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Limited Liability Partnership

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Limited Liability Partnership Registration

Limited Liability Partnership (LLP) is business form which provides benefits of limited liability and flexibility of a partnership business. It is governed and registered under the Limited Liability Partnership Act, 2008 (notified on 31st March 2008) and the rules made there under. Small and Medium Enterprises (SMEs) can function as LLP. It has quickly become a popular choice for services and professional firms like Chartered Accountants, recruiting firms, consulting businesses, etc.

Procedure For Formation Of Limited Liability Partnership Through Popcorn Infotech ?

Benefits Of Formation Of Limited Liability Partnership





(A) Easy and Quick Formation

One of the main benefits of LLP is that the process of forming an LLP is easy and not time-consuming like that of a company.

(B) Easy Transferability

The ownership of a LLP can be easily transferred to another person. However, transferee should be inducted as a Designated Partner of the LLP.There are no restrictions upon joining and leaving of partners in LLP.

(C) Separate Legal Existence

An LLP is a Separate legal entity from its Partners in the eyes of law.It can have a PAN number, bank accounts, licenses, approvals, contracts, assets and liabilities in its unique name.

(D) Perpetual succession

According to the provisions of the Act, the LLP will not be winded up in case of death, retirement or insolvency of a partner. The life of the LLP is not affected by the same

(E) Lower Compliance Requirements

According to the provisions of the Act, regulatory compliance is very less in case of LLP as compared to company form of entity

(F) Limited Liability

Partners’ liability of the LLP is limited and it is limited only to their contribution by them to the LLP.No partner can be held responsible for the conduct of other partners.

(G) No Statutory Audit

There is no audit requirement unless the contribution of the LLP exceeds 25 lakh rupees or the turnover of the LLP exceeds 40 lakh rupees annually.

COMPARE OTHER BUSINESS REGISTRATIONS

Characteristics LLP Pvt. Ltd. Company Proprietary Concern Partnership Firm OPC
Separate Legal Entity
YES

YES

NO

NO
YES
Governing Act Limited Liability Partnership Act, 2008 Companies Act, 2013 No specific Act Indian Partnership Act, 1932 Companies Act, 2013
Registration Mandatory Mandatory Not Reuqired Optional Mandatory
Liability Limited Limited Unlimited Unlimited Limited

No. of Members
2 or more partners 2 - 200 Only 1 2 or more partners, 10 for banking , 20 for non-banking 1 Member and 1 Nominee

Dissolution
With Consent of partners Legal procedures for winding up orliquidation as the case may be The proprietor has the sole authority The proprietor has the sole authority Legal procedures for winding up orliquidation as the case may be

Succession
Remaining Partners A company has perpetual succession Legal Heir Remaining Partners and Legal Heir of deceased partner with consent of other partners Nominee
Filing of financials with regulatory authorities Financial statements are to be filed annually with Registrar of Companies Financial statements are to be filed annually with Registrar of Companies Not Applicable Not Applicable Financial statements are to be filed annually with Registrar of Companies
Filing of forms for creation of charge (in case of loans taken). Required to file adequate forms with Registrar of Companies Required to file adequate forms with Registrar of Companies No legal formalities No legal formalities Required to file adequate forms with Registrar of Companies
Statutory Compliance Annual filing and few event based filings are necessary Apart from Annual filings, it has to comply with various provision laid down, but less compared to public company No compliances and no requirement to file a separate ITR Separate ITR of partnership is filed, else there is no filing requirement Apart from Annual filing, compliances are less compared to Private Company

Audit Compliance
Only if contribution more than Rs. 25 lakhs or turnover exceeds Rs. 40 Lakhs Compulsory Subject to turnover of the firm Subject to turnover of the firm Compulsory

Documents Required For Formation

ADDRESS PROOF FOR LLP
FOR PARTNERS

~ Conveyance/ Lease deed/Rent Agreement
~ NOC from Owner
~ Latest Utility Bill of Registered Office

~ PAN Card
~ Identity Proof ( Aadhar Card, Voter’s ID / Passport / Driving License )
~ Address Proof ( Latest Telephone Bill /Electricity Bill/ Bank Account Statement )
~ Photograph

Packages :

Incorporation

Only Formation

7999

Taxes Applicable

  • 1 Name Approval Application
  • Certificate of Incorporation
  • LLP Deed Drafting
  • LLP Identification Number
  • Digital Signature for 2 Partners
  • DPIN for 2 Partners
  • Commencement of Business Certificate
  • PAN Registration
  • MSME Registration
  • GSTIN Application
  • GSTIN Certificate
  • -
  • -

  • -

  • -
  • -
  • Regular reminders and updates about upcoming Due Dates
  • Phone, Whatsapp & Email Support
  • Incorporation fee and Stamp Duty would be charged additional as per actual*
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Incorporation + Filing

Formation + GST Filing Package

14999

Taxes Applicable

  • 1 Name Approval Application
  • Certificate of Incorporation
  • LLP Deed Drafting
  • LLP Identification Number
  • Digital Signature for 2 Partners
  • DPIN for 2 Partners
  • Commencement of Business Certificate
  • PAN Registration
  • MSME Registration
  • GSTIN Application
  • GSTIN Certificate
  • GSTR-3B Return Filing
  • GSTR-1 Return Filing
  • Unlimited Sales Invoices in Excel
  • Unlimited Purchase Invoices in Excel
  • GST Payment Support
  • Regular reminders and updates about upcoming Due Dates
  • Phone, Whatsapp & Email Support
  • Incorporation fee and Stamp Duty would be charged additional as per actual*
BUY NOW