Limited Liability Partnership (LLP)

Private Limited Company Registraton

A Limited Liability Partnership (LLP) Company is a legal entity separate from that of its partners, it shall have a perpetual succession and any change in its partners shal not effect the existence, rights or liabilities of the LLP.A foreign citizen or a resident individual or body corporate can become a partner or designated partner in the company if there is atleast one resident partner or designated partner in the LLP.


Key Features of a LLP


v  It is a separate legal entity

v  Only individuals or body corporates can be partners in LLP

v  LLP will have minimum 2 partners

v  LLP will have minimum 2 designated partners who are individuals and one of them must be a resident of India.

v  Only individuals or nominees on behalf of the bodies corporate can act as designated partners.

v  The maximum number of directors can be 15

v  A designated partner will give a prior consent to act as such

v  A designated partner will be responsible for all compliances of the LLP and would be liable to all penalties for any contravention

v  The liability of shareholders is limited

v  No limit on maximum number of partners

v  Minimum contribution of the partners will be Rs 1

v  If turnover of LLP exceeds, in any financial year, forty lakh rupees, or contribution exceeds twenty five lakh rupees,then it needs to get its accounts audited.

 

Taxation LLP Company


LLP Company is taxed as a Partnership Firm.For AY 2017-18,tax rate for LLP Company is 30%.There is a surcharge of 7% or 12% (depending on turnover) on the tax amount. Further,there is an education cess and secondary and higher education cess of 3% on tax and surcharge amountTax payable by LLP cannot be less than 18.5 per cent (increased by Surcharge, EC and SHEC) of "adjusted total income" (Alternate Minimum Tax).

 

Annual ROC Compliance for LLP Company


A LLP Company has to file annual returns with the Registrar of Companies (ROC) listed as below:

v Form 8 (Statement of Account & Solvency) - on or before 30th October

v Form 11 (Annual Return of Limited Liability Partnership - LLP) - on or before 30th May

 

How the business is registered as LLP?


v  Obtain DSC and DIN for the Designated Partners

v  Get the proposed name approved for the LLP using Form 1

v  Apply for LLP Registration using Form 2 and get Certificate of Incorporation

 

Documents we require from you for Company Formation

 

Proof of Identity, Residence proof, PAN, Adhaar, Passport (for foreign national) and Photograph of proposed partners(s)

v  Proof of address of registered office of LLP (Conveyance/ Lease deed/Rent Agreement etc. along with rent receipts) 

 

What you get after Company Formation?

  

v Certificate of Incorporation of LLP

v 2 DSC and 2 DPIN for the Partners


Our fees and time taken


Fees – Rs. 9,900/-  (including govt. fees and stamp duty upto a certain limit)

Time Taken – 15-20 days (if all documents are available)




LLP Blog Articles

 

Refer to our popular Blog Articles related to Pvt Ltd Company

1. Regisration of LLP Company 

2. Compliances for a LLP Company