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LLP is same as Company with less compliances and benefits. It is preferable for SMEs mainly Professional Firms going for Partnership.
Includes:
1. Two Digital Signatures with DPIN Registration
2. LLP Name Approval
3. Drafting & Filing of the LLP Deed by Legal Expert
4. Complete Statutory Fee excluding Stamp Duty on Deed
5. PAN & TAN Allotment
Many times startups need to borrow money and take things on credit. In case of normal Partnerships, Partners personal savings and property would be at risk incase business is not able to repay its loans. In an LLP, only investment to start a business is lost, personal assets of the Partners are safe.
Limited Liability Partnership (LLP) is a popular and well known business structure in the world. Corporate Customers, Vendors and Govt. Agencies prefer to deal with LLP instead of proprietorship or normal partnerships.
LLP is easy to manage and statutory audit is not required for Limited Liability Partnership. LLP is most ideal for small enterprises. Tax Audit is also not required for LLPs with capital less than Rs. 25 lac and turnover not exceeding Rs. 40 lac.
LLP continues to exist beyond the existence of its Partners. This is not possible in traditional partnership firms.
(Inclusive of stamp duty)
Two Digital Signatures with DPIN Registration
(Inclusive of stamp duty)
Complete Basic Package
(Inclusive of stamp duty)
Complete Standard Package
Trademark Registration
Annual return of LLP needs to be filed within 60 days by 30th May of the next year.
The statement of Account & Solvency is to be filed by 30 October of the next year.
Audit is mandatory only if turnover crosses Rs. 40 lakh or capital contribution crosses more than 25 Lakh.
Income Tax Return is also required to be filed by 30 July of the next year.
To incorporate a LLP, minimum 2 partners are required and there is no limit to the maximum number of partners. Further, Appointment of at least 2 “Designated Partners” is mandatory for all LLPs. “Designated Partners” shall also be accountable for regulatory and legal compliances, besides their liability as ‘partners, per-se”
Any Individual (above the age of 18 years)/HUF/AOP/Body Corporate, including foreign nationals/body corporate can become the partner in a LLP.
Yes, every Designated Partner would be required to obtain a “Designated Partner’s Identification Number” (DPIN) just like “Director’s Identification Number” (DIN) required, in case of companies, by the directors.
There is no minimum capital requirement to start a LLP, therefore, you can start your LLP with any amount of capital. Partner's contribution may consist of both tangible and/or intangible property or any other benefit to the LLP.
No, you can start your LLP from any place within India, whether commercial/residential/industrial/rented or not.
LLP incorporation takes on an average 15-20 working days time, it depends upon timely submission of relevant documents by the client and internal working speed of Registrar of Companies.
Once LLP is incorporated, it will be active and in-existence as long as the annual compliances are met with regularly. In case, annual compliances are not complied with, the LLP will become a Dormant and maybe struck off from the register after a period of time.
Yes, Foreign Direct Investment (FDI) is allowed in LLP under the automatic route in sectors allowed by the Foreign Investments Promotion Board (FIPB). However, Foreign Institutional Investors (Flls) and Foreign Venture Capital Investors (FVCIs) will not be permitted to invest in LLPs. LLPs will also not be permitted to avail External Commercial Borrowings (ECBs).
Yes, an existing partnership firm or a company that is unlisted can be converted into LLP. However, the process is little expensive and requires tax planning otherwise you may face unnecessary tax burden.
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