Register Your Limited Liability Partnership (LLP)
- LLP Registration Most popular form of Business entity for professionals
- Flexibility of addition and deletion of partners
- Lower incorporation cost as compare to Pvt Ltd Co.
- Lower annual ROC filing cost as compare to Pvt Ltd Co.
- No dividend distribution tax
- No minimum alternate tax
- No Audit required if Turnover is less than Rs 40 lakhs and capital is less than Rs 25 lakhs.
- Liability of Partners are limited as compare to traditional partnership firm
Inclusions in LLP Registration package
Digital Signatures Certificates (DSC) of 2 Partners
Director Identification Nos. (DIN) of 2 Partners
Company name approval certificate
PAN & TAN Registration
Assistance in opening current account in Bank
Time Involved in the Process of LLP Registration
- Approx. 12-15 working days till getting Incorporation certificate
- Approx. 8 working days in getting PAN/TAN
- Approx. 5 working days in opening bank account
Documents Required for Limited Liability Partnership (LLP)
At what rate LLP is taxed in India
LLP is taxed @ 30 % on profit. No slab benefit available.
- In traditional firm, liability of partners are unlimited. In LLP, liability of partners are limited.
- Any property may be purchased in name of LLP but not in case of traditional partnership.
- Registration of LLP is compulsory whereas registration of partnership firm is optional.
- Minimum 2 Designated Partners. Can be even family members or relatives or friends. Should be major.
Every LLP should have at least 2 designated partners. Both should be individual. One Designated partner can be foreigner but not both. In case, LLP has 2 body corporates as partners then in that case, either partners of LLP or nominee of body corporate should become designated partners.
Yes, provided other designated partner is resident in India.
No limit. Can be started with even Rs 10,000
Firstly, Apply for Digital signature of all Partners, Secondly apply for DIN of all Partners
Thirdly apply for name approval/reservation, then file MOA, AOA and apply for incorporation. Finally get the certificate of LLP Registration India.
- You need to apply for PAN and TAN no. of company, thereafter open current account in bank and deposit paid up share capital money.
- In case you are into trading business, you would also require VAT/Sales Tax registration i.e TIN no. [Upto Rs 25 lakh local sales in Delhi, not mandatorily required to get VAT registration. However, in case of interstate sale and purchase there is no exemption]
- In case you are into service industry providing services, you would also require Service Tax registration. [Upto Rs 10 lakh annual sales, not mandatorily required to get Service tax registration.]
- In case you want to do import export, you would also require Import Export License called as IEC code. Some other licenses are required depending upon type of industry and nature of work.
- Normally, LLP has to do following compliances:
- Accounting or Book keeping [On daily basis]
- VAT/CST return to be filed online quarterly [In case of trading concern if TIN no. is taken]
- Service tax return to be filed online half yearly [In case of service providers if service tax no. is taken]
- Sales tax/VAT, Service tax, TDS, Excise duty has to be deposited monthly
- TDS returns of Salary paid and vendor payment is to be filed quarterly, if applicable
- Excise return needs to be filed monthly/quarterly [In case registration taken]
- Financial audit has to be got done by CA and audit report needs to be collected in case annual Turnover is more than Rs 40 lakhs.
- Tax audit has to be got done by CA and audit report needs to be collected in case annual turnover is more than Rs 1 crore in case of trading business or Rs 25 lakh in case of professional business.
- Balance sheet and Profit and Loss account and other financials need to be prepared and maintained.
- Income tax return of LLP needs to be filed online annually before 30th September
- ROC returns (approx. 2 in nos.) needs to be filed annually
- Other need based compliances.
- Advance tax needs to be paid periodically
EZYBIZ India provides one window solution to all the aforesaid compliance. No need to hire separate Company Registration Consultants in Delhi for aforesaid work. We also send timely reminders to clients about due dates.
Yes, you need to file NIL returns, prepare balance sheet and profit and loss account even in case of none or less transactions
- MCA has released Limited Liability Partnership (Amendment) Rules, 2016 vide Notification which shall come into force on the date of their publication in the official Gazette.
- MCA issues Limited Liability Partnership (Amendment) Rules, 2016. Form 14 (intimating Registrar of Firms, for conversion of firm into LLP) revised. Notification of 13.4.16.