Limited Liability Partnership (LLP) is quite a popular legal structure for businesses. The main advantage of having LLP over General Partnership Firm is it limits the liabilities of its partners to their contributions to the business and also offers each partner protection from the negligence, misdeeds or incompetence of the other partners. The LLP is also easy and cheaper to incorporate than a private limited company, requires less compliance and can be a smart choice from a tax perspective.
All we need :
KYC of all Partners and Address proof of the LLP.
Apply for LLP name reservation and taking approval for LLP name
Preparation of agreement of LLP
Apply for PAN/ TAN
All we need is :
Scanned copy of PAN Card or Passport (Foreign Nationals & NRIs)
Scanned copy of Voter❜s ID/Passport/Driver's License
Scanned copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill
Scanned passport-sized photograph
Specimen signature (blank document with signature [partners only])
Scanned copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill
Scanned copy of Notarised Rental Agreement in English
Scanned copy of No-objection Certificate from property owner
Scanned copy of Sale Deed/Property Deed in English (in case of owned property)
In LLP, all the partners have limited liability, so in case of any dispute or discrepancy, only amount invested in the business will be lost and all personal property would be safe.
If LLP has a turnover of greater than Rs.40 lakh or capital contribution of over Rs.25 lakh than only LLP requires audited annual returns to be filed.
Since, Dividend Distribution Tax and tax surcharge don❜t apply on LLP, this results in Tax Advantage.
1. I need to be physically present during this process?
It❜s a totally based on online process all you need to submit the document to us, and there is no need of physical appearance
2. How much time is needed for setting up a private limited company in India?
After submission of all documents, normally it takes 15 days to incorporate the company
3. What are the rules for picking a name for a private limited company?
There all following rules regarding name approval:
The name must not be identical with name of existing company.( like u can apply for name of your company TATA because its already in existence)
The name should not be offensive. ( its not hurt sentiment of any religious of person).
IT should not used any symbol, name of public office, government❜s department and offices.
Your brand name and company name can be different. (For example: PAYTM IS BRAND NAME OF COMPANY ONE97 COMMUNICATION.)
4. What documents are required to complete the process?
All the director must have photo proof and address proof along with the proof of registered premises.If the registered office is situated in one the director premises or other person premises the an NOC must be filled that he had no objection on company registered office situated at his place.
5. What is a DSC?
Because the company registration is totally online process so the document must be sign digitally, A DSC is a electronic signature of the person which can used to filled electronic document.
6. Does a private limited company have continuous existence?
A Private company has one of the feature is Perpetual succession; it should go continuously without being effected by its member existence.
7. How much does it cost to run a private limited company?
It totally depend on the person running the company, the mandatory cost of running is Audit of company and annual account filling normally it takes 10-15 k, but if you want accounting and other aspect the cost can be 30000 PA or depend upon the turnover of the company.
8. Is it necessary to have a company❜s books audited?
Yes as per company act every company accounts must be audited by Chartered Accountant by a member of Institute of chartered accountants of India and company should appoint within 30 days auditor of the company.
9. What are articles of association and memorandum of association?
These are the bye laws of the company it should contain rules and regulation of the company or we can say charter of the company, it simply define Mission, vision, rules relating to the company