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About This service

LLP refers to Limited liability partnership. It is governed by Limited Liability Partnership Act 2008. Limited Liability partnership provides advantage of limited liability to its owners. LLP is an alternative corporate business form which provides benefits of limited liability and flexibility of a partnership business. It offers advantages of bringing simplicity in management to partnership firms and scope of expansion of a company. LLP Registration can be done in Delhi NCR, Bengaluru, Mumbai, Chennai and several other Indian cities. Consult MyTax provides a platform for hassle free registration and fine management of all rules without involving much of your time. You will have a nice experience with us and all your FAQs regarding the registration will be answered.

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Includes/exclude

in service

  • Minimum 2 Partners
  • If a body corporate is a Partner, it has get a person as its Nominee
  • There is no concept of share capital, but each Partner has to contribute towards capital of LLP
  • DIN (Director Identification Number) for all the Designated Partners
  • DSC (Digital Signature Certificate) for all the Designated Partners
  • Address proof for office of LLP
  • PAN Application
  • TAN Registration
  • Issue of Certificate of Incorporation
  • Includes Government Fees and Stamp Duty upto 1 Lakh Capital Contribution by Designated Partners

Whom

it’s beneficial

  • Minimum two directors and two shareholders
  • Companies, body corporates or already existing partnerships
  • LLPs registered outside India
  • Startups and SMEs looking for carrying business with minimal legal formalities

Process

  • Incorporation Documents
  • Digital Signatures and DIN
  • Name Approval
  • Application for Incorporation
  • PAN and TAN
  • LLP Agreement

Information/Documents

needed

  • PAN for all Partners
  • Address Proof of all partners (Passport, Voter Id, Driving License, Aadhar Card)
  • Latest passport size Photographs
  • Registered Office Address Proof (Ownership proof of proposed registered office/ Electricty Bill along with Rent Agreement)
  • Ownership proof
  • Rent agreement of your registered office
  • Copy of Mobile bill, electricity bill or Bank statement
  • Stamp paper for LLP Agreement where LLP is to be Incorporated

Other Information

LLP is the business structure that provides limited liability to its owners. But a LLP has the organizational flexibility of a partnership. Partners of the LLP are able to limit their personal liability if something goes wrong with the business.

What are the Advantages of LLP?

Limited Liability Protection to Partners personal assets : Many times startups need to borrow money. Generally in partnerships, partner’s personal savings is at risk if the startup could not repay the loans. But in an LLP, only investment to start a business is lost. But all the personal assets of the partners are safe.

Better image and credibility in the Market : Limited Liability Partnership is nowadays, a business structure in the startup ecosystem. LLP is preferred over proprietorship partnerships in corporate as well as government agencies.

No Audit Requirement : Statutory audit is not required for LLP. It is most ideal for small enterprises. Tax Audit is also not essential for Limited Liability Partnerships with capital less than Rs. 25 lakh and turnover not exceeding Rs. 40 lakh.

What are the Compliances after LLP Incorporation?

Apply for : PAN and TAN , Tax / Service Tax Registration based on the type of your business.

File : Tax Return on or Before 30th September every year.

Form : Proper Books of Accounts, for statement of Solvency every year within 30 days from the expiry of 6 months from the end of financial year, 11 for Annual Return every year within 60 days from close of Financial Year.

The compliance requirements are relatively less. There are only a few returns to be filed. However for a small LLP, the audit is not required.

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