Perfect business structure for Small and Medium-sized business houses going for Partnership.
It restricts the liabilities of its partners to their contributions to the business and furthermore offers each partner security from the negligence, wrongdoings or inadequacy of different partners.
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LLP Registration is quick, simple, and would be possible online with Taxxinn in 3 plain sailing steps
Limited Liability Partnership (LLP) was launched in India in 2008 by way of the Limited Liability Partnership Act. The fundamental reason behind the launching of Limited Liability Partnership (LLP) to give a Perfect business structure for Small and Medium-sized business houses going for Partnership.
It restricts the liabilities of its partners to their contributions to the business and furthermore offers each partner security from the negligence, wrongdoings or inadequacy of different partners.
Since, its launch in 2010, LLPs have been generally welcomed with more than one lakhs registration in India India.
LLP is perhaps the most effortless sort of organization to incorporate and oversee in India. With a simple procedure and simple compliance formalities, LLPs are favored by Experts, Smaller scale and Independent companies that are family-possessed or intently held.
Getting a limited liability(LLP) partnership is registered is slightly costlier than registering a partnership. Taxxinn helps you register a limited liability partnership (LLP) completely online.
LLPs are registered in India under the Central Government i.e Ministry Service of Corporate Affairs. Partnership firms are registered under State Government i.e Registrar of Firms which is fully controlled by the state government.
One of the important benefits of Limited Liability Partnership compared to a partnership firm is that one partner is not liable or responsible for unfortunate behavior or carelessness or misconduct. An LLP additionally gives restricted liability protection to the proprietors from the debts of the LLP. In any case, in contrast to private limited company shareholders, the partners of an LLP reserve the right to manage with the business directly.
Limited Liability Partnership(LLP) are separate legal entities and the liabilities and assets are separate from the partner of LLP. Whereas the Partnership firm is not a separate legal entity.
The cost of registering a Limited Liability Partnership(LLP) is the lowest and even the same as other commonly registered entity PVT or OPC.
The compliance for Limited Liability Partnership(LLP) is least compared to PVT or OPC registration.
In contrast to Private Limited Company, LLP isn’t required to get audited on the off chance that nil turnover.
Limited Liability Partnership(LLP) registration requires at-least two individuals to kick start and there is no minimum capital required.
Profit can be pulled back effectively without paying any tax, not at all like companies.
The flexible agreement permits to draft rules and guidelines as according to one advantage.
In a year totally of two forms are just required to be filed for an LLP.
Aadhar Card
Driving License
Election Id Card
Passport
Electricity Bill
Rent Agreement + NOC
LLP registration procedure is easy but a professional would be needed to complete the same. In addition, the procedure has been completely changed by the government in order to promote the ease of doing business. TaxxInn is experienced in LLP Registration with an experience of registering more than 100 LLP firms and consulting hundreds of LLP partnerships throughout India.
In order for any Limited Liability Partnership(LLP) to be registered in India, the below conditions have to be met.
A Limited Liability Partnership(LLP) must have at least two Designated Partner and more, there can be 15. Of the directors in the business, at least one must be an occupant of India.
The name of your business must be Unique. The recommended name should not match any current organizations or trademarks in India.
There is no Minimum capital Contribution to a company. A Limited Liability Partnership(LLP) should have an authorized capital of in any event Rs. 1 lakh.
The registered office of an organization doesn’t need to be a business space. Indeed, even a leased home can be the registered office
Everything to open a bank account and Start your business
Digital signature for two directors to digitally sign the documents
Defines the rules and objective of the business
Defines the rules and objective of the business
PAN number of the company to open a bank account
Certificate of incorporation bearing company's registration number and details
TAN number of the company
GSTIN number and Certificate for your company
Shareholder enjoys limited liability to the extent of capital invested. Shareholder’s personal assets protected in the event of the company’s insolvency.
Management & shareholders can be separated. A shareholder can invest the fund in fruitful business without managing & Management can operate their business without frequent interruption of investors
A company is a Separate legal entity from its Owners and Management in the eyes of law.
A business of the Company will not affect if there is any change in the ownership of the company.
Startups businesses can easily raise funds from investors on an equity basis.
Every Pvt Ltd Company enjoys for recently announced start-up tax exemption, if meets eligibility criteria.
The LLP represents a Limited Liability Partnership it is a superior version of a general partnership firm. It is governed by a limited liability partnership act 2008.
A Limited Liability Partnership(LLP) must have at least two Designated Partner and more.
The Designated Partners should be more than 18 years old and must be a natural individual. There are no limitations as far as citizenship or residency. Along these lines, the LLP Act 2008 permits Foreign Nationals including Foreign Companies and LLPs to consolidate an LLP in India, provided least one of the director should be resident of India.
There is no Minimum capital Contribution to a company. A Limited Liability Partnership(LLP) should have an authorized capital of in any event Rs. 1 lakh
Yes, NRIs or foreigners can be a director or a partner of LLP. However, foreign participation above 50% will place the company under the category of Foreign Company
Yes, a salaried individual can turn into the director in private limited, LLP or OPC private restricted organization. One needs to check the work understanding if that takes into account such arrangements. In a lot of cases, the businesses are very OK with the way that their representative is a chief in another organization.
There is no validity for Limited Liability Partnership(LLP) Registration Certificate, it is for a lifetime.
Indeed, one can maintain multiple businesses under one name LLP.
Of course, you can have your family member in your LLP as a Partner
If you have all the documents in order, it will take no longer than 30 days. It is dependent on the ROC.
LLP agreement is the understanding which is signed and executed among the partners of LLP. The LLP agreement is to be submitted to roc for getting the LLP registered.
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