited Liability Partnership (LLP) is a separate legal entity from the partners. Each partner can sue the other in case a circumstance rises. It has a continuous existence that monitors perpetual succession, i.e., the partners might leave the organisation, but the organisation remains. A term of closure has to be mutually agreed on for the organisation to dissolve.

Appropriate for Small Organisation

Limited Liability Partnership (LLP’s) having a capital sum less than 25 lakhs and revenue below 40 lakhs per annum do not require any formal audits. It makes incorporating as LLP valuable for small organisation and start-ups.

Less compliance level

It’s not mandatory to maintain any statutory records excluding books of accounts. Fewer government interferences and fewer compliance levels are prescribed on a Limited Liability Partnership (LLP) as associated with the limits enforced on other business entities.

Requirement to form Limited LLP

  • The limited liability company minimum -2 partners
  • Maximum- no limit partners
  • Subscriber member –designated partners as well as shareholders
  • Director-DPIN(Designed partner Identification Number)
  • Registered office –validity registered office proof
  • DSC –Digital signature certificate
  • Subscribed capital contribution– there is no minimum capital requirement for Limited Liability Company

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    Required Documents to form LLP

    • Pan card of individual
    • Voter id /Driving license /Passport for identity proof
    • Latest Bank Statement / Telephone bill /Mobile bill/Electricity Bill for Address proof
    • At least two company name is required for Run form name approval
    • Rent agreement along with telephone bill/EB bill/Gas bill is required for company registered office proof
    • Digital signature is required
    • Subscriber sheet

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      Our Pricing Plan

      SILVER

      .

      – 2 CLASS 2 DIGITAL SIGNATURE
      – 2 Director Identification Number
      – Incorporation Fee
      – Incorporation Certificate
      – PAN & TAN Certificate
      – GST Registration
      – Commencement of Business Certificate
      – Stamp Duty

      .

      ₹ 9000/-

      (All Inclusive)

      Enquire Now

      GOLD

      .

      – 2 CLASS 2 DIGITAL SIGNATURE
      – 2 Director Identification Number
      – Free Stamp Duty
      – Incorporation Certificate
      – PAN & TAN
      – GST Registration
      – One Month GST Returns
      – One Month Accounting
      – Commencement of Business Certificate
      – MSME Registration
      – First Year Income Tax Return Filling

      .

      ₹ 14000/-

      (All Inclusive)

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      PLATINUM

      .

      – 2 CLASS 2 DIGITAL SIGNATURE
      – 2 Director Identification Number
      – Free Stamp Duty
      – Incorporation Certificate
      – PAN & TAN
      – GST Registration
      – One Year GST Returns
      – One Year Accounting
      – Commencement of Business Certificate
      – MSME Registration
      – First Year Income Tax Return Filling
      – Company Annual Return Filling
      – Free Website Designing

      .

      ₹ 23000/-

      (All Inclusive)

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      Our Process

      signature1

      Obtain DSC

      jigsaw2

      Reserve Your Company Name

      document3

      Submission of MOA & AOA

      article-of-incorporation4

      Get Company’s Incorporation Certificate

      id-card5

      Get Company’s PAN & TAN

      credit-card6

      Bank Account Opening

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      Got Queries? Request a call from an Business Consultancy.

        FAQ's

        How many Partners / Designated Partners are essential for incorporating Limited Liability Partnership (LLP)?

        Minimum of two Partners and two Designated Partners required for incorporating a Limited Liability Partnership (LLP).

        What is DIN?

        Directors Identification Number (DIN) is an identification number allotted by the Ministry of Corporate Affairs (MCA), Government of India, to Directors of a Company or Designated Partners of a Limited Liability Partnership (LLP).

        What is LLP Agreement?

        Limited Liability Partnership (LLP) agreement is an agreement among the partners of LLP. Limited Liability Partnership (LLP) agreement defines the mutual privileges and responsibilities of each partner, the relationship among individual partners and that of all partners with the LLP.

        What is LLPIN?

        LLPIN is a 7 digit alpha-numeric registration number allotted by the Ministry of Corporate Affairs (MCA), Government of India, to a Limited Liability Partnership (LLP). For example: ABC-0123.

        Who can be a Designated Partner?

        All Limited Liability Partnership (LLP) must have minimum of two designated partners who will be liable for compliance under LLP Act.

        Whether the Registered Office of the LLP can be changed?

        Registered Office of the Limited Liability Partnership (LLP) can be moved from one place to another in the same state or from one state to another after fulfilling legal requirements.

        Can a Limited Liability Partnership (LLP) revise its LLP agreement?

        Yes, there is an option to revise its LLP agreement, the partners or designated partner can revise the LLP agreement during the term of the Limited Liability Partnership (LLP). In the following circumstance the LLP agreement can be revised:

        • Addition or deletion of any partner or designated partner
        • Modifications in the revenue sharing ratio
        • The name, address, business activity changes
        • Modification in the capital either increasing or decreasing.
        • If any modification in any article of the agreement.