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Submit the company registration form to start the process.
Provide scanned copies of the necessary documents.
After document submission, we will issue your Digital Signature Certificate (DSC).
We prepare the LLP Agreement and other related documents.
We will send you all documents for your verification and approval.
We will submit all registration-related forms and documents to the Registrar of Companies (ROC) on your behalf.
All fileds are mandatory
A Limited Liability Partnership (LLP) was introduced in India by the Limited Liability Partnership Act, 2008. The LLP structure offers the benefits of both partnerships and limited liability companies, making it a popular choice for professional service firms such as financial advisors, marketing agencies, legal services, and consultancies.
Registering an LLP is straightforward and its management is relatively easy compared to other types of companies. Only two partners are required to start an LLP, with at least one partner being an Indian citizen. An LLP is a more organized and credible form of business compared to traditional partnerships.
Starting an LLP is as straightforward as starting a partnership firm.
An LLP can be incorporated with minimal capital, and partner contributions can be in various forms such as money or assets.
An LLP is a separate legal entity, offering limited liability to partners based on their capital contribution.
LLPs are not required to audit their accounts unless their turnover or capital exceeds specified limits.
: LLPs qualify for the STARTUP INDIA SCHEME, offering various government benefits.
LLPs are treated similarly to partnership firms for tax purposes, allowing deductions for partner remuneration and exempting profit shares from taxation.
Limited Liability Partnership can be started merely by Two Partners and can have as many partners as it wants. However, out of all the partners in LLP at least one of the partner should be an Indian resident Individual.
An Individual or company or any other LLP can become a partner in LLP. In case of Individual partner, his age should be at least 18 years and should not be held liable for any offence. However, an LLP should have at least two individuals as a partner.
Yes, your family members like your brother, sister, parents, or other relatives are eligible to become part of your LLP. But, the people who are minor, criminally prosecuted, bankrupt or not having a sound mind cannot be a part of your LLP.
As per the Limited Liability Partnership Act, every Individual partner of the company should have DIN (Director Identification Number) for incorporating or becoming a partner in LLP. Since all the forms of LLP are to be digitally signed by partners, it becomes mandatory to apply for Class 2 Digital Signature.
No, you can start your limited Liability Partnership from your own or rented home premises. In such a case, the address of home will be treated as a registered office of your firm. Only condition is that such place should be within the territorial boundaries of India.
No, LLP registration with Legal Workmate is an entirely hassle-free online process. There is no need to register or visit any government department. You are only required to notarise your LLP with the nearest available notary in your area after its incorporation.
Yes, there is no restriction of NRI for becoming a partner in LLP. The only condition is that out of all Individual Partners, at least one of them should be Indian resident.
No, LLP doesn't need to get their accounts audited if the turnover or share capital is below the basic limits. Further, even if there is a requirement for an audit, then our Legal Workmate team will help you with finding the auditor at affordable rates.
LLPs that exceed the turnover of forty lakh rupees, or if the contribution is higher than twenty-five lakh rupees in a financial year, are required to get its accounts audited. ( confirm this with the client).
Tax rates and treatment for both partnership and LLP are same as per Income Tax Law. However in case of partnership firm, if you want to book profit less than 6%/8% of turnover in case of normal business or less than 50 % in case of professional or technical service, then Tax Audit is mandatory under Income Tax Act.
An LLP is required to comply with following things irrespective of turnover : (I) Maintain Books of Accounts. (II) File Income Tax Return. (III) File Annual ROC form.
No, it is mandatory to maintain books of accounts for both partnership firm and LLP. Further, both of them are also required to file Income Tax return. Only difference is that partnership firm is required to do Tax Audit if income is booked lower than given in FAQ 10 whereas LLP is required to get Audit if exceeds limits given in FAQ 9..
Please go through our AMC package for LLP in our compliance tab for details. If you have any query, then please contact us for more information.
An LLP agreement is one that is made between the partners and the LLP regarding the relationship between the individual partners in the LLP and serves the same purpose that MOA and AOA serves. An LLP agreement usually consists of management policies, the inclusion of new partners, policy-making strategies, and so on.
Private Limited Company Limited Liability Partnership Should use word Pvt. Ltd at the end of the name.
Compliance under Companies Act, 2013 and governed by its MOA &AOA.
Directors managing the business are different from shareholders. So management and Investors can be different.
Can issue shares to venture capitalist, Employees, private equity investors etc.
Can avail loan against shares of a shareholder.
Should use LLP word at the end of the name.
Compliance under LLP Act, 2008 and governed by its LLP agreement.
There is nothing like separate investor and management in LLP. All the partners have the right to intervene in business.
Cannot issue shares to venture capitalist, Employees or Investors.
Cannot avail loan against the contribution of shareholder.