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Everyone wishes to set up their business and Companies in India. But do you know that there is a registration process to follow for the commencement of company/business is LLP Registration (Limited Liability Partnership Firm). What it is? eligibility criteria, steps of registration, documents and much more we will go through here.
LLP is a Limited Liability Partnership. It is a combination of both Company & Partnership. Basically, it is a combination of partnership and private limited wherein all partners have restricted liabilities. This is considered as easy to incorporate because not all partner is liable for any other partners' wrong conduct or carelessness. Moreover, everyone is responsible for their misconduct & happening.
The Limited Liability Partnership registration was executed in India in January 2009. And have been a great success for all the professional services and startups. As of the best part is all the registrations are regulated and governed by the Limited Liability Partnership Act, 2008. LLP was introduced to offer a form of business benefits such as easy to maintain and to assist partners by providing them with limited liability. To register LLP, one requires all the mandatory documents form fill-ups and then forward it to the Registrar of Companies office. They approve of the application. The LLP Registration takes about 7-8 working days. LLP formation is one of the easiest types of companies to incorporate in India. Because of its easy formation and easy compliance formalities it is eligible for MSMEs and Professionals.
Therefore, Apply Today and save more than 50% cost than regular. But what it is a requirement or eligibility criteria for its registration.
Following are some basic requirements for LLP Registration in India-
Following are some deliverables along with some ads on free certificates as -
The LLP company registration does offer numerous benefits but the main benefit which as the owner is the legality. So, let's have a look over the benefits of registering LLP.
LLPs are administered as separate legal entities. So, the partners and LLP are different from all others in the eyes of the law. So, according to LLP rules, no partner is responsible for other partner misconduct.
Registration offers a benefit of no minimum capital requirements to commence an LLP firm registration and its incorporation.
The least amount of members require to incorporate the LLP company are 2. But there is no limit to maximum number of partners.
Limited liability partnership is free from various taxes such as dividend distribution tax (DDT) and minimum alternative tax. However, the rate of tax on LLP is lighter than the other company.
There are no barriers upon joining and leaving LLP. It is easy to introduce a partner and leave the firm or transfer of ownership. So, No long procedure and documentation submission requires in LLPs.
Auditing of LLP in India is needed only if the turnover or contribution passes 25 lakhs or yearly turnover passes 40 lakhs.(this provision is subject to change in policies time to time.)
All of the above are main and important LLP formation documents. But there are some forms that need be to fill up before submission of documents to the Registrar.
There are 5 Simple steps of Fssai online registration,
Before beginning the process of registration, you must register for the DSC of the partners of the LLP. Filling for DSC is necessary because LLP registration is made online. So, online processing asks for a digital sign. So, the LLP partners need to get the DSC from government-approved certifying companies.
LLP-RUN needs to certified for the reservation of the name of proposed LLP. Even, this is additionally treated by the Central Registration Centre under Non-STP. However, before circulating the name in the form, it is recommended to search the name's existence. The limit for names for LLP is 1-6 words given to the MCA. The registrar will approve the name only if the name is meaningful in the eyes of the Central Government.
After preparation of DSC and name reservation, one need to apply for incorporation of LLP. Under this form all information related to partners, business and other need to mention along with its proof and attachments. On the basis of such an application registrar will provide a registration certificate.
The incorporation is FiLLiP which registers with the Registrar who has control over the state in which the certified office of the LLP is established. Incorporation documents can be given to the MCA along with an application for incorporation. Incorporation certification is a sign that the company has been commenced. It also includes your CIN number. All the above are important documents. But, After LLP Registration there are 2 steps one must follow.
After getting COI, person need to make an application for PAN & TAN as well.
|No||Basis of Difference||Private Limited Company||Limited Liability Partnership|
|1||Meaning||Private Limited Company is separate legal entities following the usual series, with a benefit of limited liability for its shareholders.||In register an LLP its described a partnership is where all partners have limited liabilities including every partner is not liable for another partner's mischief.|
|2||Requirements for compliance||Annual return filing borad meetings and general meetings. They are atleast 4 meetings in a year.||Much easier Annual return filing and Statement of Account & Solvency only.|
|3||Audit||All Companies are expected to get their accounts audited yearly.||Accounts are audited only if their yearly turnover exceeds Rs. 40 Lakhs or contribution amount exceeds Rs. 25 Lakhs.|
|4||Taxation||The PVT company is liable to pay income tax based on their turnover id up to Rs.250 crore is 25% and more than Rs. 250 crore 30 % is paid.||LLP is responsible to pay income tax at 30%.|
|5||Winding Up Companies||Voluntary striking off process is available for companies under Companies Act, 2013.||For the binding up of LLP online, the procedure is less complicated. Just declare it defunct and wrap up the mutual decision of all.|
There are 5 Simple steps of Fssai online registration,
In LLP Registration and private limited company both require 2 partners. But the basic advantage of choosing LLP is it never has limits in the maximum number of members like in private company (200 members maximum)
Generally, at least 8-10 compliances per annum are expected to be made by a private limited company. Whereas an LLP company registration is expected to file only the Annual Return and a Statement of Accounts and Solvency.
In a private or public company despite their share capital they are asked to get accounts audited every year. But in LLP there is no mandate for doing so, as per terms of LLP act accounts that are audited which are having Rs.25 lakh-Rs.40 lakh yearly turnover contribution in any of financial year.
