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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.

SERVICE INCLUDES

  • 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

DOCUMENTS REQUIRED

  • 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

FAQ

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.
An LLP agreement is one that is made between the partners and the LLP regarding the relationship between the individual partners in the LLP. An LLP agreement usually consists of management policies, inclusion of new partners, policy making strategies, and so on.
No, New LLP registration is a fully online process. As all documents are filed electronically, you would not need to be physically present at all. You would need to send us scanned copies of all the required documents & forms.
A minimum of two designated partners are required to start an LLP. The designated partners are responsible for fulfilling all the essential requirements involved in starting and running an LLP.
The DSC is an instrument issued by certifying authorities (like TCS and n-Code are two of them) by which you can sign electronic documents. As all documents needed are electronic, partners need a DSC.
Any individual, or even a company or an LLP, can become a partner. However, only an individual can become a ‘designated partner’ in an LLP.
Both general partnerships and LLPs are taxed at flat rate of 30%.

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.
Accounts of an LLP are required to be audited when the turnover is Rs. 40 lakh or more or when the total capital contribution is Rs. 25 lakh or more.

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.
Liability- In a general partnership firm, partners are personally liable for debts of the business which means that even their personal property may be used to settle the firm’s debts. Whereas, the liability of partners is limited in case of an LLP.

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.
Yes, it is much cheaper to run an LLP than a private limited company, particularly in your early start-up days. This is because many compliances, such as an audit, apply to LLPs only after their turnover is sizeable. Most LLPs spend about half as much as a private limited company in their first year on registrations and compliance work.
Yes, one can register the company at their residential address.
One requires to submit the utility bill copy of the same and Owner of the House Needs to give NOC to use the Same.
Yes, it is a good to register a family member as a partner. At a later stage one can change this or transfer shares of the directors.
Yes, a salaried person can become the director in private limited, LLP or OPC private limited company. One needs to check the employment agreement if that allows for such provisions. In a lot of cases, the employers are quite comfortable with the fact that their employee is a director in another company.
Taxwix can incorporate a LLP in 7-10. The time taken also depends on the relevant documents provided by the applicant and the speed of approvals from the government. To ensure a speedy registration, kindly pick a unique name as the proposed Company name and also ensure that you have all the required documents prior to the starting of the registration process.