Avail benefits of a partnership and a company. Register your LLP with ebizfiling.com at prices starting from INR 14,999/- only.
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A Partnership is a business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in the Partnership Deed. It is owned, managed and controlled by an Association of People for profit. Partnerships firms are relatively easy to start and are prevalent amongst small and medium-sized businesses in the unorganized sectors. Partnership firms are created by drafting a Partnership deed amongst the Partners.
Whereas a Limited Liability Partnership is a form of separate legal business entity that gives the benefits of limited liability but allows its members the flexibility of organizing their internal structure as a traditional partnership. It is governed by the Limited Liability Partnership Act, 2008. In LLP, unlike a company, the designated partner has a direct relationship between owner and management.
Prime reason why a concept of LLP has evolved is because of its simplicity in formation and easy maintenance. It helps owners also to limit their liabilities. This is the biggest advantage of an LLP over a traditional partnership firm.
The Important condition to convert a partnership firm in to LLP is that it must be a registered partnership under Indian Partnership firm Act, 1962. If it is an unregistered partnership then normal course of the Process of an LLP registration will be followed.
Every LLP is required to have at least two Designated Partners who shall be individuals and at least one of them shall be a resident of India. The mutual rights and duties of partners shall be governed by the agreement between LLP and the partners. This Agreement would be known as “LLP Agreement”.
Must Read: Process to convert Partnership Firm to LLP, and it’s Advantages
Ebizfiling is a group of intellectuals. The entire team of Ebizfiling consists of Highly qualified CA, CS, Lawyers and business administrators. Ebizfiling runs its operations all over the world seamlessly. Ebizfiling will be one stop solution for the conversion of a partnership to an LLP. We provide number of services which are required not only for starting a business but also for running the business successfully without any default or mistakes. Apart from an LLP, EbizFiling.com also helps entrepreneurs with Private Limited Company Registration, Public Limited Company Registration, Partnership Registration, HUF, One Person Company and Proprietorship Firm Registration easily. You may get in touch with our compliance manager on 09643203209 or email info@ebizfiling.com for free consultation and to know more about the services provided by us.
(All Inclusive)
No minimum capital is required for a Limited Liability Partnership Formation. No minimum capital contribution required from partners. It can be registered even with Rs. 1000.
In the case of LLP, no mandatory Audit is required. The audit is required only when the turnover of the company exceeds Rs 40 lakhs and where the contribution exceeds Rs 25 lakhs.
Interest in Limited Liability Partnership can easily be transferred by introducing new Designated Partner in LLP and it will not affect its existence As it is a separate legal entity.
LLP enjoys the benefit of Separate Legal Identity in the eyes of law which clearly states that assets and liabilities of the business are not the assets and liabilities of the Partners.
It is also exempted from various taxes such as dividend distribution tax and minimum alternative tax. The rate of tax on LLP is less than as compared to the company.
A person can be a partner, employee or creditor of an Limited Liability Partnership. There may be different contracts with the same person in different capacity.
In may be noted that for Indian nationals, PAN is mandatory and for foreign nationals apostilled documents would be required. Documents like bank statement or electricity bill should not be older than 2 months. Along with that utility bill, rent agreement or sale deed and a No Objection Letter (NOC) from the landlord with his/her consent to use the office as a registered office of a company must be submitted.
A small procedure for your quick understanding
Obtain DPIN & DSC
Reserve your LLP Name
Filing LLP Agreement
Obtain LLP Incorporation Certificate
Obtain PAN & TAN
Our Compliance Manager will get in touch with you to obtain your documents along with a simple checklist. You need to fill up the checklist and submit along with the documents. Our expert team will verify documents and proceed with LLP Formation. All throughout the process, a dedicated Compliance Manager will keep you updated on the progress of LLP Registration.
Once you submit your documents along with Checklist, we will proceed with the application of your DPIN (Designated Partner Identification Number), Digital Signature and subsequently name approval. If you already have DIN, DPIN is not to be obtained again. Names should be unique and suggestive of LLP’s business. It usually takes 1-2 days to get the name approved.
Once name is approved, we will prepare LLP Agreement. We will then file incorporation documents with MCA. Usually MCA approves the forms within 6-7 days once filed, subject to processing time and issues Incorporation Certificate. PAN & TAN will then be separately applied for your LLP. You may then proceed to open your LLP Bank Account, once PAN is allotted.
Yes, an existing partnership firm can be converted into LLP by complying with the Provisions of the LLP Act.
Yes, any existing private company or existing unlisted public company can be converted into LLP by complying with the Provisions of the LLP Act.
LLP shall have option to declare one more address within the jurisdiction of same ROC (other than the registered office) for getting statutory notices/letters etc. from Registrar.
Persons, who subscribed to the “Incorporation Document” at the time of incorporation of LLP, shall be partners of LLP. Subsequent to incorporation, new partners can be admitted in the LLP as per conditions and requirements of LLP Agreement.
Every LLP would be required to file Annual Return with ROC. A duly authenticated Annual Return in e- Form-11, is to be filed with the Registrar, together with the prescribed fee, within a period of 60 days from the closure of every financial year.
Don’t worry!! Our expert will help you to choose best suitable plan for you. Get in touch with our team to get all your queries resolved. Write us on hi@ebizfiling.com or call us @+91 9643 203 209
Avail benefits of a partnership and a company. Register your LLP with ebizfiling.com at prices starting from INR 14,999/- only.
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