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Limited Liability Partnership
- A Limited Liability Partnership (LLP) is a business entity that bonds the features of a partnership and a corporation. It provides its partners with limited liability protection while retaining the flexibility and tax benefits associated with a partnership.
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Jan 11, 2024 · A Limited Liability Partnership (LLP) is a business entity that bonds the features of a partnership and a corporation. It provides its partners with limited liability protection while retaining the flexibility and tax benefits associated with a partnership.
- What is the major advantage of LLP?The major advantage of an LLP firm is that all the partners’ personal assets are not subjected to inception or action as they are all limited to th...
- What is the purpose of LLP?LLP allows you to have the benefits of a limited company and is also flexible of a partnership at the same time. LLP can continue to exist even if...
- How many partners are needed in an LLP firm?An LLP must have at least 2 partners, to begin with; It can scale up to more than 50+ partners. However, you can run your LLP business for a maximu...
- Is GST required for LLP?No GST is not mandatory to file an LLP. Eventually, you will be required to submit your GST details during taxation based on your turnover and serv...
- What is the tax percent in LLP?LLP firms are subjected to a 30% tax, similar to a partnership firm. The partners are expected to file their tax returns on 30%.
May 31, 2021 · An LLP is a form of business organization that has become popular among entrepreneurs as it gives the benefits of a private limited company (such as limited liability and separate legal entity) along with flexibility offered by a traditional partnership firm.
Jul 5, 2021 · The Limited Liability Partnership Act, 2008 (LLP Act) does not provide an exhaustive definition. Sub-section (n) of section 2 of the Act states that “limited liability partnership” means a partnership formed and registered under this Act.
Oct 18, 2023 · The partners are the LLP owners and manage the LLP business. A partner in an LLP is a manager and an owner, while in a Pvt Ltd company, the owners, i.e. shareholders, do not have managerial powers. In a Pvt Ltd company, the management is different from the owners. The board of directors manage the company business.
- Features of LLP
- LLP Registration Process
- Documents Required For LLP Registration
- Checklist For LLP Registration
- Cost Involved For LLP Registration
- Time Involved For LLP Registration
It has a separate legal entity just like companies.Minimum two persons should come together as partners to establish LLP.There is no upper limit on the maximum number of partners.There must be a minimum of two designated partners.Step 1: Obtain Digital Signature Certificate
Before initiating the process of registration, you must apply for the digital signature of the designated partners of the proposed LLP. This is because all the documents for LLP are filed online and are required to be digitally signed. So, the designated partner must obtain their digital signature certificates from government recognized certifying agencies. Here is a list of such certified agencies. The cost of obtaining DSC varies depending upon the certifying agency. Also, you should obtain...
Step 2: Apply for Designated Partner Identification Number
You have to apply for the DPIN of all the designated partners or those intending to be designated partners of the proposed LLP. The application for allotment of DPIN has to be made in Form DIR-3. You have to attach the scanned copy of documents (usually Aadhaar and PAN) to the form. The form should also be signed by a Company Secretary, Chartered Accountant or Cost Accountant in full-time practice. Only a natural person can be a Designated Partner of an LLP. Hence, the DPIN can be obtained by...
Step 3: Name Approval
RUN-LLP (Reserve Unique Name-Limited Liability Partnership) is filed for the reservation of the name of the proposed LLP which shall be processed by the Central Registration Centre. But before quoting the name in the form, it is recommended that you use the free name search facility onMCA portal. The system will provide the list of closely resembling names of existing companies/LLPs based on the search criteria filled up. This will help you in choosing names not similar to already existing na...
A. Documents of Partners
1. PAN Card/ ID Proof of Partners– All the partners are required to provide their PAN at the time of registering LLP. PAN card acts as a primary ID proof. 2. Residence Proof of Partners – Partner can submit any one document out of voter’s ID, passport, driver’s license, utility bills not older than 2 months or Aadhaar card as residence proof. Name and other details as per residence proof and PAN card should be exactly the same. 3. Photograph – Partners should also provide their passport size...
B. Documents of LLP
1. Proof of Registered Office Address: Proof of registered office has to be submitted during registration or within 30 days of its incorporation. 1.1. If the registered office is taken on rent, a rent agreement and a no-objection certificate from the landlord has to be submitted. No objection certificatewill be the consent of the landlord to allow the LLP to use the place as a ‘registered office’. 1.2. Besides, any one document out of utility bills like gas, electricity, or telephone bill mus...
Minimum of two partners.DSC for all designated partners.DPIN for all designated partners.Name of the LLP, which is not similar to any existing LLP or trademark.You can file for LLP registration online through the ClearTax LLP Registration Plan. Partnership Firm Registration Plan amount – ₹8999* The LLP Registration Plan amount includes the following services: * Price shown above may vary. Please click hereto contact our experts for complete pricing details
LLP formation starting from obtaining DSC to Filing Form 3 takes approximately 10 days, subject to departmental approval and revert from the respective department. Let our experts manage your taxes and business compliances, while you do what you do best! For more information on documents required for partnership registration click here.
Jun 30, 2021 · A limited liability partnership (“ LLP ”) is generally viewed as an alternative corporate business vehicle that provides the benefits of limited liability but allows its members the...
Aug 19, 2022 · INCOME TAX ACT, 1961. As per Income Tax Act, LLP are liable for 31.20% Tax on its Net Profit after deducting Partners remuneration and Interest if any. As per Income Tax Act, Partners are allowed to take 60% of “Book Profit” as Partners remuneration in case of Book Profit is more than Rs.3 Lakhs, otherwise Rs.1.50 Lakhs or 90% of Book ...
