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Documents required for Incorporation:
Details of LLP:
1. Pan and Aadhaar Card of all Partners
2. Mail id and mobile no. of all Partners.
3. Latest electricity bill
4. NOC from the owner
5. Rent agreement -If Rented (Should be on stamp paper, Notarized and signed).
6. Name of the Owner of the Property.
7. Residential address of the owner.
8. Name of the Firm.
9. Name of the authorized person.
10. Any other GST no. (If any).
11. Name of Proposed LLP (2 Names).
12. Initial Investment – By each partner.
13. The Shareholding ratio of Partners.
Details of Partners:
1. Name of all Partners.
2. PAN No. of all Partners.
3. Aadhar of all Partners.
4. ID Proof of all Partners ( MCA accepts only Voter ID, Driving License, and Passport).
5. Address Proof. (MCA accepts only Mobile/ telephone bill, Bank statement, Utility Bill).
6. Passport size Photograph of all Partners.
7. Mobile no. and Mail ID of all partners.
8. Qualification – For each Partner.
9. Occupation – For each Partner.
10. Duration of Stay (at current address).
11. DIN/ DPIN (If any).
What is Limited Liability Partnership?
A Limited Liability Partnership (LLP) is a form of business organisation where the liability held by each of the partners is limited by law. It is a corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in a flexible, innovative, and efficient manner. Since LLPs contain elements of both: a corporate structure as well as a partnership firm structure, they are a hybrid between a company and a partnership (retain the partnership model but are closer to corporations in design and function).
LLP is a body corporate formed and incorporated under the LLP Act, which is a distinct legal entity separate from that of its partners. Introducing LLPs, as a new business structure attempts to fill the gap between business firms such as sole proprietorship and partnership, which are generally unregulated and Limited Liability Companies, which are governed by the Companies Act, 1956.
What are the advantages of a Limited Liability Partnership?
Limited liability protects the member’s personal assets from the liabilities of the business. LLP’s are a separate legal entity to the members.
Flexibility. The operation of the partnership and distribution of profits is determined by written agreement between the members. This may allow for greater flexibility in the management of the business.
The LLP is deemed to be a legal person. It can buy, rent, lease, own property, employ staff, enter into contracts, and be held accountable if necessary.
Corporate ownership. LLP’s can appoint two companies as members of the LLP. In an LTD company at least one director must be a real person.
Designate and non-designate members. You can operate the LLP with different levels of membership.
Protecting the partnership name. By registering the LLP at Companies House you prevent another partnership or company from registering the same name.
What is the minimum number of partners required for formation of a Limited Liability Partnership?
As per section 3 (7), a private limited company may be formed for any lawful purpose by two or more persons, by Subscribing their names to a memorandum and complying with the requirements of the Act in respect of registration. Section 149(1) further lays down that a Limited Liability Partnership shall have a minimum number of two directors. The words LLP must be added at the end of its name by a limited liability partnership.
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Important considerations for the purpose of compliances :
It is mandatory for every LLP to file the return of income irrespective of amount of income or loss.
E-filing of GST returns is to be carried out using digital signature.
As per LLP Act, 2008, every LLP whose annual turnover exceeds Rs. 40 Lakhs or whose Capital contribution exceeds Rs. 25 Lakhs is required to carry out Statutory audit of its financial accounts by a chartered account.
As per Income Tax Act, 1961, every LLP which is doing business and whose annual turnover exceeds Rs. 1 crore is required to carry out Tax audit of its financial accounts by a chartered accountant. This limit is fifty lakh rupees if the LLP is involved in a profession.
A LLP which is liable to get its account audited under section 44AB shall furnish return electronically under digital signature and shall pay tax by e-Payment mode.
Types of compliances :
The statutory compliances for a Limited Liability Partnership firm depend upon various registrations under which the firm is registered. The basic but most important compliances include :
Preparation of financial statements
Tax audit of financial statements, if required as per the provisions
Annual filing of Income Tax Return
Quarterly TDS Return
Monthly/Quarterly/Annual GST Returns
Apart from above, the following compliances are mandatorily required by all LLPs-
The LLP shall be under an obligation to maintain annual accounts reflecting the true and fair view of its state of affairs. A "statement of accounts and solvency" (SAS) in prescribed LLP form 8 shall be filed by every LLP with the Registrar every year.
Every LLP is required to file an ‘Annual Return’ in form 11 with the Registrar of Companies within 60 days of close of the F. Year. The due date for filing LLP Form 11 is 30th of May each Assessment year.
What is DPIN and how to apply for it?
The Designated Partner Identification Number (DPIN) is often interchangeably used with the Director Identification Number (DIN). To become a Designated Partner, you must first obtain the consent of other existing partners and obtain a Class 3 digital signature.
How we make it easy for you through these minimal steps:
Received & solved your query about Incorporation & would guide you through all the further process.
Collecting pending documents from the client's side & then got verified by the legal team & then only we apply the file & updating the client at every step through your convenient mode of communication.
File got approved, updating & sending you the COI & would help you through your further business queries.
Scope of our Services:
A Company Secretary has an important role to play in incorporation of a Private Limited Company. We are ready to serve you through the integrated efforts of our strong team of expert professionals for all your needs pertaining to Incorporation of a Private Limited Company in a systematic and phased manner as outlined below :
Help in applying to RUN (Reserve Unique Name) form to obtain and reserve an appropriate name for the company. This is the first step of incorporating a Private Limited company
We help in applying for DSC and DIN for the directors.
Preparation of all crucial documents, such as, MoA, AoA, financial statements, and other declarations that are required to be filed.
Filing the SPICe form along with prescribed documents.
On receiving a request, our representative shall contact you at the time of your convenience to collect necessary information and documents required for Incorporation of Private Limited Company. He shall act as a front-office Relationship Manager for all communication with you. At the back-office he shall coordinate with our in-house team of professionals comprising of legal experts, Chartered Accountants, Company Secretaries, Document Writers and other junior officers to get the work executed systematically, while remaining in touch with you throughout.
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