Compare Limited Liability Partnership Packages
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Limited Liability Partnership(LLP) introduced in 2008, has quickly become a popular legal structure for business. Its main improvement over the General Partnership is that, as the name indicates, it limits the liabilities of its partners to their contributions to the business and also offers each partner protection from the negligence, misdeeds or incompetence of the other partners. The LLP is also cheaper to incorporate than a private limited company, requires fewer compliances and can be a smart choice from a tax perspective. LLP is preferred by Professionals, Micro and Small businesses that are family owned or closely-held. The basic behind the introduction of LLP is it provides a form of business organization which is simple and easy to maintain and provides limited liabilty to the owners as well.
DSC is the equivalent of physical or paper certificates in digital format. As the application For LLP Registration is filed online with Digital Signatures of the designated partners, hence the process starts with the issuance of the digital signature for all the designated partners. Photo, ID and Address proof is to be submitted along with Form for issuance of DSC
It is a permanent number issued by the registrar of companies, as a unique identification number to the director of a company or designated partner of the LLP. No person can hold an office of the designated partner unless he is issued a DIN. For allotment of DIN, an application to ROC is made with Photo, Attested ID and Address proof duly attested by CA, CS or CMA
Name of each company or LLP must be unique, new and should not be same or similar to an already registered company, LLP or a Trademark. After the DSC and DIN allotment, an application is made to the ROC for approval of name; the registrar is vested with discretionary powers concerning approval of name. Our advisors shall be a help to you while deciding the name of the company or LLP.
The partners of the LLP bind themselves concerning their mutual rights and obligation, capital contribution ratio, profit sharing ratio in a document which is known as LLP Agreement. After incorporation of LLP the partners need to execute the same and file a copy with the registrar of companies within 30 days of Incorporation, failing which a penalty of Rs. 100 day is imposed for each day of delay.
All the steps as described below finally culminates into the registration of the company with the issuance of the certificate of Incorporation. With spice e-form, DIN, name Approval and Incorporation related documents like affidavits; declarations are filed at once. However, only one name can be suggested in the spice form. The certificate of incorporation is the conclusive proof of the registration of the company
Two colour photographs of directors / shareholders
Identity Proof of each director, (Aadhar Card, Passport, Driving License or Voter ID Card).
Address Proof (Bank Statement or Passbook, electricity bill, telephone bill, or any utility bill) Address Proof
Proof of the registered address of Company (Sale Deed, electricity bill, tax paid receipt or any other utility bill)
No objection Certificate from the owner of premises where registered office of the company shall be situated
Pan Card of each partner, The name must match with IT database.
LLP has its separate existence from its partners. LLP can sue and be sued in its own existence. Due to its status, the entry and exit of the partners don’t affect the LLP. As it incorporates various stakeholders (i.e. Suppliers, Customers etc.), it offers the flexibility while dealing & signing legal contracts.
The main feature of LLP is its Limited Liability. In a General Partnership, partners are personally liable for all its debt and if it cannot be repaid by the business, then partners would have to sell their personal possessions to do so. In an LLP, only the amount invested in starting the business would be lost, all personal assets of the directors will be safe.
An LLP requires a minimum of 2 partners while there is no limit on the maximum number of partners. This is in contrast to a private limited company wherein there is a restriction of not having more than 200 members.
LLP could be formed without any minimum capital contribution as opposed to the Private Limited companies’ requirement of Rs.1 Lac. Even the contributions could be made in installments which makes the small entrepreneurs/startups avail these benefits.
Approximately at least 8 to10 compliances per annum are required to be made by a private limited company whereas a Limited Liability Partnership is required to file only the Annual Return & a Statement of Accounts & Solvency.
In case of LLP, there is no such mandatory requirement. A limited liability partnership is required to get the audit done only in the case that: i. The contribution of the LLP exceeds Rs. 25 lakhs, or ii.The annual turnover of the LLP exceeds Rs. 40 lakhs.
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Yes, an existing partnership firm can be converted into LLP by complying with the provisions of the LLP Act.
Yes, any existing private company or existing unlisted public company can be converted into LLP.
LLP shall take same name as that of the company at the time of conversion.
The approved name of LLP shall be valid for a period of 3 months from the date of approval and it will be lapsed if proposed LLP is not incorporated within the time.
No, name of the LLP shall end with either ‘Limited Liability Partnership’ or ‘LLP’.
The stamp duty charges will depend upon the relevant Stamp Act prescribed by the State Government
As per provisions of the LLP Act, in the absence of agreement as to any matter, the mutual rights and liabilities shall be provided as per Schedule I to the Act. Therefore, it is mandatory to execute and file LLP agreement
LLP is required to file Statement of Account and Solvency and Annual Return annually.
LLP have the option to declare one more address within the jurisdiction of same ROC (other than the registered office) for getting statutory notices/letters etc. from Registrar.
Foreign LLP can establish a place of business in India by filing Form 27 giving the particulars of incorporation of foreign LLP, details of designated partners/ partners of that foreign LLP and details of at least two authorised representatives for complying with regulation of LLP act
