The perfect structure for professional services firms such as financial advisories and ad agencies.
WHAT IS LLP REGISTRATION?
Limited Liability Partnership (LLP), introduced only in 2008, has quickly become a popular legal structure for businesses. Its main improvement over the General Partnership is that, as the name indicates, it limits the liabilities of its partners to their contributions to the business and also offers each partner protection from the negligence, misdeeds or incompetence of the other partners. The LLP is also cheaper to incorporate than a private limited company, requires fewer compliances and can be a smart choice from a tax perspective. However, if you’re looking to raise venture capital or attract talent with employee stock options, private limited is the way to go as LLPs cannot easily accommodate it. This is why they are most popular with professional services firms (web designers or architects, for example) that require no equity funding.
ADVANTAGE
- In an LLP, only the amount invested in starting the business would be lost. Partners are not personally liable for all this debt all; so there personal property would be safe.
- An LLP only requires audited annual returns to be filed if it has a turnover of greater than Rs. 40 lakh or capital contribution of over Rs. 25 lakh.
- There are some important advantages over the private limited company. For example, Dividend Distribution Tax and tax surcharge don’t apply. Loans to partners are also not taxable as income.
DOCUMENTS REQUIRED TO REGISTER LLP REGISTRATION
- Scanned copy of PAN Card or Passport (Foreign Nationals & NRIs)
2. Scanned copy of Voter’s ID/Passport/Driver’s License
3. Scanned copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill.
4. Scanned passport-sized photograph Specimen signature (blank document with signature [partners only])
MINIMUM REQUIREMENTS FOR LLP REGISTRATION
- Scanned copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill
2. Scanned copy of Notarised Rental Agreement in English
FAQ
How many partners should be there to start an Limited Liability Partnership?
There should be at least a minimum of 2 partners to start a Limited Liability Partnership.
Who can become a partner in an Limited Liability Partnership?
Any individual or body corporate may be a partner in a LLP including Foreign national/NRI. There must be atleast one of the partner shall be a resident of the director.
Do I need to physically appear before the registrar to incorporate my LLP?
No, you do not have to make any appearance or visit before the registrar. It is an complete online process regardless of your location of business. You simply have to send us all the scanned copies of the required documents to initiate the process.
How much do I need to invest start an LLP?
For LLP, no minimum capital is required to invest unlike in PVT or OPC companies. LLP You can start with a share capital as low as you wish.
For which business/service category, LLP can be selected?
Generally, LLP is a best option for professionals like Doctors, Lawyers, Chartered Accountant, Designers or others professionals,
Can Foreign Nationals/NRI’s can become director in a Limited Liability Partnership?
Yes, Foreign Nationals/NRI’s can become director in a Limited Liability Partnership subject to a minimum Indian partner.
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