LLP are rapidly emerging as an alternative to companies and partnership firms which have traditionally been used as forms of business entities.
LLP is a hybrid form of business entity which combines the merits of a company and a partnership.
It provides the benefits of limited liability, greater tax efficiency and allows its members the flexibility of organising their internal structure as a partnership based on a mutually arrived at agreement.
LLP offer tax advantages, can accommodate unlimited number of partners and are credible of being registered with the Ministry of Corporate Affairs (MCA).
At the same time they have fewer compliances than private limited companies and are also significantly cheaper to start and maintain.
It is very important to register your business as LLP as LLP have various advantages from financial and legal compliance point of view.
LLP Registration can be effectively completed by DhanTax (Business Consultant) in Delhi NCR,Kolkata, Mumbai, Bengaluru, Chennai & Bikaner,Tripura and other Indian cities.
If you want to register your LLP then you can consult with DhanTax.
DhanTax expert team will help you with LLP formation procedure and Annual Compliance of LLP.
You need to fill our simple LLP registration form and submit documents for formation of a LLP.
After submitting your documents we will provide you with DSC and DPIN.
Details provided by you will be verified and then we shall apply for name approval.
We will create all the required documents and file them with ROC on your behalf.
Once your company is incorporated, we shall send you all the documents and DSCs.
Advantages of LLP
A LLP is a legal entity registered under the Act.The partners are distinct from the entity and both can sue each other.
In an LLP, only investment to start a business is lost, personal assets of the Partners are safe. The personal assets of the partners are safe if the company goes bankrupt.So it’s entirely a win –win situation for you if you plan to step to head forward with a suffix LLP.
LLP is easy to do all compliances and statutory audit is not required for Limited Liability Partnership.LLP is most ideal for small-Medium enterprises for starting their operations and want to have minimal regulatory compliance related formalities.. Tax Audit is also not required for LLPs with capital less than Rs. 25 lac and turnover not exceeding Rs. 40 lac.
First of all, the partners have to apply for Digital signature and DPIN. Digital signature is an online signature used for filing and DPIN refer to partners PIN number issued by MCA. If the partners already have DSC and DPIN, then this step can be skipped.
You need to provide 3 different options for your company name to MCA of which one will be selected. Names provided should ideally be unique and suggestive of company business.
Once name is approved, one needs to draft LLP Agreement. LLP Agreement are filed with the MCA with the subscription statement and
It typically takes 15- 25 days to form a Private limited company and get the incorporation certificate. Incorporation certification is a proof that company has been created.
Then you need to apply for PAN and TAN. PAN and TAN are received in 7 working days. Post this, you can submit the Incorporation certificate, LLP Agreement and PAN with a bank to open your bank account.
LLP Agreement is bye laws or rules based on which important matters like main business of the LLP, capital or meetings is decided.
This is a standard legal document prepared by Company Secretaries during registration of LLP.
Designated Partner Identification Number (DPIN) is a unique identification number required for a person to become a partner of LLP .
Designated Partner Identification Number (DPIN) is issued by ROC office (Ministry of Corporate Affairs)
It is similar to a PAN Card number.
Designated Partner Identification Number (DPIN) is to be mentioned in documents while appointing a person as partner of LLP.
A digital signature is electronic signature, which is in the form of codes. It is used for signing the electronic forms, filed with ROC for registration of LLP. Digital Signature cannot be used in physical documents.
Once the LLP is formed, it will be valid till it is officially dissolved/surrendered. No renewal or fees is required.
However, every year LLP have to do Annual Compliances related with ROC.
DhanTax can incorporate LLP within 20-30 days.
The time took also depends on relevant documents provided by the applicant and speed of approvals from government.
To ensure speedy registration, please pick a unique name for the proposed Company and make sure you have all the required documents prior to starting the registration process.
You need to start the LLP with current account with a minimum deposit of Rs. 10,000 as Capital.
You can also show this capital has been infused in form of assets such as computers etc.
No, There is no requirement of a proper office.
You can even register your LLP at your residential address.
It is perfectly legal to start the LLP at your house.
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