Firm & Company Registration

LIMITED LIABILITY PARTNERSHIP (L.L.P) & REGISTRATION ABOUT: 

A limited liability partnership (LLP) is a formal partnership between at least two business partners. Each business partner is provided with limited liability, which means they aren’t fully responsible for the business’ debts or liabilities. Partners in an LLP aren’t liable for the negligent acts or malpractice of a single partner, each partner is accountable for their own negligence.     

FEATURES OF LIMITED LIABILITY PARTNERSHIP (LLP):

An LLP is a hybrid form of organisation having features of a partnership firm and a company under the Companies Act However,

The LLP’s are administered by the Registrar of Companies. The LLP is a separate legal entity being liable to the full extent of its assets, with the liability of the partners being limited to their agreed contribution in the LLP.

The LLP has perpetual succession. The LLP must have at least two individuals as Designated Partners. At least one of the Designated Partners must be resident in India.

There is no limit on the maximum number of partners.

Rights and duties of partners of an LLP and mutual rights and duties between an LLP and its partners are governed by the LLP Agreement between the partners or between the LLP and its partners.

LLP can be formed with the least possible capital, there is no minimum capital requirement in the incorporation of an LLP.

Members can be added to LLP during incorporation or post incorporation.

The following persons can be partners in LLP 1. Individuals 2. Limited liability partnership 3. Companies 4. Foreign Limited Liability partnership 5. Foreign Companies

FDI is allowed under automated route in an LLP by the Foreign Investments Promotion Board (FIPB). but Foreign Institutional Investors and Foreign Capital Investors are not allowed to invest in LLPs.

FOR WHOM:

Suitable for small, Medium-sized Businesses or Professionals.

L.L.P BUSINESS REQUIREMENT UNDER L.L.P Act 2008:  

MANDATORY REGISTRATION: 
L.L.P registration is imperative under Company law of India 2013, it is done with Registrar of Companies (ROC) by using the RUN Web service of MCA, and on verification Certificate of Incorporation is issued by R.O.C.

BUSSINESS LICENSES: IT MUST TO OBTAIN VARIOUS BUSSINESS LICENSES AS PER GUIDELINES OF LOCAL, STATE & CENTRAL GOVERNMENT AUTHORITY.  

TAX COMPLIANCES: IT IS COMPULSORY TO OBTAIN VARIOUS TAX REGISTRATION ACCORDING TO THE NATURE OF BUSSINESS. LIKE GST registration, Professional tax registration, and ESI/PF registration INCOME TAX filing etc.

TRADEMARK LICENSES: UNIQUE BUSSINESS NAME REQUIRES TRADEMARK REGISTRATION FOR SUCCESFUL GROWTH OF ANY BUSSINESS.

COMPLIANCES REQUIRED AFTER INCORPORATION OF PARTNERSHIP FIRM: -

LLP must file income Tax Return under Form ITR-5. -

LLP must file Annual compliance to MCA in the form of Form -11(Annual Return) and Form-8 (Statement of Account & Solvency) -

There is no mandatory requirement FOR AUDIT and this is considered to be one of the significant compliance benefits of forming an LLP. A Limited liability company is supposed to get its audit done only in two cases When the contribution of LLPs exceeds over Rs. 25 lakhs or When the annual turnover of LLPs exceeds over Rs. 40 lakhs.

GST Compliances (IF ANY) - Professional Tax Compliances (IF ANY).

ADVANTAGE OF LIMITED LIABILITY PARTNERSHIP:

• Status of Corporate Body

• Perpetual succession

• Easy conversion

• Profit sharing kind Partnership

• Owning property.

DOCUMENT REQUIRED:

Address proof Aadhaar card,

PAN card

Photo

Email Id

Phone number

Passport of (Foreign National/NRI)

Address proof of registered Office.

L.L.P REGISTRATION PROCESS:

APPLY FOR DSC

NAME APPROVAL APPLICATION (RUN-LLP)

DESIGNATED PARTNER IDENTIFICATION NUMBER (DPIN)

INCORPORATION OF LLP Draft the LLP AGREEMENT

LLP Agreement filing with Registrar.

Working Process:

>Choose your Plan and Pay Securely.

> Upload required document

> Compliance expert will be assigned to you for the procedure of submission of the application.

> Compliance Expert will complete process required for your work along with the necessary assistance over call during business hours. 
  
BASIC PLAN : 
LLP deed drafting,
LLP registration, 
Digital signature, 
2 DIN, 
PAN, 
TAN, 
GST Registration, 
Bank Account Opening, 
Inclusive of all government fee and taxes*. 
Service Fees:7999/- inclusive All taxes

ACE PLAN:

LLP deed drafting,

LLP registration,

Digital Signature,

2 DIN, PAN, TAN,

GST registration,

MSME Registration,

Trademark filing Inclusive of all goernment fee and taxes*. 

Service Fees:15999/- inclusive Tax.

*Different States charge different rates of government fees, due to this variation in fees, service fees shall be changed and shall be notified to client.

 TIME EXPECTED: Law Compliances can help you in registration of LIMITED LIABILITY PARTNERSHIP (L.L.P) business in 15-20 working days.** ** 
Time taken for Incorporation will depend on the submission of the relevant documents by the client and also approval time from the Government authorities. 

FREQUENTLY ASKED QUESTION:- 

Q-who can be a partner in LLP? 
A-The designated Partner must be a natural person who is above 18 years of age. LLP Act 2018 allows a foreign national including Foreign Companies to incorporate an LLP in India, provided at least one designated partner is Indian. 

Q-Can NRIs / foreign nationals be designated partners in an LLP? 
A-An NRI can be a designated partner in a Limited Liability Partnership if he has a Designated Partner Identification Number. However, at least one Des-ignated Partner in the LLP must be a resident Indian. 

Q-Can a Partnership Firm convert into an LLP? 
A-An existing partnership firm or a Company that is unlisted can be converted into an LLP. This conversion into an LLP brings in many benefits. 

Q-What is the difference between LLP and a Partnership Firm? 
A-An LLP is governed by the provisions of the LLP Act, 2008 whereas a Partnership is governed by the Partnership Act, 1932. • Registration of an LLP is compulsory but the registration of a partnership firm is optional. • A partnership firm does not have a perpetual succession. • An LLP can purchase immovable property in its own name, unlike a partner-ship firm, which cannot purchase property in its own name. 

Q-What is the manner in which a partner of an LLP can bring his contribution? 
A-Partner’s contribution may consist of both tangible and/or intangible prop-erty and any other benefit to the LLP. 

Q-Whether LLPs would be required to maintain books of accounts? 
A-An LLP shall be under an obligation to maintain annual accounts reflecting true and fair view of its state of affairs. a “Statement of Accounts and Solvency” in prescribed form shall be filed by every LLP with the Registrar every year. 

Q-Does an LLP also have to maintain the record of meetings? 
A-Yes, proper Minutes Book should be maintained by the LLP to record Minutes of the Meetings of the partners. 

Q-Can an LLP be converted into a private limited company in future? 
A-No. Although there is an enabling provision in the Companies Act, 2013 for this, yet there are no such said rules and mechanism in place for conversion of an LLP into a private limited company. ***