30% of the Income-tax rate is eligible for LLPs in the case exceeds Rs. 1 crore pay 12 % surcharge in the income tax. The PVT company is liable to pay income tax based on their turnover id up to Rs.250 crore is 25% and more than Rs. 250 crore 30 % is paid. Plus, Rs.1 crore- Rs.10 crore surcharge is 7% and more than Rs.10 crore 12 % is chargeable.
The shares can be transferred only by administering a signed agreement before the official public at the time of LLP formation. There is no agreement among the shareholders winding up either on the company or on the shareholders. The transfer of shares can only be limited by AOA.
In conclusion, Registering LLP is important to give legal recognition in the eyes of law. It offers various benefits as it is a separate legal entity. Therefore, we have discussed all the documentation required, the procedure in detail to make you understand that online registration is much more comfortable. Do Apply Today for all the registration services. We look forward to simplifying your registration process along with the CA services. For LLP Registration do contact us at 9625279785 or 9267941961 or you may write [email protected].
"LLP is newly introduced concept under Companies Act, 2013, its a combination of Partnership firm and Private Limited company. The best part of LLP is less compliance and Easy maintenance. In LLP Auditor appointment is not mandatory till turnover of rs. 40 Lakh. Also the costing for other compliances is quite less as compare to other kind of Companies. LLP of Registration is strongly recommended to those who are service providers."
For legal Recognization the LLP registration is important. LLP is a blending of partnership and corporate. Where no partner is responsible for other misconducts. The LLP can be formed with 2 or more partners.
The eligibility for LLP registration is :
Yes, under the LLP act 2008, Foreigners are permitted to incorporate LLP in India.
In India operation of any kind of Food Business is only possible when you are register with FSSAI Department. In case if you do no opt FSAI License and you are operating food business, huge penalty shall attract. It is better to do business according to governmental guidelines.
Yes, In LLP Companies there are no restrictions on transferring the ownership to the other person. LLP is a separate legal entity.
Atleaset 2 partners are needed for registered the LLP. But, there is no maximum number of partners designated.
No you are not permitted to convert your LLP into a Private Limited Company or OPC. Both the LLP Act, 2008 and the Companies Act, 2013 don't have any rules on the conversion of LLP as OPC or private limited company.
For the online process, we do require DSC. It is Digital Signature Certificates. That is the digital/electronic signature certificates. Furthermore, a digital certificate can be done electronically to prove your identification, to access data or services on the Internet or to sign some documents digitally.
LLP Registration number represents as LLPIN, it is a combination of alphabet and numeric which represents any LLP's registration identity.
For registration of Company or LLP you need to ready with requisite documents and other information, on the basis of information provided an application need to be filed with MCA in FiLLiP. On due verification MCA will provide further registration certificates along with other documents.
For registration of food license in India you must have identify which kind of license you required, It is completely depend upon you business nature and turnover. After identification submit all documents with LegalPIllers. Team will prepare an application and submit it with departments. After due verification concerned department will issue your license at your mail.
Yes, for a newly entered start-ups having limited budget, LLP is most suitable registration form. It required minimum budget for registration as well as for its annual maintenance.
LLP Registration is a business registration type under Companies Act, 2013. It is a combination of Private Limited and Partnership firm. Containing features of both. LLP provides you a registration facility with Ministry of Corporate Affairs like a Private Limited company so that you can run your business.
Digital Signature is electronic signature used for company registration work and its compliance purpose. Any kind of communication with MCA is now trough electronic mode. So government has mandate to sign every documents electronically by directors and professionals. It is created with some Certifying Authorities such as emudra, visgn, Capricorn, etc.
DPIN is a unique number issued by the MCA to Designated Partners of LLP. A person can be identified by its DPIN whether he is or are director or designated partner in any company or LLP. DPIN issue only once, having duplicate DPIN is non compliance.
Yes, As per Companies Act, 2013 a NRI can be director or shareholder in a LLP. However there must be atleast one person in company who is Indian resident.
You can say LLP Agreement is bye laws of LLP. In short all the does and don'ts mentioned in this LLP Agreement. LLP will be governed by this LLP Agreement.
Registration of LLP is started from Rs. 3999/-however costing may vary according to the state.
Designated Partners is the person who is in charge of LLP's affairs.
Partners in LLP is like shareholder in company. They will make their participation in profits and loss of company. But they will not liable for day to day affairs of company like Designated Partners.
For LLP Registration following basic documents are required as-
Adhaar Card, PAN Card, Bank Statement copy of partners, Email id and contact numbers, electricity bill of registered office, some other information as required.
LLp and Private Limited have some basic differences which are mentioned above kindly refer.
In case of LLP tax rate is 30% plus surcharge as applicable.
FDI is allowed in LLP. If you wish to appoint a NRI or foreign participants in LLP he may bring FDI subject to approval of governments and provisions prescribed under law.
LLP, need to file certain documents and information on event basis and on continual basis with concerned ROC. Failure in filing shall attract late fees or penalties.
No, LLP can't go for non profit activities like a NGO.
Yes, It is mandatory to file LLP Agreement within 30 days from registration, otherwise late shall be attract.
No, if your Turnover and contribution is beyond 40lack and 25 lack respectively. You do not need to appoint auditor in LLP.
For registration of name of LLP you must file a form LLP-RUN. By filing this web based e-form you can reserve your LLP's name.