Limited Liability Partnerships

 

Limited liability partnerships (LLPs) allow for a partnership structure where each partner’s liabilities are limited to the amount hey puts into the business.
Having business partners means spreading the risk, leveraging individual skills and expertise, and establishing a division of labor.

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Basic Plan Includes
• Digital Signature Token for 2 PARTNERS
• DIN for 2 PARTNERS
• AOA, MOA
• MCA fees for Incorporation
• Name Approval of LLP
• Incorporation Certificate
• LLP agreement filing
• LLP agreement drafting
• Company PAN Card
• Company TAN/TDS Number
• Bank Account Documents
• Round Stamp for 2 Partners

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Basic Package Includes = • Digital Signature Token for 2 • DIN for 2 Directors • AOA, MOA • MCA fees for Incorporation • Company Name Approval • Incorporation Certificate • Company PAN Card • Company TAN/TDS Number • Company Round Stamp • Hard Copy of Share Certificate • Directors Round Stamp for 2 • Bank Account Documents

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advantages

Easy To
Register

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Because you are a business and looking for a new start, then you will be glad to know that registering LLP is easy and smooth. The requirements for LLP registration are fundamental and easy to understand. The basic requirement is 2 partners, out of which one must be a resident of India. The registered office should be within the territory of India.

No Minimum
Capital

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There are no minimum capital necessities in LLP. You can start your business even with Rs.5000 capital. This is because people usually face the capital crisis in the commencement. Further, the cost of registering the LLP is also quite less.

Lesser
Compliances

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Once you have registered an LLP there are not many compliances you need to follow. For new businesses, it is the perfect start. Need not to worry about the general meeting, annual general meeting, board meetings etc. So you can conduct your business calmly exclusive of many formalities.
Correspondingly, the partners can come to a decision and organize their internal management mutually which will be in the LLP agreement. Only two forms are required to be filed annually, i.e. Form 8 and Form 11.

No Compulsory
Audit

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All the companies, whether private or public, irrespective of their share capital, are required to get their accounts audited. But in case of LLP, there is no such mandatory requirement. As per the provisions of LLP act, accounts to be audited annually except for LLPs having a turnover less than Rs. 40 lacs or Rs. 25 lacs contribution in any financial year.

Easy To
Operate

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LLP is the easiest form of business as there are not many obligations on the partners and all the duties and responsibilities of partners are mentioned in the partnership deed. It is easy to function and conduct.
In private limited company, you entail board resolutions to be passed for taking any verdict; though, no such obligation is there in LLP, though the decision is still taken by the majority or in consonance with the LLP agreement.

Legal
Entity

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As a split legal entity, you have the power to take legal action under the LLP and not the partners. An LLP can sue and be sued by others. Partners are not liable in the case of LLP in any legal case.

limitations

Restricted Access
to Capital Markets

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Unlike Public Limited Companies, Private Limited Companies are legally restricted from issuing their shares through an initial public offering. As such, they cannot trade their shares on a stock exchange. With this restriction, private limited companies may find it difficult to attract outside investors to buy the shares.

Restriction on
Trade of Shares

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A shareholder of a private limited company typically must seek the approval of the company’s directors before selling or transferring his shares to a new owner, or offer them to existing shareholders.

Increased Legal
Compliance

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Since private limited companies have a separate legal identity from their owners, they must comply with more legal requirements than sole proprietorships and partnerships. For instance, private limited companies must submit annual financial accounts to the Companies House at the end of each financial year and report a number of changes, including appointment of a tax professional, to HM Revenue and Customs.

High Admin
Costs

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As a legal obligation, private limited companies must appoint at least one director, who also may be a shareholder. In many cases, they also hire a company secretary, and other professionals like accountants to ensure accurate reporting and avoid late filing penalties. Since this can increase the general and administrative expenses of a business, it costs more to set up and run a private limited company than it is to be a sole trader.

Limited Personal
Control

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Unlike in sole proprietorships, founders of a private limited company don’t have total control over the entity’s operations. When founders decide to privately issue shares to others, they invite more owners into the business. With reduced control, founders typically cannot make and execute important decisions without consulting with other shareholders.

FAQ's

For simple questions, simple way of answer.

What is LLP company?
LLP is a Limited Liability Partnership that has features of both, a partnership and a corporation and partners have limited liabilities and are governed by the LLP Act 2008.
How many people are required to form LLP?
Minimum two people are required to form LLP and there is no limit on the maximum number of partners.
Are there tax benefits for LLP?
Yes. There are some tax benefits for LLP like Dividend distribution tax and Minimum alternative tax.
How to become a partner in LLP?
Partners are decided during the incorporation of the company and later can increase in number after fulfilling specific conditions to become a partner.
Who can be a partner in an LLP?
Any individual, company or foreign national can be a partner in an LLP.
What is LLP Agreement?
LLP Agreement is a contract between members of an LLP which generally contains all the rules and obligations for the members, member’s investment, regulations regarding the property, profit and loss sharing, the decision-making process of the company among other things.

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