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Limited Liability Partnership (LLP)

What is?

Meaning of LLP according to The Limited Liability Partnership Act, 2008 is that it enjoys all the features and advantages of the company with relaxation in many compliances as compared to that of companies. It’s a hybrid form of Partnership and Private limited company.

Package contains

  • ROC fees (Refer to our pricing policy)
  • Stamp duty maximum ₹ 2000
  • 1 Digital signature certificates (DSC)
  • 2 Director identification number (DIN)
  • Drafting of LLP agreement (partnership deed)
  • PAN & TAN
  • Certificate of incorporation
  • GST certificate (with the superior plan)

Why is?

Some advantages are:

  • It gives mysterious powers to professionals of different fields to work under one roof.
  • Less compliances as compare to companies.
  • Enjoy the advantage of separate legal entity.
  • Liability of partners are limited to the debts taken by LLP.
  • Cost of registering LLP is quite lower as compare to Company incorporation.
  • No minimum requirement of capital.

Documents requirement: *

  • Copy of PAN card of all partners
  • Identity proof of all partners (Aadhaar Card/ Voter ID card)
  • Utility bill (Electricity bill/Water Bill/ Gas Bill/ Mobile Bill) not less than 2 months old of the business address.
  • Drafted LLP agreement.
  • Passport size photo of all partners
  • Copy of owner property proof (If the property is owned).
  • Copy of Rent agreement/Leased agreement (If rented/leased).

* The above list is inclusive, additional documents can also be required.

Process or steps involved in LLP registration

LLP AGREEMENT

About:

LLP agreement is the agreement which is done in between the partners of the LLP at the time of incorporation or after incorporation. In this agreement, various terms and conditions are written on which the partners of LLP will perform their rights and duties in the future and off course they can also be modified in the future. In simple words, It’s a road map of LLP.

Is it mandatory to file the LLP agreement with ROC?

Yes, it is mandatory for filing LLP agreement with ROC within 30 days of incorporation. We at Hoogmatic suggest you file LLP agreement as early as possible otherwise penalty will be imposed by ROC.

Content of LLP agreement

  1. Incorporation and commencement: Write whether a certificate issued by ROC and when the provision of LLP will be effective.
  2. Name and address of LLP: Write the Name of LLP and registered office address of LLP.
  3. Business activities of LLP: Write about what are the major and ancillary business activities will commence by LLP.
  4. Detail of partners and contribution in LLP: Write about the name and address of partners of LLP and what they are contributing in LLP.
  5. Duties and rights of partners in LLP: Write about the duties and rights of partners.
  6. Liabilities of partners: Write in detail what are the liabilities of partners.
  7. Indemnity of LLP: What are situations in which LLP can indemnify through damages, loss, etc.
  8. Management and meetings in LLP: Write in detail about the management of LLP and how will meetings will be conducted and who will conduct all those meetings.
  9. Common seal of LLP: Write about the common seal of LLP.
  10. Admission and cessation of partners in LLP: Briefly describe the admission and cessation clauses of partners in LLP.
  11. Bank accounts: Who will manage banking of LLP.
  12. Remunerations of partners: Describe the remuneration of partners in LLP.
  13. Profit and loss sharing ration of partners in LLP: Highlight the profit and loss sharing ratio in LLP agreement.
  14. Loan to partners: Describe loan clause in LLP agreement.
  15. Miscellaneous provisions in LLP agreement: Briefly describe the other provisions which anyone wants to add to LLP agreement.

FAQ’s

To incorporate the LLP, minimum 2 partners are needed.

No, minor cannot be appointed as the partner because ROC had restricted the age limit to become the partner in LLP is 18 years.

No, it’s a one-way process Limited liability partnership (LLP) cannot be converted into Private limited.

As such no minimum capital is required for incorporating LLP but we will advise start with reasonable amount of capital such as ` 10000/-.

Yes, it is possible to alter the Limited liability partnership (LLP) agreement but for this particular had to file with Registrar of company.

The list is broadly divided in two parts:

Mandatory Compliance

  • Annual return filing with ROC
  • Maintenance of statutory register as per ROC
  • GST filing
  • Income tax filing
  • Tax audit report filing
  • Advance tax

Event to Event Compliances’

  • Change in registered office of LLP
  • Addition or deletion in partners
  • Any other audit (other than Income tax audit)
  • Any other event takes place

Note: Event to event compliances’ means whenever this happen then

Note: all compliances lists are not inclusive.

Yes, NRI can be a partner in Limited liability partnership (LLP), but at least one director should be resident of India.

Yes, you can become the partner in the Limited liability partnership (LLP), but please go through your company employment agreement once.

It is easy to strike off the Limited liability partnership (LLP) just few formalities are needed.

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