When 2 or more person joint together to start a business under partnership but they want to get limited liability protection.
The idea behind LLP is to promote those small business who have potential to grow and simple to maintain their compliances and regulations at the same time providing limited liability to its partners.
LLP gives both the benefit of corporate and partnership with limited liability of partner - The partners have right to manage the business but in corporate the shareholders don’t have right to manage the business in Private Limited Company.
Separate legal entity- It governed under Limited Liability Partnership Act, 2008.
Having feature of both Company as well as Partnership.
There is no maximum limit of partners in LLP.
No Statutory Audit- In case of turnover does not exceed Rs. 40 lacs or capital contribution doesn’t exceed Rs. 25 lacs.
Easy to incorporate and manage.
No Minimum Capital Requirement- Unlike in companies there is no minimum requirement of capital contribution.
Limited Liability- Member has Legally responsible to a limited amount of debts of company.
Perpetual Succession- LLP will exists in eyes of law even in case of Death, Insolvency, Bankruptcy of its any memberLow cost of compliances & Statutory complexity in less than company.
Tax Advantage- Dividend distribution tax and tax surcharge doesn’t apply also loans to partners does not attract tax.
There is no capping in partner’s remuneration unlike in company act.
Collection of DocumentsPAN
Bank Statement ( Latest two months)
ID Proof (Aadhar/Voter ID/DL /Passport etc.
Apply for Digital Signature (DSC) & Designated Partner Identification (DPIN)Application of DSC and DPIN is the initial phase which taken about 1-2 working days.
Name Approval Minimum 1 and Maximum 6 Name can be submitted basis on preference subject to name guidelines and availability of such name. Name shall be approved in 2-3 working days. We will prepare necessary documents for ROC filing.
Filing Forms with ROCPost completion of Name approval we will file forms with Registrar of Companies (ROC) for approval.
Incorporation Certificate & PAN/ TANA certificate of Incorporation is issued by MCA within 2-3 working days along with PAN & TAN.
Preparation of Partnership DeedOnce the certificate of incorporation (COI) issued we will draft partnership deed and this shall be signed by all the partners then file with Registrar of Companies (ROC).
* 1. PAN | 2. Bank Statement ( Latest two months) | 3. ID Proof (Aadhar/Voter ID/DL /Passport etc. | 4. Address proof (Telephone bill/ Electricity bill/ /Aadhar/Passport) | 5. Photograph of Partners | 6. Business premises proof (Electricity Bill/ House tax Bill/ Water Bill) | 7. Rent agreement & NOC of Landlord if premises not owned ( Format provide by Business Neev)
500+
200+
15Years
