What is an LLP?
An LLP, or Limited Liability Partnership, is a type of business that offers the best. It lets you work closely with partners like in a traditional partnership, but it also protects your belongings if the business faces any problems. This is especially helpful for professionals like consultants, designers, and small business owners who want flexibility without risking their personal assets.
Eligibility Criteria
To set up an LLP in Haryana, here’s what you need:
- At least two partners (you can have as many as you want).
- One of the designated partners must live in India.
- A registered office address located in India.
- A unique LLP name that follows the rules set by the Ministry of Corporate Affairs (MCA).
Documents You’ll Need
To register your LLP in Haryana, gather these documents:
- Identity proof for all partners
- Address proof
- Passport-sized photos of each partner
- Proof of your registered office address
- Digital Signature Certificates (DSC) for all designated partners
- Designated Partner Identification Numbers (DPIN) for each partner
Step-by-Step Guide to Register Your LLP
- Get Digital Signatures: Make sure all partners get their Digital Signature Certificates (DSC) first.
- Apply for DPIN: Each designated partner should apply for a Designated Partner Identification Number (DPIN) by submitting Form DIR-3.
- Reserve Your LLP Name: Pick a unique name for your LLP and reserve it on the MCA website using the RUN-LLP service.
- Submit Incorporation Forms: File the FiLLiP form along with all the required documents with the Registrar of Companies (RoC).
- Create and File the LLP Agreement: Draft an LLP Agreement that clearly explains each partner’s roles and responsibilities, and submit it within 30 days of registration.
- Get Your Certificate of Incorporation: Once everything gets approved, the RoC will issue your LLP’s official Certificate of Incorporation.
- Apply for PAN and TAN: Apply for these tax identification numbers to manage your business taxes without hassle.
- Open a Bank Account: Open a bank account in your LLP’s name to handle all financial transactions.
- Register for GST: If your business turnover crosses the set limit, register for GST to stay compliant.
Cost Breakdown
| Item | Estimated Cost (₹) |
| Digital Signature Certificate | 3,000 |
| Government Fees (Stamp Duty) | 1,500 |
| Professional Fees | 3,999 |
| Total Estimated Cost | 8,499 |
Advantages of an LLP
- Limited Liability: Your personal assets stay safe if the business faces any financial troubles.
- Flexible Setup: LLPs have fewer rules and less paperwork than private limited companies, making them easier to manage.
- Tax Benefits: You don’t have to pay extra taxes like Dividend Distribution Tax, so you keep more of your profits.
- Perpetual Succession: The LLP keeps running smoothly even if partners come or go.
Ongoing Compliance
- File your Annual Return (Form 11) within 60 days after the financial year ends.
- Submit the Statement of Accounts and Solvency (Form 8) within 30 days after six months from the financial year-end.
- Keep your accounting records accurate and up to date.
- File your Income Tax Return (ITR-5) every year on time.
- If your turnover goes beyond the set limit, make sure to appoint an auditor.
Common Mistakes to Avoid
- Don’t wait to apply for your Digital Signature Certificate (DSC) and Designated Partner Identification Number (DPIN), as delaying can slow down your registration.
- Choose your LLP name carefully; using a name that breaks the rules can lead to rejection or delays.
- File your LLP agreement on time to avoid fines and complications.
- Keep your financial records organized and updated to avoid problems during audits or tax filing.
- Stay on top of all tax registrations and filings to prevent fines or legal issues.
Conclusion
Registering an LLP in Haryana sets a strong, legal foundation for your business. Follow each step carefully and meet all deadlines to avoid delays and penalties. Stay organized with your paperwork and tax filings to keep things running smoothly. Avoid common mistakes to save time and money. So, take the jump; register your LLP and give your business the best chance to grow and succeed.
Suggested Read :
LLP Form 8 Filing and Due dates
Exemption on Filing LLP Form 8
Importance of an LLP Certificate
LLP agreement vs Partnership Deed
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