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What is Limited Liability Partnership?

All you need to know

LLP Registration, a prime reason why it has evolved is that of its simplicity in a formation and easy maintenance. It helps owners also to limit their liabilities. This is the biggest advantage of the Limited Liability Partnership over a traditional Partnership Firm.

 

Incorporating an LLP company has both Limited Liability features of a Private Limited Company and the flexibility of a Partnership Firm. No partner is liable on account of unauthorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s misconduct. LLP form of organization is usually preferred by Professionals, Micro and Small businesses that are family owned or closely-held.

 

LLP registration procedure is the easiest and transparent process as it has a blend of the benefits of a Company and a Partnership Firm namely, limited liability feature of a Company and the flexibility of a Partnership Firm. Procedure of LLP registration is not lengthy as you can file your incorporation form online. Online LLP registration procedure will save you a lot of time and energy. LLP registration process includes following steps:

  • Obtain Digital Signature
  • LLP Name Application through RUN-LLP
  • Incorporation of LLP- Form FiLLiP- (Includes DIN Application)
  • PAN and TAN Application
  • File LLP Agreement

Government Fees / Cost for LLP registration:

For registration of Limited Liability Partnership, government fees are as below. Note that there are additional costs such as DIN application fees, stamp duties, LLP form filing fees as well: 

  • Limited Liability Partnership whose contribution does not exceed Rs. 1 lakh Rs. 500/-.
  • Limited Liability Partnership whose contribution exceeds Rs. 1 lakh but does not exceed Rs. 5 lakhs Rs. 2000/-.
  • Limited Liability Partnership whose contribution exceeds Rs. 5 lakhs but does not exceed Rs. 10 lakhs Rs. 4000/-.
  • Limited Liability Partnership whose contribution exceeds Rs. 10 lakh Rs. 5000/-.

However, it may vary according to the stamp duties of respective states.

 

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”.

 

EbizFiling.com is an eminent business platform and a progressive concept, which helps end-to-end incorporation, Secretarial compliance, Startup advisory, and management consultancy services to clients in India and abroad. Incorporating a Limited Liability Partnership is completely online, easy, seamless, cheapest and quickest with EbizFiling.com. Also file your LLP Annual filing with Ebizfiling.com!

 

Suggested Read: LLP registration Process and fees in detail.

LLP Registration Fees

Choose Your Package

ESSENTIAL

5999/-

(All Inclusive)

  • 2 Digital Signature Certificates
  • 2 Director Identification Numbers
  • 1 Name Approval Application
  • LLP Incorporation Certificate
  • LLP Agreement
  • PAN
  • TAN
Popular

ENHANCED

13999/-

(All Inclusive)

  • 2 Digital Signature Certificates
  • 2 Director Identification Numbers
  • 1 Name Approval Application
  • LLP Incorporation Certificate
  • PAN
  • TAN
  • SSI/MSME Registration
  • Trademark(1 application 1 class) (start ups, proprietorship & small business)
  • GST Registration
  • LLP Agreement

ULTIMATE

20699/-

(All Inclusive)

  • 2 Digital Signature Certificates
  • 2 Director Identification Numbers
  • 1 Name Approval Application
  • LLP Incorporation Certificate
  • PAN
  • TAN
  • SSI/MSME Registration
  • Trademark(1 application 1 class) (start ups, proprietorship & small business)
  • 1st Income Tax filing for non audit assessee
  • 1 Year TDS Filing upto 500 entries
  • 1st Annual Filing upto turnover of Rs. 40 Lakhs
  • GST Registration
  • LLP Agreement

Compliance required for LLP

All you should know about necessary compliance

GST Registration

Every LLP is required to get their GST registration. GST Registration Process is 100% online and there is no requirement of submission of physical documents to GST Department. GST registration must be obtained within 30 days of business incorporation, otherwise, the LLP will not be able to issue proper GST related invoices.

GST Return

Once a Limited Liability Partnership gets registered under GST It becomes necessary to file GST returns for LLPs. As filing of GST returns is mandatory for all the registered Taxpayers including LLPs. GST returns can be filed monthly, quarterly or yearly depending upon the types of GST returns form you are filing.

Accounting

Every LLP shall maintain and keep the accounting records which sufficient to show and explain the transaction of an LLP and which discloses with reasonable accuracy the financial position of the LLP. The books of account are required to be kept and maintained at the registered office of the LLP for the period of 8 years.

ROC annual filing

LLPs are required to file ROC Form 8 before 30th October every year. Form 8 contains details of the Statement of Accounts and solvency. Also, LLPs are required to file ROC Form 11 before 30th May every year. Form 11 contains details of all the Designated Partners like whether there are any changes in the management of the LLP.

Audit under IT ACT

Every Limited Liability Partnership whose turnover exceeds INR 2 Cr. In case of a business or INR 50 Lakh in case of a profession, is required to get its books of accounts tax audited under section 44AB of the Income-tax Act. Such tax audit under section 44AB will have to be completed and filed by 30th September.

IT Returns

Every Limited Liability Partnership has to file the Income Tax Returns every year, irrespective of its transactions. It must be filed by LLP on or before 31st July (if not covered under audit) or 30th September (if covered under audit). Income tax returns for Limited Liability Partnership have to be filed under ITR 5.

