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LLP REGISTRATION SERVICES OVERVIEW IN KOMARAM BHEEM
Limited Liability Partnership (LLP) is a type of partnership formed under the Limited Liability Partnership Act, 2008. This act came into the picture from the year 2009. It is used as an option to individuals opting to conduct business or work in the corporate sector. Most people opt for LLP as it is flexible and the operations are also suitable. It is formed when an agreement is made among its partners which is a mutual one. LLP can also be registered online. Even though it is a kind of partnership, The Indian Partnership Act,1932 does not apply to the Limited Liability Partnership. There is also foreign direct investment allowed in the LLP. Consult the Best Lawyer Online Now Features of LLP It has a separate existence in the law. Different from its partners. It has a perpetual succession, i.e. it is still into the picture when either of the partners passes away. All the partners are bound by an agreement stating their rights and duties. No partner is held liable for the acts of others. Fewer compliances and less time required to form LLP They need to maintain their accounts annually and they need to file a statement of solvency and statement of accounts with the registrar. However, some might be exempted by the registrar to do so based on classes. There are few important things to know about LLP which are as under: Benefits of LLP 1. Easy to enroll Since you are a business and searching for another beginning, at that point you will be happy to realize that enrolling in an LLP is simple and smooth. The prerequisites for LLP enlistment are easy and straightforward. The essential prerequisite is that out of the 2 partners one should be a resident of India. The enrolled office ought to be inside the domain of India. 2. No base capital prerequisite for LLP There are no base capital necessities in LLP. You can begin your business even with Rs.8000 capital. This is on the grounds that individuals ordinarily face the capital emergency in the initiation. Further, the expense of enrolling the LLP is likewise very less. 3. Easy to work LLP is the least demanding type of business as there are very few commitments on the accomplices. All the obligations and duties of accomplices are referenced in the association deed. It is not difficult to capacity and lead. In a private restricted organization, you involve board goals to be passed for taking any decision; however, there is no such commitment in LLP. 4. Lesser compliances than Private Limited Company Whenever you have enrolled in an LLP there are relatively few compliances you need to follow. For new organizations, it is an ideal beginning. There are no such complications or any kind of compulsion to hold the Annual General Meeting, The General Meeting, and the Extraordinary General Meeting and so on, which imposes lesser compliances as compared to Private Limited Company. Correspondingly, the partners can go to a choice and put together their interior administration commonly which will be in the LLP Agreement. All it takes are only two forms namely, Form 8 and Form 11. 5. Separate individual according to the law As a different lawful element, you have the ability to make a lawful move under the LLP and not the partners. An LLP can sue and be sued by others. Accomplices are not obligated on account of LLP in any legitimate case. 6. Personal resources stay safe The partners are shielded from the obligations of the LLP. As such, the partners won't be at risk exclusively for the obligations of the business. This is an additional illustration of restricted obligation. 7. Partner not at risk for the activities of another accomplice The law says that in the event that in an LLP an accomplice submits a cheat, at that point the other partners won't be held at risk for his activities. Similarly, if any of the partners was careless or thoughtless and some misfortune was brought about then that specific partner needs to bear the misfortunes. 8. Separate CIBIL Score In LLP, an accomplice is a specialist of the business henceforth the CIBIL score of business and accomplices are unique. The accomplices alone will have an alternate CIBIL score and the LLP will have extraordinary. Along these lines, regardless of whether the accomplices have an awful CIBIL score, the same will not have an accident on the CIBIL score of the LLP. 9. Loan to accomplices In the Company demonstration, an organization can't give credit to its chiefs as it is restricted by law. No, when it comes to an LLP, this isn't the situation. Under LLP, the business can give credit to its partners if the equivalent is allowed by the LLP arrangement. 10. Easy to Shut down In the event that something turns out badly in LLP and you intend to stop the business/association, you can do as such without numerous guidelines. The shutdown of an LLP can be either intentionally or by the board. Get in touch with the Best Lawyer Online
Minimum Requirements
Minimum 2 people are necessary to constitute an LLP. But there is no such standard for maximum people or partners.
There is no clause of minimum capital. The amount which is mentioned in the agreement shall be its minimum capital.
At least one person, who is one of the partners, should be a resident of India.
The most important requirement is that the name of the LLP shall be a one of its kind names and shall not have been used before by any LLP or firm carrying out business.
Steps To Obtain LLP registration Number IN KOMARAM BHEEM
- Digital Signature Certificate (DSC)
- Application of DIN (Director Identification Number) and DPIN ( Designated Partner Identification Number):
- Name Approval and Reservation with ROC:
- MOA & AOA submission:
- Get Incorporation Certificate of LLP
- Appeal for PAN, TAN, and Bank account
- Register for LLP Agreement
Before starting the process of registration, you must enroll for the DSC of the designated partners of the proposed LLP. Applying for DSC is important because the registration process of LLP is done online and requires Digital signatures.
After applying for DSC the next step is to enroll for DPIN and DIN application for the proposed Partners of the LLP. Within 5 to 7 working days, DPIN and DIN, The application for allotment of DIN have to be made in Form DIR-3.
The Name of the LLP should be cross-checked with the ROC and the trademark registry to avoid any infringement of someone else Trademark or Other Company /LLP Name. The application for the Name approval of LLP is submitted in Form RUN-LLP. It is an online application, where two names in order of preference can be filed with a note on the significance of the Name and the business activities.
Once the name is approved, it is essential to draft the Memorandum of association and Articles of Associate. Both documents are registered with the MCA with the agreement statement.
The form for incorporation is FILLIP(Form for incorporation of Limited Liability Partnership) which must be registered with the Registrar who has jurisdiction over the state in which LLP’s registered office is located.
