This package comprises of Limited Liability Partnership Registration along with the following
A Limited Liability Partnership is a separate legal entity that is registered under the Limited Liability Partnership Act of 2008. Similar to Private Limited Company, the liability of each partner of the Partnership is limited to the contribution of that respective partner. A Limited Liability Partnership has lesser compliance and other regulations to deal with once it is incorporated. Additionally, for the incorporation of an LLP, there are no requirements for a minimum capital contribution.
A minimum of 2 partners are required to incorporate a Limited Liability Partnership. There are no upper limits on the maximum number of partners an LLP can have. However, among the partners, there must be a minimum of two designated partners who are individuals wherein either of them is a resident of India. The LLP Agreement governs the rights and duties of the named partners. These designated partners would be directly responsible for the compliance of all the provisions prescribed in the Limited Liability Partnership Act of 2008 along with the rules specified in the LLP Agreement.
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The following are the advantages to register as a Limited Liability Partnership.
A Limited Liability Partnership has no minimum capital requirement. An LLP may be formed with the leastcapital available. Additionally, the contribution of a Partner may consist of tangible and/ or intangible properties.
A Limited Liability Partnership requires a minimum of 2 partners in order to be incorporated. However, there is no limit on the maximum number of partners an LLP can have.
The main benefit of a Limited Liability Partnershipis limited legal liability. Their liability would be limited to the amount that they have invested in the LLP for its incorporation and functioning.
All companies, be it private or public, are required to get their accounts audited irrespective of their share capital. However, there are no such requirements when it comes to Limited Liability Partnership. Hence, this is a significant compliance benefit. LLPs are required to get their tax audit only if their contributions exceed the threshold of INR 25 Lakhs or if their annual turnover is over INR 40 Lakhs.
Limited Liability Partnerships are treated similar to Partnership Firms. Therefore, LLP Partners are only required to pay their own personal income taxes, while the LLP would not be taxed as a business entity.
Where director and subscriber are Indian Nationals
Where director and subscriber is a Foreign National
A Partnership Deed shall be drafted considering the provisions prescribed under the Indian Partnership Act, 1932. Any clauses as required for the Business of the proposed Partnership Firm have to be incorporated in the Partnership Deed.The deed shall be duly executed by payment of stamp duty as applicable for the concerned State and notarisation of same.
The application for allotment of Permanent Account Number has to be made before the Registration of Partnership Firm. The application of PAN allotment shall be supported by copy of the Partnership Deed.
The authority concerned with theregistration of apartnership Firm is the Registrar of Firms (RoF) of a particular jurisdiction. The application for registration of Partnership Firm shall contain the name of the firm, name of the Partners and their addresses, place of Business, duration or time of Business and so on.
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