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Limited Liability Partnership

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    Limited Liability Partnership

    In India, the Limited Liability Partnership (LLP) concept was first adopted in 2008. An LLP combines elements of a business and a partnership firm. The LLP is governed in India under the Limited Liability Partnership Act, 2008. An LLP must have a minimum of two partners to be incorporated. The maximum number of partners in an LLP is unrestricted, nevertheless.

    Features of a Limited Liability Partnership

    • LLP is a partnership in which some or all partners have limited liabilities.
    • Therefore It have elements of both partnership and corporations
    • Every partner is not responsible or liable for another partner’s misconduct or negligence.
    • No minimum capital requirement.
    • Legal Recognition.
    • Lower Registration Cost.
    • No requirement of compulsory Audit.
    • Savings from lower compliance burden.
    • Easy Transferable ownership.

    Why Register a Limited Liability Partnership in India?

    An alternate business structure that combines the benefits of a company with the adaptability of a partnership firm is known as an LLP Registration in India. The Limited Liability Partnership Act of 2008 was responsible for introducing the LLP concept in India. Small and medium-sized firms can be established using this unusual mix.

    In India, managing and forming a Limited Liability Partnership is quite simple. A minimum of two partners are needed to register an LLP; there is no maximum number. The Partners’ obligations and rights are outlined in the LLP agreement. One partner in an LLP is not liable for the wrongdoing and carelessness of the other partner.

    How to Register a Limited Liability Partnership

    Step 1: Necessary documentation

    Step 2: Apply for dsc

    Step 3: Name Approval by MCA

    Step 4: Fill up relevant forms

    Step 5: Uploading of forms on mca

    Step 6:Get certificate of Incorporation

    Documents Required To Register a Limited Liability Partnership!

    Your Ultimate Checklist

    PAN Card

    both partners

    Passport Size Photos

    Latest photos of both partners

    Rent Contract

    If Rented

    NOC

    (From the Owner)

    Identity Proof

    Identity proof of both partners

    Business Address Proof

    Latest electricity bill or telephone bill of the registered office

    Residential Proof

    Latest Bank Statement/ Telephone or Mobile Bill/ electricity or Gas Bill

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    LET'S CLEAR ALL THE DOUBTS!

    A limited liability partnership (LLP) is a partnership in which some or all partners have limited liabilities.
    have elements of both partnership and corporations

    • Liability of each partner is limited to the contribution made by the partner.
    • No minimum capital requirement
    • Easy compliance and less intervention of the govt.
    • Lower Registration Cost.
    • No requirement of compulsory Audit
    • Savings from lower compliance burden

    Annual Return

    Statement of the Accounts or Financial Statements

    LLP must have at least two Designated Partners.

    They must be individuals and at least one of the Designated Partners shall be a resident of India.

    DPIN means an Identification number issued by Central Government.
    Any person who wishes to act as designate partner in LLP must have DPIN
    LLP Agreement contains byelaws or rules based on which important matters like main business of the LLP, capital or meetings is decided.
    This is a standard legal document prepared by Company Secretaries or other professionals during registration of LLP.

    Yes, it is mandatory to file an LLP Agreement to ROC

    There is a LLP Form 3 to file an LLP agreement

    Every LLP whose turnover exceeds INR 1 Cr. in case of a business

    INR 50 Lakh in case of Professional

    turnover in any financial year exceeds Rs. 40 Lakh
    Its contribution exceeds Rs. 25 Lakh.

    A LLP can be a partner in another LLP.

    Generally, the concern authorities take around 10-12 days to register the LLP.

    Our experts Professional try to do within given timeline.

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