Then one requires to apply for PAN and TAN. Incorporation certificate, MOA, AOA and PAN can be submitted with the bank for opening your bank account.
LLP agreement looks after the mutual rights and duties between the LLP and its partners.LLP agreement must be registered in Form 3 which is to be submitted in 30 days of the date of incorporation.
Estimate Time REQUIRED FOR LLP REGISTRATION
LLP formation starting from obtaining DSC to Filing Form 3 takes around 15 days subject to availability of all the documents.
Documents Required for LLP REGISTRATION
Every document required must be self-attested.
Passport size photographs of the partners.
Any ID proof issued by the government of India (for eg. Aadhar, Voter id, etc)
PAN card
Address proof of the partners.
Bank Account details
Office details
Permanent address of the partners
Partnership agreement
If the office is a rented premise, then all the documents such as rent agreement, electricity bill, etc shall be attached. If it is personally owned then the sale deed, electricity bill should be attached.
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FAQ
LLP registration procedure is the easiest and transparent procedure as it has a blend of the benefits of a company and partnership firm namely, limited liability feature of a company and the flexibility of a Partnership firm.
LLP name availability is an essential part of an online LLP registration. The name of an LLP is reserved through a web-based form named “LLP-RUN” (Reserve Unique Name). The partners can give a maximum of 2 names in preferential order to reserve the name. The registrar may ask to re-submit the application with different names if the proposed names do not fall under the criteria.
LLP Agreement is an agreement carried out by all partners after LLP incorporation in India. The agreement includes all the clauses related to business, including the rights, roles, duties, and responsibilities of partners in LLP.
LLP does not have directors, however, there must be at least two individuals to be appointed as Designated Partners, out of which one must be an Indian resident.
GST is required only if the total turnover of an LLP is surpassing Rs. 20 lakh in a financial year orders enrollment for a seller or specialist organization under this law. Nonetheless, for vendors leading business in north-eastern conditions of India, a total turnover surpassing Rs. 10 lakh orders a registration. Hence, Gst is required for an LLP.
A person who is elected as the designated partner shall obtain a Designated Partner Identification Number (DPIN). Such identification number shall be obtained from the Central Government. If a person has been issued a DIN, then that DIN shall also function as a DPIN for this act. But, in case a person acquires both DIN and DPIN, then the DIN would prevail in such cases. The DPIN acquired by the designated partner shall be entered into Form.4 and thus informed to the registrar.
Basically, MOA means the memorandum of Association. It contains the certain powers of the company and the purpose for the establishment of the company. Whereas, AOA means the Articles of Association. They contain various rules and regulations for governing the company. One of the advantages of LLP is that it has more freedom and flexibility in case of its formation. An LLP doesn't have a Memorandum and Article of Association. All things considered, you can alternatively, however prudently, make an agreement as a Limited Liability Partnership.
As stated earlier filing the statement of accounts, Annual returns at the end of each financial year are compulsory for an LLP. They must be filed with the apex authority Ministry of Corporate Affairs(MCA). Also, filing of income tax is considered statutory compliance. Following are the same in detail:
1.Annual Return
Every LLP must file annual returns online with the MCA at the end of every financial year. Such is to be filed in two forms namely form 8 and form 11.
These two forms are important in case of filing an annual return.
Statement of Accounts and Solvency.Must be filed within 30 days at the end of every 6 months of the financial year.
It must be duly signed by the designated partners. It must be certified by a Chartered Accountant, Auditor, or Company’s Accountant.
It contains the Annual Form. All the details of the partners must be included in this form. Year finishing for LLPs is 31st March of every year. Hence, LLPs need to record the LLP Form 11 at the very latest 30th May each year. You should record Form 8 alongside the expense, within 60 days of the financial year.
2.Books of Account
It is necessary for an LLP to maintain its books of accounts. Such accounts shall be either on cash or an accrual basis. Before 31st March which is the end of the financial year for the LLP, they must keep their accounts ready and submit as and when required. If an LLP has a turnover of more than 40 lakhs, then it must get the statement of accounts properly certified by a practicing Chartered Accountant. Denial of the same would attract a penalty of either Rs.25,000 or anything up to Rs.5,00,000.And separate fine would be imposed on the designated partner between Rs.10,000 up to Rs.1 lakh.
The Answer is Yes. It is the third and the most important compliance of LLP. The cutoff time to record the tax return for an LLP that is needed to get his books audited and certified is 30th September. For LLPs where such auditing is not required, the due date for recording the expense is 31st July. Such filing can be done online.
The LLP whose Turnover exceeds Rs.40lakh and whose capital is more than Rs.25 Lakhs need to get the books of record examined by a Chartered Accountant.
Limited Liability Partnerships (LLPs) which are needed to record Form 3CEB (LLPs which have gone into global exchanges) can do their expense filing by 30th November. LLPs should record their annual expense form in Form ITR 5. The structure could be submitted online through the income tax site with the assistance of the partner who is chosen for a computerized digital signature. LLP tax payments can be made in actual mode through picked banks or e-installment mode.
Just those LLPs whose yearly turnover surpasses Rs. 40 lakhs or whose sum surpasses Rs. 25 lakhs are needed to get their records audited by a certified Chartered Accountant.
Who is responsible for the compliance of LLP and appointment of the auditor?
It is the primary duty of the delegated partners to delegate an auditor, and they can choose:
Whenever for the first financial year yet inside 30 days before the finish of the Financial Year. Auditor to top off the vacancy that is casually brought about by the removal of the past auditor.
Whenever designated partners neglect to choose an auditor in an LLP inside an endorsed time span at that point partners will reserve the privilege to complete the arrangement
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