A legal business structure is a limited liability partnership (LLP). The most significant advantage of a "Limited Liability Partnership" is that one partner is not responsible for another partner's misbehaviour or carelessness. Limited Liability Partnerships provide owners with the benefit of "limited liability" while also requiring relatively little maintenance.
A limited liability partnership (LLP) is a business structure that offers its owners some liability protection and tax reductions, and other benefits. It's a frequent structure among professionals that start a practice jointly, such as doctors, attorneys, and accountants.
Get the DSC and DIN for the Limited Liability Company's proposed first Directors is the first step.
An application for a name reservation can be filed with the Registrar of Companies (ROC).
After receiving the ROC's approval, file the Limited Liability company's incorporation application in the prescribed format.
If the registrar is pleased with the Limited Liability company's application for incorporation, the Certificate of Incorporation is issued.
TaxDraw is an excellent platform and a forward-thinking idea that assists clients in India with end-to-end registration and management consultancy services. With TaxDraw, forming a Limited Liability Partnership is fully functional, simple, smooth, affordable, and rapid. TaxDraw may also help you with your LLP annual filing!
The GST registration is online, and the GST Department does not require any physical documentation to be presented.
Once a Limited Liability Partnership (LLP) is GST registered, it is necessary to file GST returns. All registered taxpayers, including LLPs, are required to file GST returns. Depending on the sort of GST return you're filing, you can file it monthly, quarterly, or annually.
Every LLP must keep and maintain accounting records that are sufficient to show and explain the LLP's transactions and indicate the LLP's financial situation with reasonable accuracy. The books of account must be preserved and maintained for a period of eight years at the LLP's registered office.
Every year, LLPs must file ROC Form 8 by the 30th of October. The Statement of Accounts and solvency are detailed on Form 8. LLPs must also file ROC Form 11 by the 30th of May each year. Form 11 contains information about all Designated Partners, such as if the LLP's management has changed.
Every Limited Liability Partnership with a turnover of more than INR 2 crore in the case of a business or INR 50 lakh in a profession is required by section 44AB of the Income-tax Act to have its books of accounts tax audited. By the 30th of September, any tax audit conducted under section 44AB must be completed and filed.
Regardless of its transactions, every Limited Liability Partnership is required to file annual Income Tax Returns. It must be filed by LLP by July 31st (if not covered by audit) or September 30th (if covered under audit).
Trademarks are required for LLPs, but they are not necessary. The LLP's name will only be protected to the extent that no other LLP will be registered under a substantially similar word. You may always register a trademark if you have an excellent brand name because it must obtain protection under several trademark classes.
Documents for Registered Office Address
If Property Owned by Directors /Shareholder
If Rented Property
Any one Document Require from Below :
In the viewpoint of the law, an LLP benefits from Separate Legal Identity, which establishes that the business' assets and liabilities are not the Partners' assets and liabilities.
The cost of forming an LLP is significantly less than that of creating a public limited company or a private limited company. Through TaxDraw, you can register an LLP.
A limited liability partnership (LLP) requires a minimum of 2 partners, but there is no limit to the number of partners. A private limited company, on the other hand, cannot have more than 200 members.
In the case of LLPs, there is no requirement for a compulsory audit. An audit is required only when the company's turnover surpasses Rs 40 lakhs, and the contribution exceeds Rs 25 lakhs.
Yes, following the provisions of clause 58 and Schedule II of the LLP Act, an existing partnership firm can be changed into an LLP. For such conversion and formation of an LLP, Form 17 must be filed simultaneously with Form 2.
No, the LLP's name must finish in either "Limited Liability Partnership" or "LLP." The term 'limited' may only be used in the name of a 'Limited Liability Partnership.'
Under “traditional partnership firm”, every partner is liable, jointly with all the other partners and also severally for all acts of the firm done while he is a partner. Under LLP structure, liability of the partner is limited to his agreed contribution.
• General partnerships and limited liability partnerships (LLPs) are taxed at a fixed rate of 30%
• All other protections of the Income Tax Act apply similarly, except that partnership firms are covered by the current taxation scheme, which means that if turnover is less than Rs. 2 crores in business or Rs. 50 lakh in the case of a profession, there is no need to keep books of accounts or have them audited, whereas LLPs are expressly not covered.
There seems to be no minimum capital contribution requirement. It can be registered even if the total capital contribution is only Rs. 100.
No, only private/unlisted public companies can be converted into LLP.
Log on to the LLP portal and submit LLP Form No. 1 (Application for reservation or change of name), including the required fee and the digital signature of the designated partner intending to form an LLP. Also, see Section-15 of the LLP Rules and Rule-18 of the LLP Rules for LLP name eligibility guidelines.