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BASIC CONCEPT OF LLP

Limited Liability Partnership or LLP is a corporate business vehicle in India that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner, as a hybrid of companies & partnerships providing benefits of limited liability while allowing its members the flexibility for organizing their internal structure as a partnership through execution of LLP Agreement.
Limited Liability Partnership= advantages of Partnership + advantages of Company





WHY LLP

All Limited Liability Partnerships incorporated in India is covered under Limited Liability Partnership Act, 2008 and Ministry of Corporate Affairs, power delegated to Registrar of Companies, is regulatory authority of all LLPs incorporated in India . It is preferred form of business among professional and various small and medium size entrepreneurs due to its many advantages as under:

Limited Liability :

Liability of all Partners is limited in LLP. None partners will incur personal liability in case of act of LLP or any other partner.

No minimum capital requirements:

Partners can start their LLP with minimum capital as no minimum capital criteria is required by law.

No requirements of compulsory Audit:

All companies , whether private or public, irrespective of their share capital, are required to get their accounts audited. But in case of LLP, there is no such mandatory requirement. A limited liability partnership is required to get the audit done only if:
• the contributions of the LLP exceeds ₹ 25 lakhs or
• the annual turnover of the LLP exceeds ₹ 40 lakhs

Separate legal Entity:

Like a Company, LLP also has Separate Legal Entity. So the Partners and the LLP in are distinct from each other.

Cost Efficient:

As small and medium entrepreneurs , costing of organization is big concern. Due to audit requirement and other less legal requirement, its cost efficient.

No maximum no. of Partners:

In case of LLP , there is no maximum limit to have Partners .

Flexibility:

Managing LLP is much flexible than Company.





WHAT ARE PRE-REQUISITES TO GET LLP REGISTER

Minimum two Partners required :

Minimum two partners is necessary for LLP registration.

DPIN:

All Partners must have DPIN i.e. (Designated Partner’s Identification Number)

One Indian Partner:

Minimum one partner must be a Indian Resident.

Digital Signature:

All Partners must have digital signature.

Registered Office:

Address Proof for the registered office





WHAT ARE THE NECESSARY INFORMATION & DOCUMENTS TO GET LLP REGISTER


Information

Proposed Name:

Proposed Name of LLP must not be similar or identical to any other Company or LLP.

Object of LLP:

Object/business to be conducted in proposed LLP must be Legal.

Capital:

Minimum capital contribution to be contributed by Partners.

Registered office address:

Address of registered office of LLP.



Documents

Photograph:

Passport-sized photograph of all Partners/Designated Partners.

PAN Card:

a copy of the PAN of all the partners /Designated Partners.

Aadhaar Card:

a copy of the aadhaar card of all the partners/Designated Partners.

Identity Proof:

Any on Proof of Identity like Voter ID/Driving Licencense/Passport of all Partners/Designated Partners

Address proof:

Any one Latest Bank Statement / Electricity bill/Telephone or Mobile Bill of all Partners (Not older than two months)

Passport:

(In case of NRI or foreign national as a partner): Passport should be notarized or apostilled as applicable by the relevant authorities

Mobile Number:

Valid mobile number of all Partners/Designated Partners.

E-mail id:

Valid Email-id of all Partners /Designated Partners.

Registered office proof:

For registered office (i) address proof, electricity bill or any utility bill (not older than 2 months) (ii) duly signed NOC from Owner and (iii) If Rented, Duly notarized rent agreement along with one month receipt.





HOW TO GET REGISTER LLP FIRM


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ANNUAL COMPLIANCES REQUIREMENTS AFTER THE LLP REGISTRATION

Every LLP is required to comply with the annual compliance requirements. These compliances are mandatory for all LLPs whether they have started their business or not.

Following returns are required to be filed:

LLP Annual Return (Due Date 30th May of each year)

Annual Return is required to be filed with the Registrar of companies in LLP Form-11. The due date for this return is set on 30th May of each year i.e. within 60 days from the closing of every financial year.

Income Tax Return

After LLP registration, every LLP is required to submit their income tax return by 30th September every year.

Statement of Account & Solvency (Due Date 30th October of each year)

Statement of Account & Solvency is required to be filed in LLP Form 8. This return is required to be filed by 30th October of each financial year.

WHAT ARE THE PENALTY PROVISIONS IN CASE OF LLP ANNUAL COMPLIANCE DEFAULT

According to Limited liability partnership Act 2008, it is mandatory to file all the prescribed compliance annually. There is a provision for penalty in case of any failure in filing Form 8 and Form 11 for reporting LLP’s financial statements and annual return.



Updates From Blog

blog Legal | 2020-03-03 05:06:35

Barcode Registration

blog News | 2020-03-03 05:37:02

Filing of ESI Return in excess of Threshold Limit Prescribed in the ESI Act

blog News | 2020-03-03 05:38:39

Notification on "consultation paper on enhancement of Audit Independence and Accountability"

blog News | 2020-03-03 05:39:40

Notification of Due dates of filing Form GSTR - 3B for the month of February, 2020

blog Legal | 2020-04-08 00:58:51

Company Fresh Start Scheme 2020

blog Legal | 2020-04-08 22:49:11

Shifting of registered office of the Company

blog Legal | 2020-04-08 23:32:53

Exemptions for Companies & LLPs through MCA Circular No. 11/2020

blog Legal | 2020-04-08 23:50:22

Change in Object Clause of the Company

blog Legal | 2020-04-09 00:24:59

Chit fund company

blog News | 2020-04-09 05:16:47

ZERO additional fee Scheme for Companies 2020

blog Legal | 2020-04-10 06:32:38

Non-banking financial company

blog Legal | 2020-04-13 09:36:44

Nidhi company

blog Legal | 2020-04-13 10:20:45

Increase in authorised share capital