LLP Registration in India is one of the most dependable corporate business solution. LLP Registration fees is also reasonable. As per the terms of this business, you easily fetch benefits of limited liability and flexibility of partnership business. In other means, you can also consider it to reap the benefits of both business wings while maintaining transparency in management and keep the scope of expansion open like a company. Compliance requirement for LLP is also low as well as you have to file less returns in comparison with other options. It is important for you to know that audit is not required for any LLP until turnover reaches Rs. 40 Lac. and Capital touches the figure of Rs. 25 Lac. In addition, compliance is based on the inputs given by the partners. These entire points combine together to make it the first choice for small businesses. This convenience is available since 2009 and minimum two people are required to start the LLP.
You essentially need two partners to start the LLP. However, number of partners can be increased to the number of your choice.
Partners essentially have to decide on the Capital of LLP on the basis of requirements of business. Govt LLP Registration fees is also an important element to consider.
It is essential for any LLP to have an Indian resident as designated partner. Any person is eligible for it if he/she stays in the country for 182 days in a FY.
Every LLP is unique in its own way. For the same reason, you are supposed to come with a fresh name & idea. They should not match with anybody.
DSC is no less than physical or paper certificates in any way. The process of issuance of digital signature for the director of the company automatically starts when you apply for LLP registration in India. In order to ensure smooth processing for the issuance of digital signature, you are supposed to submit Photo, ID, Address Proof or other required documents along with registration form.
Registrar of companies provides permanent number as a unique identification number to the directors of a company or designated partners of LLP. According to the rules of The Company Act, 2013, nobody can hold the office of director without DIN. An application for DIN essentially has to be filed to ROC along with Photos, Attested ID, Address Proof duly attested by CMA, CS or CA.
Name of your LLP business must be unique. It should not show resemblance to logo, trademark or brand name to any existing LLP in any way. After procuring DSC and DIN, an application essentially has to be filed to ROC for name approval. Registrar possesses all the powers regarding approval of name. In order to reduce the possibility for any kind of confusion while deciding the name, you can talk to our representatives.
In order to get benefitted with the timely issuance of certificate of incorporation, you essentially have to comply with each and every step. At the time of filing spice E-Form, you also have to attach the details of DIN, Name Approval, and Documents regarding incorporation. It is also important for you to know that only one name can be suggested in spice form. Certificate of incorporation always remains the conclusive proof for registration of company.
All partners of any LLP agree themselves on mutual rights, profit sharing, capital contribution ratio and other vital points. This agreement is known as the LLP agreements. After signing the agreement all partners are required to make copy and keep one each. One copy also has to be submitted with the ROC within a period of maximum 30 days of starting the LLP. After this period, partners will be penalised with Rs. 100 per day.
Income Tax Department of India allots Permanent Account Number (PAN). It consists alpha numeric number up to 10 places. In order to comply with TDS rules, every tax payer essentially has to procure Tax Deduction Account Number. These identification numbers prove of utmost use therefore never snub their requirement on any terms. As the last step, you need a bank account in any of the scheduled banks for transaction.
Aadhaar Cards and PAN Cards of owner/ directors/ partners.
Electricity Bill/ Rent Agreement or Letter of Consent (NOC).
Letter of Authorization for signatory
Bank statement/ Cancelled Cheque
Partnership is a formal arrangement in which two or more parties cooperate to manage and operate a business.
The limited liability partnership act was introduced in 2008. According to this act, the partners who participate are liable for liabilities in proportion to their contribution to the business.
A private limited company is a type of privately held small business entity. This type of business entity limits owner liability to their shares, limits the number of shareholders to 50.