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Limited Liability Partnership

 


Avail benefits of a partnership & a company, Register your Limited Liability Partnership at GSTUP.COM prices starting from INR 5999/- only.
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What is Limited Liability Partnership?

 For your kind notice

LLP Registration, a prime reason why it has evolved is that of its simplicity in a formation and easy maintenance. It helps owners also to limit their liabilities. This is the biggest advantage of an Limited  Liability Partnership over a traditional partnership firm.

Incorporating LLP company has both Limited Liability features of a Private Limited company and the flexibility of a Partnership firm. No partner is liable on account of unauthorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s misconduct. LLP form of organization is usually preferred by Professionals, Micro and Small businesses that are family owned or closely-held.

LLP registration procedure is the easiest and transparent process as it has a blend of the benefits of a company and partnership firm namely, limited liability feature of a company and the flexibility of a Partnership firm. Procedure of LLP registration is not lengthy as you can file your incorporation form online. Online LLP registration procedure will save you a lot of time and energy. LLP registration process includes following steps:

  • Get a digital signature (DSC)
  • Apply for Director Identification Number (DIN)
  • Get the name of the company approved
  • Incorporation of LLP
  • File ‘Limited Liability Partnership Agreement’

Government Fees / Cost for LLP registration:

 

For registration of Limited Liability Partnership, government fees are as below. Note that there are additional costs such as DIN application fees, stamp duties, LLP form filing fees as well:

Limited Liability Partnership whose contribution does not exceed Rs. 1 lakh Rs. 500/-

Limited Liability Partnership whose contribution exceeds Rs. 1 lakh but does not exceed Rs. 5 lakhs Rs. 2000/-

Limited Liability Partnership whose contribution exceeds Rs. 5 lakhs but does not exceed Rs. 10 lakhs Rs. 4000/-

Limited Liability Partnership whose contribution exceeds Rs. 10 lakh Rs. 5000/-

However, it may vary according to the stamp duties of respective states.

Every LLP is required to have at least two Designated Partners who shall be individuals and at least one of them shall be a resident of India. The mutual rights and duties of partners shall be governed by the agreement between LLP and the partners. This Agreement would be known as “LLP Agreement”.

Gstup.com is an eminent business platform and a progressive concept, which helps end-to-end incorporation, Secretarial compliance, Startup advisory, and management consultancy services to clients in India and abroad. Incorporating a Limited Liability Partnership is completely online, easy, seamless, cheapest and quickest with Gstup.com. Also file your LLP Annual filing with Gstup.com!

LLP Registration Fees

Choose your packages

Essential

Rs. 5999.00
(All Inclusive)

  • 2 Digital Signature Certificates
  • 2 Director Identification Numbers
  • 1 Name Approval Application
  • LLP Incorporation Certificate
  • LLP Agreement
  • PAN
  • TAN

Enhanced

Rs. 13999.00
(All Inclusive)

  • 2 Digital Signature Certificates
  • 2 Director Identification Numbers
  • 1 Name Approval Application
  • LLP Incorporation Certificate
  • PAN
  • TAN
  • SSI/MSME Registration
  • Trademark(1 application 1 class) (start ups, proprietorship & small business)
  • GST Registration
  • LLP Agreement

Ultimate Value Pack

Rs. 20999.00
(All Inclusive)

  • 2 Digital Signature Certificates
  • 2 Director Identification Numbers
  • 1 Name Approval Application
  • LLP Incorporation Certificate
  • PAN
  • TAN
  • SSI/MSME Registration
  • Trademark(1 application 1 class) (start ups, proprietorship & small business)
  • 1st Income Tax filing for non audit assessee.
  • 1 Year TDS Filing upto 500 entries
  • 1st Annual Filing upto turnover of Rs. 40 Lakhs
  • GST Registration
  • LLP Agreement

Compliance required by a LLP

 All you should know about necessary compliances
GST Registration

Every LLP is required to get their GST registration. GST Registration Process is 100% online and there is no requirement of submission of physical documents to GST Department. GST registration must be obtained within 30 days of business incorporation, otherwise, the LLP will not be able to issue proper GST related invoices.

GST Return

Once a Limited Liability Partnership gets registered under GST It becomes necessary to file GST returns for LLPs. As filing of GST returns is mandatory for all the registered Taxpayers including LLPs. GST returns can be filed monthly, quarterly or yearly depending upon the types of GST returns form you are filing.

Accounting

Every LLP shall maintain and keep the accounting records which sufficient to show and explain the transaction of an LLP and which discloses with reasonable accuracy the financial position of the LLP. The books of account are required to be kept and maintained at the registered office of the LLP for the period of 8 years.

Audit Under IT ACT

Every Limited Liability Partnership whose turnover exceeds INR 2 Cr. In case of a business or INR 50 Lakh in case of a profession, is required to get its books of accounts tax audited under section 44AB of the Income-tax Act. Such tax audit under section 44AB will have to be completed and filed by 30th September.

ROC Annual filing

A Private Limited Company is mandatorily required to file 3 forms every year. Filing has to be done regarding submission of documents of financial statement, i.e. balance sheet, P&L account in ROC form AOC 4 and annual return in ROC form MGT-7. Company report about auditor’s appointment to ROC in Form ADT 1. Know more: ROC annual filing

 

MAT Audit for LLP

It is mandatory for the LLPs to get their accounts audited under MAT i.e. Minimum Alternate Tax. A report in form 29b is to be issued by a Practicing CA which certifies that MAT has been computed according to Income Tax Act, 1961. The book profit of a company is the accounting profit arrived at after making the specified additions and deductions.

TM Registration

For an LLPs, Trademarks are necessary not mandatory though. The protection of the LLP’s name under the LLP Act is limited to the extent that another LLP will not be registered with the same or a closely-resembling name. If you hold a unique brand name it is always advised to get a trademark registered as it is necessary to get protection under different classes of Trademark.

