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LLP Registration

  • LLP Registration is most popular form of Business entity for professionals
  • Flexibility of addition and deletion of partners
  • Lower incorporation cost as compared to incorporating a Pvt. Ltd. Co.
  • Lower annual ROC filing cost as compared to a Pvt. Ltd. Co.
  • Residential Address
  • No dividend distribution tax
  • No minimum alternate tax
  • No Audit required if Turnover is less than Rs 40 lakhs p.a. and capital is less than Rs 25 lakhs.
  • Liability of Partners is limited as compared to traditional partnership firm.

INCLUSIONS IN LLP REGISTRATION PACKAGE

  • Digital Signatures Certificates (DSC) of 2 Partners
  • Director Identification Nos. (DIN) of 2 Partners
  • Company name approval certificate
  • Incorporation certificate
  • LLP Agreement
  • PAN & TAN Registration
  • Company stamp
  • Assistance in opening current account in Bank

TIME INVOLVED IN THE PROCESS OF LLP REGISTRATION

Approx. 12–15 working days till getting Incorporation certificate

DOCUMENTS REQUIRED FOR LIMITED LIABILITY PARTNERSHIP (LLP)

  • Copy of PAN card of all Partners
  • Copy of Address proof of all Partners (Any one of Passport or Voter ID or Aadhaar card)
  • Proof of Business premises where LLP will be registered. (It can be from home also)
  • In case of rented premises – Copy of rent agreement + Latest electricity bill in name of landlord + NOC.
  • In case of owned premises – Copy of sale deed + Latest electricity bill in name of owner + NOC.
  • 2 Colored passport size photograph of all Partners
  • Mobile no., email ids of all partners, proposed name/s of LLP, objects of LLP.

FAQ

At what rate LLP is taxed in India

LLP is taxed @ 30 % on profit. No slab benefit available.

  • In traditional firm, liability of partners is unlimited. But In LLP, liability of partners is limited.
  • Any property may be purchased in name of LLP but not in case of traditional partnership.
  • Registration of LLP is compulsory whereas registration of partnership firm is optional.

Minimum 2 Designated Partners are required to form an LLP. They can be even family members or relatives or friends. But partners should not be minors.

Every LLP should have at least 2 designated partners. Both should be individuals. One Designated partner can be foreigner but not both. In case, LLP has 2 body corporates as partners then in that case, either partners of LLP or nominee of body corporate can become designated partners.

Yes, provided the other designated partner is resident in India.

No limit. Can be started with even Rs 10,000

Firstly, Apply for Digital signature of all Partners, Secondly apply for DIN of all Partners

Thirdly apply for name approval/reservation, then file MOA, AOA and apply for incorporation. Finally get the certificate of LLP Registration India.

Once LLP is registered what other formalities are required before starting operations?

  • You need to apply for PAN and TAN no. of LLP, thereafter open current account in bank and deposit paid up share capital money

Normally, LLP has to do following compliances:

  • Accounting or Book keeping [On daily basis]
  • GST returns to be filed online monthly
  • TDS returns of Salary paid and vendor payment is to be filed quarterly, if applicable
  • Tax audit has to be got done by CA and audit report needs to be collected in case annual turnover is more than Rs 1 crore in case of trading business or Rs 25 lakh in case of professional business.
  • Balance sheet and Profit and Loss account and other financials need to be prepared and maintained.
  • Income tax return of LLP needs to be filed online annually before 30th September
  • ROC returns (approx. 2 in nos.) needs to be filed annually
  • Other need based compliances
  • Advance tax needs to be paid periodically

Yes, you need to file NIL returns, prepare balance sheet and profit and loss account even in case of none or less transactions

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