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Know More About LLP Company

LLP refers to Limited liability partnership and is governed by Limited Liability Partnership Act 2008. Limited Liability partnership is a business entity which provides an advantage of limited liability to its owners and at the same time requires minimal maintenance. The directors of a private limited company have limited liability to creditors. In the case of default, banks / creditors can only sell company’s assets and not personal assets of directors.

LLP is a separate legal entity that gives the benefit of limited liability of company plus the flexibility of a partnership, wherein no partner is held liable on account of other’s partner misconduct. An LLP agreement is drafted to govern their rights and duties. Limited Liability Partnership has been introduced in India by way of Limited Liability Partnership Act, 2008. Limited Liability Partnership is basically introduced to provide an opportunity to entrepreneurs where they can form of business organisation which is simple to maintain while at the same time providing limited liability to the owners.

LLP Registration can be done through W4I in India.

Limited Liability Company is one the most popular form of Business in India. These are easy to form, flexible with limited liability and greater stability.

Advantages

  • Dual advantages- Company and a Partnership

  • No partner will be responsible for other partner’s misconduct

  • Cheaper to incorporate than a private limited company

  • Limits the liabilities of its partners

Minimum Requirements for One Company Registration

  Minimum Two Partners , no limit for maximum numbers

  One partner must be Resident of India

  DPIN for all Partners

  DSC required for one designated partner

Documents Required for One person Company Registration

  Copy of PAN Card of Directors

  Passport size photograph of directors

  Copy of Aadhaar Card/ Voter ID of directors

  Copy of Rent agreement (If rented property)

  Electricity/ Water bill (Business Place)

  Copy of Property papers(If owned property)

  Landlord NOC (Format will be provided)

With 5 Simple processes register your One Person Company with us

  • Fill Your Complete Details in our Simple Form & submit your documents

  • After submitting your documents we will provide you with DSC and DPIN.

  • Details provided by you will be verified and then we shall apply for name approval.

  • We will create all the required documents and file them with ROC on your behalf.

  • Once your company is incorporated, we shall send you all the documents and DSCs.

Compliances after registration of Limited Liability Company

  •   Apply for PAN and TAN

  •    Apply for Sales Tax / Service Tax Registration based on the nature of Business.

  •    Filing ADT-1 for Appointment of First Auditor of the Company within 1 Month of Incorporation of Company

  •    Filing Income Tax Return of Company on or Before 30th September every year

  •   To maintain proper Books of Accounts

  •   Get your account books Audited Every Year

  •   Filing of form MGT-7,AOC-4 and ADT-1 every Year

Yes, an existing partnership firm can be converted into LLP by complying with the Provisions of clause 58 and Schedule II of the LLP Act. Form 17 needs to be filed along with Form 2 for such conversion and incorporation of LLP.

Yes, any existing private company or existing unlisted public company can be converted into LLP by complying with the Provisions of clause 58 and Schedule III and IV of the LLP Act. Form 18 needs to be filed with the registrar along with Form 2 for such conversion.

No, only private / unlisted public company can be converted into LLP.

No, name of the LLP shall end with either ‘Limited Liability Partnership’ or ‘LLP’. Word ‘limited’ shall be allowed in name only within ‘Limited Liability Partnership’.

Yes, it mandatory to execute and file LLP Agreement in view of Section 2(0) & (q) , 22 and 23 of the Act.

As per provisions of the LLP Act, in the absence of agreement as to any matter, the mutual rights and liabilities shall be as provided for under Schedule I to the Act. Therefore, in case any LLP proposes to exclude provisions/requirements of Schedule I to the Act, it would have to enter into an LLP Agreement, specifically excluding applicability of any or all paragraphs of Schedule I

Proceed for One Person Company Registration

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Private Limited Company

Following points are important to know about Limited Liability Company:

  • An LLP of India is required to file only two regulatory compliances every year. Namely, the Statement of Accounts & Solvency in Form-8, and the Annual Return in Form-11. Again, there is no mandatory requirement of compulsory audit of accounts by a qualified Chartered Accountant in case of an LLP in India, except the following two cases

  • When the contributions of the LLP exceed INR 25 Lac, or

  • When its annual turnover crosses INR 40 Lac

Many entrepreneurs prefer to set up an LLP rather than a private limited company because of lower compliance burden and lower incorporation cost

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