IT Return

Every Limited Liability Partnership has to file the Income Tax Returns every year, irrespective of its transactions. It must be filed by LLP on or before 31st July (if not covered under audit) or 30th September (if covered under audit). Income tax returns for Limited Liability Partnership have to be filed under ITR 5.

Form 3 CEB for LLP

For LLPs which have entered into any international transactions with associated enterprises or have undertaken specified Domestic Transactions, need to file Form 3CEB. This form should be certified by a practicing Chartered Accountant. Limited Liability Partnerships which are required to file this Form can do their tax filing by the 30th of November.

Documents Required for LLP Registration

Classification According Your Needs
Quick Checklist
  • Photograph of all the Directors
  • PAN Card of all the Directors
  • ID Proof of the Directors (Driving License/Passport/Voter ID)
  • Electricity Bill or any other utility bill for the address proof of the Registered Office.
Specific Requirements
An Limited Liability Partnership must have a registered office in India. Documents like bank statement or electricity bill should not be older than 2 months. Along with that utility bill, rent agreement or sale deed and a No Objection Letter (NOC) from the landlord with his/her consent to use the office as a registered office of an LLP must be submitted.

Advantages of a LLP

 Points to make your decision easy
No Minimum Capital

No minimum capital is required to form a LLP. A LLP can be registered with a mere sum of Rs. 10,000 as total Authorized Share capital.

LLP Audit

In the case of LLP, no mandatory Audit is required. The audit is required only when the turnover of the company exceeds Rs 40 lakhs and where the contribution exceeds Rs 25 lakhs.

Easy Transfer

Interest in Limited Liability Partnership can easily be transferred by introducing new Designated Partner in LLP and it will not affect its existence As it is a separate legal entity.

Separate Legal Entity

LLP enjoys the benefit of Separate Legal Identity in the eyes of law which clearly states that assets and liabilities of the business are not the assets and liabilities of the Partners.

LLP Tax Benefits

It is also exempted from various taxes such as dividend distribution tax and minimum alternative tax. The rate of tax on LLP is less than as compared to the company.

Multiple Relationships

A person can be a partner, employee or creditor of an Limited Liability Partnership. There may be different contracts with the same person in different capacity.

Advantages of a Private Limited Company

Private Limited Company Registration Process in 5 steps

1

Obtain Digital Signature Certificate

2

Reserve Your Company Name

3

Submission of MOA & AOA

4

Get Incorporation Certificate

5

Get Company’s PAN & TAN complete

6

Start your dreem to be true liked by U!

Fill Simple Checklist

A compliance manager will get in touch with you to collect your documents along with a simple checklist. You need to fill up that checklist and submit along with your documents for verification. Our team of experts will verify the documents provided by you and take the procedure further. The compliance manager dedicated to you will keep you updated on the progress of Company Registration throughout the process.

Name Approval!

Once your documents along with Checklist are submitted, we shall proceed with the application of your Digital Signature and subsequently the approval of name for your Private Limited Company. You may suggest up to three names of your choice. Names should be unique and suggestive of the Company’s business. We will proceed with application for name for your Private Limited Company in Part A of SPICe Plus form.

Company Registration

We will draft the MOA (Memorandum of association) and AOA (Articles of association). We will file the incorporation documents with MCA through in part B of a form called “SPICe Plus (SPICe +)” along with the subscription statement. Usually, MCA approves the forms within 4-5 days once filed and issues Incorporation Certificate with CIN. PAN & TAN are allotted alongside. You may then proceed to open your Company Bank Account.

Advantages of a Private Limited Company

Private Limited Company Registration Process in 5 steps
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Can an existing partnership firm be converted to LLP?

Yes, an existing partnership firm can be converted into LLP by complying with the Provisions of the LLP Act.

Can an existing company be converted to LLP?

Yes, any existing private company or existing unlisted public company can be converted into LLP by complying with the Provisions of the LLP Act.

Can LLP give any other address (besides its registered office) for the purpose of receiving communication from Registrar?

LLP shall have an option to declare one more address within the jurisdiction of same ROC (other than the registered office) for getting statutory notices/letters etc. from Registrar.

What is the basic difference between a Limited Liability Partnership and a General Partnership?

A Limited Liability Partnership is a legal entity separate from its partners and therefore, offers limited liability to its partners whereby any debts and obligations of the LLP will be borne by the assets of the LLP. In the case of a conventional partnership, the partners are jointly and severally liable for each debt and obligation of the partnership firm.

How can a person become a partner of an LLP?

Persons, who subscribed to the “Incorporation Document” at the time of incorporation of LLP, shall be partners of LLP. Subsequent to incorporation, new partners can be admitted to the LLP as per conditions and requirements of LLP Agreement.

Whether any Annual Return would be required to be filed by an LLP?

Every LLP would be required to file Annual Return with ROC. A duly authenticated Annual Return in e- Form-11, is to be filed with the Registrar, together with the prescribed fee, within a period of 60 days from the closure of every financial year.

Have some queries?

ur expert will help you in choosing the best suitable plan for you. Get in touch with our team to get all your queries resolved. Write to us at info@gstup.com or call us toll free @1800 890 1716. You can whatsapp us on +91.7388 147 521

What are the documents required to be filed by a LLP annually?

LLP is required to file LLP annual returns as follows: LLP Form 8 (Statement of Account & Solvency) and LLP Form 11 (Annual Return) annually. The ‘Annual Return’ is required to be filed within 60 days of close of the financial year and ‘Statement of Accounts & Solvency’ shall be filed within 30 days from the end of six months of the financial year to which it relates. Every LLP has to maintain uniform financial year ending on 31st March of a year