Running your business with partners? Register as Limited Partnership Firm and Limit your liability with auditorsaab.com
Includes Government Fees and Stamp Duty upto 1 Lakh Capital Contribution by Designated Partners
Limited Liability Partnership firm (LLP) is a new concept in firm registration where partners get limited liability protection. This plan is designed to help you register your business as an LLP. Other services like assistance in appointment of auditor, advisory on other government registrations are also covered in the plan.
Who should take this package?
Minimum two joint business owners
Companies, body corporates or already existing partnerships
LLPs registered outside India
Startups and SMEs looking for carrying business with minimal legal formalities
What services are covered in this plan?
Filing of E-forms with the Registrar of Companies (ROC)
Includes Government Fees and Stamp Duty upto 1 Lakh Capital Contribution by Designated Partners
Complementary Udhog Aadhar Registration
Photo ID proof of partners - E.g: PAN or passport and Aadhar card
Address proof of partners - Passport or telephone bill or Aadhar card
Specimen signature
No objection certificate from the owner
Ownership proof - This is your property sale
Rent agreeement of your registered office
Purchase of Plan
Arrange basic documents of partners
Fill in an online form with accurate information
Apply for Digital Signature and DIN of Partners
Prepare all Legal Documents
Apply to name availability of the proposed LLP
File Incorporation
What is an LLP?
A Limited Liabilty Partnership firm (LLP) is a hybrid structure between a partnership firm & a private limited company where the business is carried out in a corporate framework, guided by terms of the mutually adopted partnership deed.
What is the minimum capital requirement for LLPs?
There is no minimum capital contribution requirement. It can be registered even with Rs. 100 as total capital contribution.
Does the Income Tax Act treat partnership firms and LLPs differently?
Both general partnerships and LLPs are taxed at flat rate of 30%.
All the other income tax act provisions apply similarly except that general partnership firms are covered under presumptive taxation scheme i.e if turnover is below Rs. 2 crore in business or Rs. 50 lakh in case of profession, there is no need to maintain books of accounts or get accounts audited whereas, LLPs are explicitly not covered.
What kind of start-ups commonly register LLPs?
Typically, only start-ups that will not be looking for venture capital funding register LLPs. This is because venture capitalists only invest in private and public limited companies.
Is it cheaper to run an LLP than a private limited company?
Yes, it is much cheaper to run an LLP than a private limited company, particularly in your early start-up days. This is because many compliance, such as an audit, apply to LLPs only after their turnover is sizable. Most LLPs spend about half as much as a private limited company in their first year on registrations and compliance work.
