Online Limited Liability Partnership Company Registration (LLP) In India
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LLP Registration
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WHAT IS LIMITED LIABILITY PARTNERSHIP (LLP) REGISTRATION?
Limited Liability Partnership (LLP) Registration as the name suggests defines limited liability to its partners. Thus it has features of both, a corporation and a partnership. One partner is responsible for only his own actions and not the actions of his partner. LLPs are governed by Limited Liability Partnership Act(LLP Act), 2008.
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DOCUMENTS REQUIRED FOR LLP REGISTRATION
| PAN Card of Directors | PAN card of all partners. | Address proof of all partners. |
| Utility Bill of the registered office | A No-Objection certificate from the landlord | A copy of the rental agreement. |
| Get your DSC |
ENTITY COMPARISON GUIDE
| TYPE | PROPRIETORSHIP | PARTNERSHIP | LLP | PVT | OPC |
|---|---|---|---|---|---|
| Members | Maximum 1 | 2-20 | 2- Unlimited | 2-200 | 1 |
| Legal Status of Entity | Not Considered as separate Legal entity | Not Considered as separate Legal entity | Considered as separate Legal entity | Considered as separate Legal entity | Considered as separate Legal entity |
| Members Liability | Unlimited Liability | Unlimited Liability | Liability of its members is limited | Limited to the extent of share capital | Limited to the extent of share capital |
| Registration | Not Compulsory | Optional/ Can be Registered under partnership Act 1932 | Registered Under MCA | Registered Under MCA | Registered Under MCA and Companies Act 2013 |
| Transferability Option | Not Allowed | Not Allowed | Can Be Transferred | Can Be Transferred | Allowed to only one person |
| Taxation | As in Individual | 30% of Company Profit | 30% of Profit Plus CESS and Surcharges applicable | 30% of Profit Plus CESS and Surcharges applicable | 30% of Profit Plus CESS and Surcharges applicable |
| Annual Filings | Income Tax Returns with the Registrar of companies | Income Tax Returns with the Registrar of companies | Filed with the registrar of the company | Filed with the registrar of the company | Filed with the registrar of the company |
CURRENT ACCOUNT OPENING
A current account is a type of deposit account that helps the professionals and businessmen to run their business. Businessmen can avail various benefits by Online Current Account such as:
- Unlimited transactions
- Customized features
- Online banking services
Online current account reduces the hassle and provides the benefit to complete the banking process anytime and anywhere.
FEATURES OF LLP
- LLP company is treated like any other partnership firm for taxation purposes
- One of the partners in LLP company,must be an Indian
- Registrar of Companies registers and controls LLPs in India
- No partner is liable on account of the independent or unauthorized actions of other partners, thus allowing individual partners to be shielded from joint liability created by another partner’s wrongful business decisions or misconduct.
- Liability is limited to each partner agreed upon contribution to the LLP company in India.
ADVANTAGES OF LLP REGISTRATION
- Legal Recognition:
LLPs are treated as separate legal entities so the partners and LLP are distinct from each other in the eyes of the law. - Minimum capital:
There is no requirement of minimum capital to start a limited liability partnership. - Number of Members:
Only two members are required to form Limited Liability Company while there is no limit on maximum number of partners in LLP. - Auditing:
Auditing of LLP in India is required only if contribution exceeds 25 lakhs or annual turnover exceeds 40 lakhs. - Organisation Structure:
It is easier and flexible to manage organisational structure of LLP as compared to other company structures. - Taxation:
Dividend distribution tax and Minimum alternative tax is not applicable on LLPs and thus it is an added advantage. - Owning a property:
an llp in India can own a property as it has separate legal recognition in the eyes of law.
- Legal Recognition:
LLP REGISTRATION FAQS
LLP is a Limited Liability Partnership which has features of both, a partnership and a corporation and partners have limited liabilities and are governed by Limited Liability Partnership Act 2008.
Minimum two people are required to form LLP and there is no limit on maximum number of partners.
Yes. There are some tax benefits for LLP like Dividend distribution tax and Minimum alternative tax.
When single person runs a business then such kind of business is called as proprietary business, and the owner of the business is called as proprietor.
When single person runs a business then such kind of business is called as proprietary business, and the owner of the business is called as proprietor.
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