What is Limited Liability Partnership?
Limited liability Partnership is a combination of both partnership and corporation i.e. it gives the benefits of limited liability of a company as well as the flexibility of a partnership. Nowadays it has become very popular form of business as many entrepreneurs are opting this. As the name suggests partners have limited liability in the company which means that personal assets of the partners are not used for paying off the debts of the company. It is exempted from various taxes such as dividend distribution tax and minimum alternative tax. No compulsory audit required where the turnover of the company does not exceeds Rs. 40 lakhs or where the contribution exceeds Rs. 25 lakhs. The minimum amount of fees for incorporating an LLP is Rs. 500 having paid-up share capital of Rs. 1 lakh.
Limited Liability Partnership Advantages:
» Easy to form with payment minimum fees
» Liability is limited i.e. Partners are not liable to pay the company’s debts for their personal assets.
» The LLP’s existence is not affected by the death, retirement or insolvency of the partner.
» It enjoys taxation benefits i.e. exemption from dividend distribution tax and minimum alternative tax.
» Audit is not required where the turnover of the company does not exceed Rs. 40 Lakhs or where the contribution does not exceed Rs. 25 Lakhs.
» Complete our LLP Form
You need to fill our simple LLP Online Questionnaire and submit LLP documents.
Obtain DSC and DPIN for LLP
After submitting your documents, we will provide you with Digital Signature Certificates (DSCs) and Designated Partner Identification Number (DPIN)
» LLP Verification & Name Approval
Details provided by you will be verified & then we shall apply for LLP Name Approval.
»» The Reserved name shall be valid for 20 days from the date of Name Approval.
2 Working Days »»»•••
» LLP Document Submission
We will create all the required documents (including LLP Agreement) and file them with ROC on your behalf.
3 WORKING DAYS
Your work is Completed
Once your LLP is incorporated, we shall send you the LLP Certificate along with DSCs.
» Passport size Photograph of all the Proposed Partners.
» Copy of PAN Card of all the Proposed Partners.
» Copy of Aadhaar Card/ Voter Identity Card/Driving License/Passport all the Proposed Partners. (In case the Partner is having DPIN)
Copy of Voter Identity Card/Driving License/Passport all the Proposed Partners. (In case the Partner is not having DPIN)
» Copy of Rent Agreement (if rented property)
Copy of Property Papers (If owned property).
» Electricity / Water Bill (Business Place; not older than 2 months).
» Landlord NOC (Format will be Provided).
» Board Resolution in case Body Corporate is admitted as a Partner (Format will be Provided).
» Subscription Sheet signed by all the Proposed Partners (Format will be Provided).
» List of LLP(s)/ Company(s) in which Partner/Designated Partner is a Director/Partner (Format will be Provided).