Propel your business with Probal Consulting Group.
WHAT IS LLP (LIMITED LIABILITY PARTNERSHIP)?
Firms can get themselves registered as an LLP under LLP act 2008. As the name suggests, LLP has the minimal liability feature of private limited firm and flexibility of a company. Every partner in LLP is liable only as per his/her share in the firm. One partner cannot be held responsible for any partner’s misconduct of any nature.
WHO SHOULD OPT LLP (LIMITED LIABILITY PARTNERSHIP)?
The law mandates that there should be at least two Directors. There will be an agreement between them that will define the rights, duties, share, and liabilities of those directors.
The process of LLP registration is highly transparent and accessible. You can choose our all-inclusive LLP package and can avail the following benefits.
Benefits
Easy Setup
The process to set up an LLP is simple compared to a Private Limited company. Legal compliances are less as compared to a Private Limited company. LLP has to submit only two documents: Statement of Account and Solvency; Annual return
Limited Liability
As the name suggests, LLPs has limited liability. A partner is liable according to its share in the partnership and is protected from any misdeeds of his/her other partners
Freedom from mandatory audit
LLP firms are exempted from audit under the following circumstances:
a. If their contribution is above 25 lakh
b. When the aggregate turnover is above 40 lakh
Freedom from DDT(Dividend Distribution Tax)
Income and dividend of partners in LLP are exempted from any tax. Hence, they don’t have to pay 15% DDT. Bonus, the salary of employees and commission can be deducted from the income
Required Documents
► PAN card [ of the Owner – Permanent Account Number, mandatory for all business activities ]
► Address proof [ Voter ID, Adhaar Card, Driving License of the applicant ]
► Signature [ A signature specimen of the applicant ]
► Passport Photo [ Clear photo of the applicant ]
► Address proof of the place [ of the business-Electricity bill, Legal ownership Document, Municipal Khata copy, Telephone bill, etc. to confirm ownership of the business place ]
► Rent agreement [ in case the business place is rented- Notarised Rent agreement, duly signed by the tenant and Owner along with two witnesses Consent letter if the place is acquired by consent: Consent letter with the proof of ownership, signature, and ID proof of the Owner ]
NOC of the Owner [ No objection certificate by the Owner allowing deemed business activity ]
Our LLP (LIMITED LIABILITY PARTNERSHIP) Package Consists
Consultation with expert
We will allocate a dedicated expert to guide you through the process. This guide will help you with all the information and documentation process. H/she will collect all the necessary information from you needed for the registration.
Application for DSC(Digital Signature Certificate)
Every director of LLP needs to get a DSC for himself/herself. We will help you to obtain your Digital Signature Certificate with necessary form filing and documentation.
LLP incorporation certificate
Once the agreement is signed and all the documentation is ready, we will apply for your registration with the MCA(Ministry of Corporate Affairs) and upload all the necessary documents. Generally, MCA approves the application within five working days. Once you receive an approval, you will get your LLP incorporation certificate.
Application for the Unique Name
Every LLP firm needs to register its unique name by getting approval from MCA(Ministry of Corporate affair). We will guide you through all the necessary process for your unique name registration.
LLP incorporation Agreement
After collecting all the required documentation, we will prepare an agreement that is necessary for the application. This application needs the signature of every partner.
A GOOD START IS THE WORK HALF DONE !!!
Frequently asked questions
Yes, LLP can be registered from any address throughout the nation.
LLP can be incorporated by a minimum of two partners. There is no cap for the upper-limit of the partners.
No, as the name suggests, the liabilities of partners are limited up to the extent of their investment in the firm. In case, if a company goes insolvent, partners are not liable to pay off the debt by selling their personal properties. This is a major advantage of LLP.
Yes, an existing firm can be converted into an LLP by following due process.
LLP stays valid until all the legal compliances are followed. Once the LLP stops the following compliances, it can be removed from the register.
No minimum amount is required to incorporate an LLP. No proof of investment is required during the registration process.
Related Services
Propel your business with Probal Consulting Group.
Kick-start your business with our full-suite accounting and legal services.
Lead India’s transformation with your Entrepreneurship!
Register your company as a “Private Limited” entity and reap benefits of the Start-up India initiative!
Propel your business with Probal Consulting Group.
Kick-start your business with our full-suite accounting and legal services.
No worries get yourself registered as One Person Company (OPC) and march on! Initially, a minimum of two members and two directors were necessary to establish a company.
