Limited Liability Partnership
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Overview - Limited Liability Partnership
Limited Liability Partnership (LLP) is a legal entity governed by the Limited Liability Partnership Act of 2008. Its partners are only liable to a certain extent. In the case of an LLP, there are two partners, there is no minimum capital investment requirement, and one of the partners must be a resident of India, i.e., he must be staying or has previously been in India for at least 182 days. In India, LLP is commonly used for small firms. However, because LLPs are not permitted to issue equity shares, they are unable to raise funds from the general public. We can help you form an LLP in a short amount of time.
The most significant advantage of an LLP over a Pvt Ltd Company is that there are fewer compliance requirements than with a corporation.
Minimum Requirements to Incorporate a Company
Minimum Two Person
Register your Limited Liability Partnership with at least two persons to act as the initially designated partner in the LLP. There is no limit on the maximum number of partners.
One Designated Partner
Designated Partner of the LLP should be resident in India. A Person is considered a resident when it stays in India for over 182 days during the previous financial year.
The LLP Act does not prescribe any minimum or maximum capital as such; hence you may keep the capital/contribution of the LLP as per the LLP Business requirement.
The LLP needs an address for its incorporation; we require the proof of the registered address not older than 2 months and the NOC from the registered address owner.
Benefits of Limited Liability Partnership
DISTINCT LEGAL RECOGNITION
LLPs are considered as different legal entities, which means that the partners and the LLP are legally distinct.
RAISING CAPITAL / MONEY
It might be challenging to finance a small business, such as a sole proprietorship or partnership, at times. As a regulated entity similar to a corporation, an LLP can raise funds from private equity investors, financial institutions, and other sources.
The LLP is not required to pay the income tax surcharge. Furthermore, it is exempt from paying tax on profits transferred to partners, but the Company must pay tax on dividends distributed to its shareholders.
NO MANDATORY AUDIT REQUIREMENT
Only businesses with an annual turnover/contribution of more than Rs 40 lacs/Rs 25 lacs are required to have their accounts audited annually by a chartered accountant in an LLP.
EASY TRANSFERABLE OWNERSHIP
It is simpler to transfer ownership in accordance with the LLP Agreement’s stipulations.
An LLP that is incorporated has a perpetual succession. Regardless of whether or not the LLP’s partners change, the LLP will remain the same entity with the same privileges, immunities, estates, and possessions.
Documents / Information Required
The documentation requirements for company registrations are straightforward and practical. Under MCA, you must have the following documents:
Documents of the Company's Director
- PAN Card of directors
- Aadhar Card of directors
- Passport size Photo of directors
- Address Proof ( Bank Statement, Electricity Bill, Telephone Bill, Mobile Bill. (Anyone, not older than 2 months).)
- Proof of Identity (Driving License, Voter ID card, Passport (Anyone).)
Proof of the Company's Registered Office Address
- NOC form landlord
- Latest electricity OR any other utility bill in the name of the owner
- Rent /Agreement (If Rented)
Steps & Procedures
Complete Roadmap of Process of Private Limited Company Registration.
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Submit or Upload The Required Documents
Will Create DSC & the DIN Number of Directors
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Congratulations! You've registered your company. Cert. will mailed
Frequently Asked Question
Which act of Indian govt. oversees the LLP registration process in the country?
The Limited Liability Partnership (LLP) registration in India is overseen by the provisions of the Limited Liability Partnership Act, 2008 with the guidelines of the Ministry of Corporate Affairs (MCA).
can a LLP get foreign investors?
Definitely! Angel investors can lawfully be enticed to invest in India through registered limited liability partnerships (LLPs). According to experts, it is one of the most significant advantages of forming an LLP in the country.
how much time does it take to register a LLP ?
What is the minimum requirement of capital to register a LLP?
Do you provide services in kolkata ?
Yes, Fintore India is an online platform that serves all of India. No matter where you do business, all you need is an internet connection on your phone or computer, and we'll take care of the rest.
Do i need to physically present for the process ?
No, you do not need to be physically present for the process; Fintore India is an online catering platform; all you need is an internet connection on your phone/computer and the relevant paperwork, and we can do the task regardless of where you are in India.