Avail benefits of a Partnership & a Company, Register your Limited Liability Partnership at Ebizfiling. Prices start from INR 6399/- only.
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LLP full form: LLP stands for Limited Liability partnership. LLP is a mix of a traditional partnership, and a company as some of its features are similar to a traditional partnership and some matches with a company.
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.
With the introduction of Limited Liability Partnership (Second Amendment) Rules, 2022, MCA has now made LLP registration procedure even more easier and transparent as now all the LLP forms will be web based forms. An LLP can now be incorporated with up to 5 instead of 2 Designated Partners (without DPIN). Also, with the LLP (2nd Amendment) Rules, 2022, LLPs shall be allotted their PAN and TAN along with the Certificate of Incorporation itself. Hence, no need of separate application for PAN and TAN. 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:
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:
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 a leading business platform providing comprehensive corporate legal services, including company incorporation, compliance, advisory, and management consultancy, both in India and internationally. The platform offers fast, easy, and affordable LLP Annual return filing, ITR filing, Strike off LLP, and trademark registration, Import Export Code Registration, You can contact with compliance manager at 09643203209 or email info@ebizfiling.com.
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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
5 Easy Steps
Obtain DSC
Reserve your LLP Name
Filing form FiLLiP
Filing of LLP Agreement
Incorporation Certificate
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.
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.
Once the MCA approves the application for the Incorporation of Limited Liability Partnership, the next step would be to prepare an LLP Agreement. Once we file the LLP Agreement, the Registrar shall issue Incorporation Certificate along with the PAN and TAN. 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.
Yes, any existing private company or existing unlisted public company can be converted into LLP by complying with the Provisions of the LLP Act.
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.
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.
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.
Any two or more individuals or corporate entities can form an LLP. The specific requirements vary by jurisdiction, but typically, at least two designated partners are needed, with one being a resident of the country.
Profits and losses in an LLP are typically distributed according to the terms set out in the partnership agreement. Unlike corporations, which have fixed dividends, an LLP offers flexibility in determining how to allocate earnings and losses among partners.
A designated partner in an LLP is a partner who is legally responsible for ensuring the LLP complies with relevant regulations, such as filing annual returns and financial statements. At least one designated partner must be a resident of the jurisdiction in which the LLP is registered.
LLPs are generally considered “pass-through” entities, meaning they don’t pay taxes on business income. Instead, the profits or losses are passed through to individual partners, who report them on their personal tax returns. However, tax rules can vary by jurisdiction.
Yes, many jurisdictions allow an LLP to convert into a corporation (or vice versa), although the process involves legal steps and possibly altering the business structure and tax treatment. Conversion procedures depend on local laws and the specific regulations governing business entities in that country.
When a partner leaves or joins an LLP, the partnership agreement typically outlines the process for transferring ownership interests and liabilities. The LLP may need to amend its registration, and the change must be formally documented with the relevant regulatory body.
While you don’t necessarily need a lawyer to form an LLP, it is highly recommended to consult one to ensure that the partnership agreement is drafted properly and complies with local laws. Legal professionals can also assist with filing necessary documents with the government.
Avail benefits of a Partnership & a Company, Register your Limited Liability Partnership at Ebizfiling. Prices start from INR 6399/- only.
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