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A Limited Liability Partnership firm (LLP) is a hybrid structure between a partnership firm & a private limited company where the business is carried out in a corporate framework, guided by terms of the mutually adopted partnership deed.
Limited Liability Partnership (LLP) in India took shape after January 2009, making it an instant success with startups and professional services. Limited Liability Partnership Registration, governed by LLP Act 2008 combines the benefits of a partnership with that of a limited liability company. LLP was introduced to provide a form of business that is easy to maintain and to help owners by providing them with limited liability.
- Name Application Through RUN (Reserve Unique Name)
- DIN No Application
- PAN & TAN
- Drafting LLP Deed
- Incorporation Through Spice Forms
- GST Registration
- Bank A/c Opening Guidance
- Photo ID proof of partners ( Any one of Voter ID or Passport or Driver License )
- Address proof of partners (Any one of electricity bill or bank statement or landline bill or mobile bill )
- Specimen signature
- No objection certificate from the owner
- Ownership proof ( This is your property sale deed )
- Rent agreement of your registered office
All the other income tax act provisions apply similarly except that general partnership firms are covered under presumptive taxation scheme i.e if turnover is below Rs. 2 crore in business or Rs. 50 lakh in case of profession, there is no need to maintain books of accounts or get accounts audited whereas, LLPs are explicitly not covered.
The auditor of an LLP is appointed annually by the designated partners.
The first auditor is appointed before the end of the financial year. Subsequent appointment or reappointment of the auditors is made one month before the closing of the financial year by the designated partners.
Immunity against wrong doings of other partners- Under LLP structure, partners are not responsible for negligence or misconduct of other partners whereas in general partnership firms, partners can be held responsible.
One requires to submit the utility bill copy of the same and Owner of the House Needs to give NOC to use the Same.