We are Upgrading our site! Learn more
Register your Limited Liability Partnership
A Limited Liability Partnership (LLP) is a type of business structure in India which combines the benefits of a partnership and the limited liability of a company. It allows partners to have limited liabilities, protecting their personal assets from business debts.
Affordable |
Quality |
Expertise
Goods and Bads
Limited Liability Partnership comes with its own pros and cons which is very important for decision making purposes
Advantages
- Limited Liability Protection for partners
- Separate Legal Entity
- Flexibility in management
- No minimum capital requirement
- Less compliance burden compared to a private limited company
- Perpetual succession
Disadvantages
- Not suitable for raising equity capital
- Transfer of ownership can be more complex
- Compliance requirements, though less than a private limited company, still exist
- Partners cannot act as employees
Process
Step by Step Process
Digital Signature Certificate (DSC)
Obtain DSC for proposed directors/partners of the company.
Director Identification Number (DIN)
Apply for DIN for the proposed directors.
Name Check
Choosing a unique company name will save huge time as it will increase chances of approval by Ministry of Corporate Affairs (MCA) or one should go file RUN (Reserve Unique Name).
Incorporation Filing
File the incorporation documents including MOA and AOA with the MCA.
Review and Approval
Once after the review, the MCA might either accept or raise queries regarding your application.
Tax and Compliances
Following are the Compliances that will be required
Income Tax
LLPs are taxed as a partnership firm in India. The income of an LLP is taxed at 30%.
Annual Filings
LLPs must file annual returns and statement of accounts with the Registrar of Companies (ROC).
GST Registration
If the LLP's turnover exceeds the threshold limit, it needs to register for Goods and Services Tax (GST) and comply with regular GST filings.
Audits
An audit is mandatory if the LLP's turnover exceeds Rs. 40 lakhs or the contribution exceeds Rs. 25 lakhs.
Documents Required
Following are the documents that will be required
Identity Proof
Copies of PAN card, passport, voter ID, or driver's license of the designated partners.
Address Proof
Copies of recent utility bills, bank statements, or rental agreements for the office address.
Photographs
Passport-sized photographs of the designated partners.
Proof of Registered Office
Lease deed or sale deed along with a NOC from the landlord.
Deliverables
The service package includes a comprehensive list of deliverables which includes the following.
Certificate of Incorporation
Permanent Account Number (PAN)
Tax Deduction and Collection Account Number (TAN)
LLP Agreement
Digital Signature Certificate (DSC)
Director Identification Number (DIN)
Frequently Asked Questions
Answered all frequently asked questions, Still confused? feel free to contact us.
Is physical presence required during the process?
No, physical presence is not required. Scanned copies of all the required documents & forms will hold good to complete the procedure online. Also, we at Taxkriya, always encourage faceless and paperless process in all our services. We also provide video/ audio call support at your convenience.
Generally, how many days will it take to get a company incorporated?
If the name availability and all the documents are in line with the registrar's expectations, within 15 days we will be able to get the approval. However, for name availability, you can avail the best support from our team of experts.
How about procedures on converting an already existing partnership firm to a LLP?
All existing partnership firm willing to get converted into an LLP have to apply through Form 17 (Application and statement for the conversion of a firm into LLP. Along with that, the Form 17 needs to be filed along with Form 2 (Incorporation document and Subscriber’s statement).
Why is it so difficult for the name approval of our choice?
According to the procedure, Registrar of Companies (ROC) expects the applicants to follow the proper naming guidelines. And also sometimes, the approval depends and varies on the opinion of the officer verifying your application. However, for name availability, you can avail the best support from our team of experts.
How much should we need to pay as government fee for registration?
Presently, there is no government fee if the authorised capital is less than Rs.15 lakhs. However, stamp duty is chargeable as per respective state government stamp duty provisions.
When should one get a Commencement of Business certificate after the incorporation process is gets completed?
Every company shall file for commencement of business with Registrar within 180 days from the date of incorporation. Before that every subscribers should bring subscription capital into companies' accounts.
Does a LLP require to be renewed every year?
Not at all. After the LLP is formed, it will remain valid till it is officially wound up. But, annual returns and other compliances has to be followed by the LLP every year.
What is meant by LLP Agreement?
LLP Agreement is byelaws or rules on which important matters such as main business of the LLP, capital or meetings is fixed. It is a legal document prepared by Company Secretaries during its registration.
Is it possible to change the office address of LLP post Incorporation?
Yes, once after incorporation, LLP office address can be changed anytime.
Are NRI's are allowed to start an LLP business in India?
Yes, non-resident Indians and foreign nationals can start an LLP in India, provided, one of the designated partners in an LLP should be a Resident in India. After submitting the necessary documents with notarization from the respective authorities in their country in which they stay, NRIs can get registered as designated partners in the LLP.
Why it is cheaper to run an LLP than a private limited company?
This is mainly because annual compliances, such as audit, applies to LLPs only after their turnover exceeds the prescribed amount.
When does an LLP should get mandatorily audited?
LLP's Accounts has to be audited by a Chartered Accountant only if the turnover crosses Rs.40 lakh or contribution exceeds Rs.25 lakh.
What are the applicable Income Tax rates for an LLP?
Income tax is applicable to LLP @ 30.90% on net profit of the company.
What is the importance of MOA & AOA of company?
MOA stands for Memorandum of Association and AOA stands for Articles of Association. These both are the byelaws or rules based on which signifant aspects like main business of the company or meetings is being decided. These legal documents are prepared by Company Secretaries during incorporation of the Company.
What is the minimum capital of the company required to start the incorporation of the company?
There is no minimum requirement as paid-up capital, it can be as low as Rs. 10,000
Hear from the Entrepreneurs
Here is a jist of what some of our customers had to say about our services. We tend to work relentlessly to create smoother experiences for the clients.
Jalal JC3 Property Store Private LimitedWonderfull service in minimum charges. I recommended to who want register your company and need of all official services. Taxkriya is the best choice.
Krishna ChaitanyaCognikey Technology Solutions Private LimitedTaxkriya is a wonderful experience for me they helped me to do smooth process in forming company for me and very friendly persons who takes our inputs and also suggest which is best for us.
Ganta Sai AkhilSketchz engineering LLCI genuinely recommend Taxkriya and found this as one of the smoothest process in forming an LLC. The support from the team was absolutely good and support from Mr. Gowtham was purely exceptional.