BUSINESS REGISTRATION
LIMITED LIABILITY PARTNERSHIP (LLP)
LIMITED LIABILITY PARTNERSHIP (LLP)
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LIMITED LIABILITY PARTNERSHIP (LLP)
Limited Liability Partnership (LLP) incorporates the advantages of a partnership with that of a limited liability advantage, thus shielding its individual partners from the debt of the Company. Limited Liability Partnership will help you form, grow, and maintain your business, whether small or big. You just pick the right name for your business, and Taxkey’s team of experts would help you and guide you throughout the process to register your business for an LLP.
ADVANTAGES OF LLP
ADVANTAGES OF LIMITED LIABILITY PARTNERSHIP
- With LLP, you can possess the vast legal capacity
- You can transfer the shares with ease and acquire, own and alienate the property.
- Once you register LLP, you can experience uninterrupted existence.
- With the registration of LLP, you can get better channels for borrowing funds.
PROCEDURE
WHAT IS THE PROCEDURE FOR A LIMITED LIABILITY PARTNERSHIP REGISTRATION?
Through Taxkey, you can register LLP online.
- STEP 1: The process would begin with acquiring DSCs and DINs for two partners.
- STEP 2: You can check the availability of names in the MCA portal.We review the availability of the name you want to register under and secure it for your LLP.
- STEP 3: We need to draft the documents and LLP agreement for registration.
- STEP 4: We will file the required forms as well as documents with the Registrar. Once all the papers get approved by the Registrar, you get your LLP incorporation certificate.
- STEP 5: No sooner than you get the certificate of incorporation, we will register for the TAN, PAN, and bank account for your LLP.
ELIGIBILITY
WHAT ARE THE ELIGIBILITY CRITERIA FOR A LIMITED LIABILITY PARTNERSHIP?
One must meet the following eligibility criteria for registering as an LLP,
- A minimum of one designated partner must be an Indian resident.
- Individual partners should have an approved contribution towards the shared capital.
- A minimum of two partners are necessary to create an LLP; however, there is no upper limit.
- A natural person should be nominated to represent if the body corporate is a partner.
- LLP must have approved funds of at least ₹1 lakh.
WHAT ARE THE DOCUMENTS NECESSARY FOR REGISTERING AN LLP?
- It would help if you had the identity proof of directors and shareholders.
- You will need the address proof of directors and shareholders
- You shall need the validation of a registered office in India
- You need to provide the signed incorporation documents
- Every LLP must file an income tax return and MCA annual return yearly, even if the LLP is inactive.
- It will be impossible for HNIs’ venture capital, angel investors, and private equity funds to invest in an LLP as stakeholders.
- The income tax rate is 25% for a company whose turnover is Rs.250.
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