Limited Liability Partnership

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Description

Limited Liability Partnerships, also known as LLPs, are an alternate business form that were introduced into the Indian corporate world in 2009 by the Limited Liability Partnership Act,2008 that was passed one year earlier. 

Hybrid form of limited liability companies and partnership firm and hence have advantage of a Company and Flexibility of partnership firms.

 Best suited for medium-sized businesses and professionals. 

Minimum capital contribution by partners Rs. 1,00,000

As in a partnership, an LLP firm requires a minimum of two partners for registration.

Mutual rights and duties of the partners are governed by an agreement signed by all partners. Moreover, partners in an LLP are not responsible for the other partners’ misconduct. 

LLPs also provide ‘limited liability protection’ to their owners from the company’s debts. This means that all partners enjoy the benefit of limited liability within their partnership.

LLPs require less compliance than Pvt. Limited Companies

List of Standard Documents required :

  • PAN Card of all the partners.
  • Proof of identity in the form of Aadhar card or voter identity card 
  • Passport size photographs of the partners
  • Rent agreement (if the company property has been taken on rent) 
  • Electricity or water bill for the company property
  • Property papers (if the company is owned by one of its members)
  • Landlord NOC (for rented properties)

Q.1 What is the process to incorporate Private Limited in India.

A. Following are the steps to have Private Limited in India

  1. Step 1: Obtain a Digital SignatureStep 2: Application for Name Approval of LLPStep 3: LLP AgreementStep 4: LLP Incorporation CertificateStep 5: Apply For PAN, TAN & Bank AccountStep 6 : Apply for GST & MSME registration

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₹6499

Standard

  • Name Approval with 3 Options
  • LLP Agreement
  • 2 Digital Signature
  • 2 Designated Partner Identification Number (DPIN)
  • Fillip Form
  • Current Bank Account Open Assistance
  • Certificate of Incorporation
(Inclusive of Government fees  upto ₹ 1 Lakh Capital)
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₹19199

Advanced

STANDARD PLUS
  • GST Registration
  • MSME Registration
  • IEC Registration
  • Billing Software (For Turnover <1.5 Crores)
  • One Year GST Return Filing
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₹39999

Premium

ADVANCE PLUS
  • Book Keeping Upto ₹1.5 Crores Turnover
  • Income Tax Filing for First Year
  • Basic Website
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