MAT Audit for LLPs

It is mandatory for the LLPs to get their accounts audited under MAT i.e. Minimum Alternate Tax. A report in form 29b is to be issued by a Practicing Chartered Accountant which certifies that MAT has been computed according to Income Tax Act, 1961. The book profit of a company is the accounting profit arrived at after making the specified additions and deductions.

TM Registration

For an LLPs, Trademarks are necessary not mandatory though. The protection of the LLP’s name is limited to the extent that another LLP will not be registered with the same or a closely-resembling name. If you hold a unique brand name it is always advised to get a trademark registered as it is necessary to get protection under different classes of Trademark.

Form 3 CEB for LLP

For LLPs which have entered into any international transactions with associated enterprises or have undertaken specified Domestic Transactions, need to file Form 3CEB. This form should be certified by a practicing Chartered Accountant. Limited Liability Partnerships which are required to file this Form can do their tax filing by the 30th of November.

Documents Required for LLP Incorporation

Quick Checklist

  • Photograph of all the Partners
  • PAN Card of all the Partners
  • ID Proof of all the Partners (Driving License/Passport/Voter ID)
  • Electricity Bill or any other utility bill for the address proof of the Registered Office

Specific Requirements

 

An Limited Liability Partnership must have a registered office in India. 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 an LLP must be submitted.

Advantages of LLP

Points to make your decision easy

No Minimum Capital

No minimum capital is required for LLP Formation. No minimum capital contribution required from partners. A Limited Liability Partnership can be registered even with Rs. 1000 as total capital contribution.

LLP Audit

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.

Easy Transfer

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.

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.

LLP Tax Benefits

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.

Multiple Relationship

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.

How to incorporate LLP Online?

 

5 Easy Steps

1

Obtain DSC

2

Reserve your LLP Name

3

Filing form FiLLiP

4

Filing of LLP Agreement

5

Obtain PAN & TAN

A Simple Checklist

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 for processing. Our expert team will verify documents and proceed with LLP Formation Procedure. All throughout the process, a dedicated Compliance Manager will keep you updated on the progress of LLP Registration.

Form FiLLiP

Once you submit your documents along with Checklist, we will proceed with the application for the Digital Signature. And simultaneously we will prepare the application for the LLP Name reservation through RUN. Once the name is approved, we will prepare the Form FiLLiP where in we will be applying for the DIN of the directors and Incorporation of an LLP. The MCA may take up to 6-7 days to approve the Application.

LLP Registration

Once the MCA approves the application for the Incorporation of Limited Liability Partnership, the next step would be to prepare an LLP Agreement.  Simultaneously we will prepare the applications for PAN and TAN for an LLP and submit them separately.  Once PAN and TAN is received, You may then proceed to open the Bank Account in the name of your Limited Liability Partnership, once PAN is allotted.

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FAQs On LLP Formation

Get answers to all your queries

  • Can an existing partnership firm be converted to LLP?

    Yes, an existing partnership firm can be converted into LLP by complying with the Provisions of the LLP Act.

  • Can an existing company be converted to LLP?

    Yes, any existing private company or existing unlisted public company can be converted into LLP by complying with the Provisions of the LLP Act.

  • Can LLP give any other address (besides its registered office) for the purpose of receiving communication from Registrar?

    LLP shall have an 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.

  • What is the basic difference between a Limited Liability Partnership and a
    General Partnership?

    A Limited Liability Partnership is a legal entity separate from its partners and therefore, offers limited liability to its partners whereby any debts and obligations of the LLP will be borne by the assets of the LLP. In the case of a conventional partnership, the partners are jointly and severally liable for each debt and obligation of the partnership firm.

  • How can a person become a partner of an LLP?

    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 to the LLP as per conditions and requirements of LLP Agreement.

  • Whether any Annual Return would be required to be filed by an LLP?

    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.

  • What are the documents required to be filed by a LLP annually?

    LLP is required to file LLP annual returns as follows:

    LLP Form 8 (Statement of Account & Solvency) and LLP Form 11 (Annual Return) annually. The ‘Annual Return’ is required to be filed within 60 days of close of the financial year and ‘Statement of Accounts & Solvency’ shall be filed within 30 days from the end of six months of the financial year to which it relates. Every LLP has to maintain uniform financial year ending on 31st March of a year.

  • How can I apply for reserving LLP Name?

    File LLP Form No. 1 (Application for reservation or change of name) by logging on to the LLP portal along with the fee prescribed and attaching the digital signature of the designated partner proposing to incorporate a LLP.

  • Which Cities do you provide your services?

    Ebizfiling.com provides Limited Liability Partnership Registration all across India. You can obtain LLP Company Registration in Ahmedabad, Mumbai, Pune, Bangalore, Chennai, Delhi, Kolkata, Kanpur, Nagpur, Jaipur or any other cities easily with us.

  • What is the total registration / formation cost / fees / charges of online LLP Company registration in India?

    You can form a company as LLP for Rs. 5999/- all inclusive. Costs include government fees for LLP registration, ROC fees and all other expenses.

  • Still, have confusion?

    Don’t worry!! Our expert will help you to choose a best suitable plan for you. Get in touch with our team to get all your queries resolved. Write to us at info@ebizfiling.com or call us @+91 9643 203 209.

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