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A limited Liability Partnership is a body corporate formed and incorporated under LIMITED LIABILITY PARTNERSHIPACT 2008, and is a legal entity separate from its partners. A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. In an LLP, each partner is not responsible or liable for another partner’s misconduct or negligence.LLP Act has given a chance to the small business to inter into the Corporate World and compete with the existing Corporate Players in the market and that too at a very less cost. LLP registration in India is a new concept, however in western countries it is widely accepted for the new ventures and Start-ups. LLP act has provided a platform for the small business to gain their own name and fame in the Corporate driven market. We shall learn about the LLP registration process, LLP registration cost and its fees. We are entrepreneurs who understand the way today’s businesses owners want to work and the expert support required for success.
Characteristics of LLP:
1. Limited Liability Partnership shall have perpetual succession.
2. Any Changes in the LLP shall not affect its existence, rights, liabilities of the Limited Liability Partnership.
3. Any individual or Body Corporate may be a partner in the Limited Liability Partnership.
4. Every Limited Liability Partnership shall have at least two partners, at least one should be resident in India.
5. LLP Agreement shall define the rights, obligations and duties of the Partners.
6. Every designated Partner of the LLP shall have the Designated Identification Number (DPIN) from the Central Govt.
7. Easy to Incorporate with much less Compliances as Compared to a Private Limited Company
8. No requirement of minimum capital contribution
Documents for LLP Registration:
1. PAN Card/ ID Proof of the Partners:- All the Partners are required to provide their PAN and any Address Proof, (such as Aadhar Card, Voter Id card, Driving License) for the registration of the LLP but make sure that the credentials in the PAN card is matching with the Address Proof.
2. Residence Proof of the Partners in case the Partner does not have DIN: Latest bank statement, telephone bill, mobile bill, electricity bill or gas bill should be submitted as a residence proof which should not be more than 2 months old.
3. In case of Foreign Nationals: If a Foreign national wants to be a partner in the LLP then he is mandatorily required to have a passport and that shall be apostille by the proper authority of the foreign country and in addition to this a address proof such as Driving license, bank Statement or any other document issued by the Government.
4. Proof of Registered Office of the LLP: Every LLP shall have a permanent address at the time of incorporation which shall be called as the Registered office of the LLP that can be either taken on rent, owned by the Partner, or at the consent of the Landlord to allow the LLP to use his premises as the Registered Office.
5. Utility Bill:Anyone document such as gas bill, electricity, or telephone bill must be submitted. The bill should contain complete address of the premise and owner’s name and the document shouldn’t be older than 2 months.
6. Passport Size Photo of the Directors or Members
7. Filing of the Necessary Forms with the
Advantages of LLP
• Easy Formation and Lesser Compliances:- LLP are customized form of business that gives the owner the right to form their policies in a most convenient and easy way so as to start the business. There are fewer number of Compliances as compared to a Private Limited and also there are lesser no of legal compliances under the LLP Act. LLP are the most cost effective and legalized form of business.
• No Capital Requirement- There is no minimum amount of Capital required for incorporation of LLP. The partners to the LLP can contribute as much initial amount as the want which can be in the form of tangible such as land, building, machinery etc. or intangible.
• No Restriction on the Owners- An LLP is required to have min of two Partners which shall be acting as Designated Partners, however there is no restriction on the maximum numbers of the partners.
• No Requirement of yearly Audit-As compared to Companies (whether public or private) LLPs are not required to get their accounts audited every year. LLP is required to audit their account in the following situation:
• where the contributions of the LLP exceed Rs. 25 Lakhs, or
• where annual turnover of the LLP exceeds Rs. 40 Lakhs
• Taxation-LLPs are not required to pay the tax on the share distributed among its partner. Thus, no dividend distribution tax is payable as under section 40(b). Bonus, commission or remuneration, Interest to partners, any payment of salary, are allowed as deduction under the Income Tax.
• Better image in MarketThe LLP is a popular and well-known global business structure. LLP is a
company with a broad range of companies. Customers, Sales and Govt corporate. Instead of ownership or normal partnerships, agencies prefer to deal with LLP.