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What Is Limited Liability Partnership (LLP) ?
A Limited Liability Partnership (LLP) is a kind of partnership in which some or all partners have limited liabilities. It therefore can exhibit aspects of both partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner’s Act, misconduct or negligence.Key Advantages of LLP ?
- LLP is an combination of Company and Partnership that gives the benefits of limited liability of a company and the flexibility of a partnership.
- The LLP can continue its existence (Perpetual succession) irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name.
- The LLP is a separate legal entity, is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP Agreement.
- Further, no partner is liable on account of the independent or un-authorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s wrongful business decisions or misconduct.
- Mutual rights and duties of the partners within a LLP are governed by an agreement between the partners or between the partners and the LLP as the case may be. The LLP, however, is not relieved of the liability for its other obligations as a separate entity.Steps to Register an LLP in India ?
Steps to Register an LLP in India ?
- Obtaining of DSC and DIN of partners
first we have to obtain the Digital Signature Certificates (DSC) of the LLP’s proposed partners and Apply for their Director Identification number (DIN) by filing form DIR-3.
- Application For Name Approval
The second step we have to take is to apply & reserve the desired name of LLP.
- Filing of LLP Incorporation form & Documents
filing of E-Form FiLLip with MCA with required documents. All the documents should be digitally signed with the Digital Signature Certificate (DSC) of all the proposed Partners and Designated Partners.
- Drafting of LLP Agreement
we draft your LLP agreement But the signing of the agreement is to be made at Local Jurdiction with Notary stamping & payment of Stamp duty fee (by Client).
- Apply For PAN & TAN.
After getting the Incorporation Certificate, We will apply for your LLP’s PAN & TAN with the NSDL.
Documents Required ?
- Partners Documents.
- Passport size Photo
- Pan card
- Aadhaar Card
- Address Proof
- LLP Details
- LLP Desired Name
- Profit sharing ration
- Registered Address + Proof
Other Registrations require by LLP ?
1. Goods & Services Tax (GST).
It is Mandatory for businesses to register in GST as regular taxable persons if their annual turnover exceeds the threshold limit of Rs. 40 lakhs ( For Goods) or Rs. 20 lakhs ( For Services), or Rs. 10 lakhs, as applicable for some special cases.
For above mentioned businesses it is mandatory to generate the GSTIN. If the company conducts business activities without registering for GST, it is an offence and the business will face severe penalties. Read more
- MSME / UDYAM Registration.
MSME/Udyam certification is a system for enrolling Micro, Small, and Medium Enterprises (MSMEs), introduced by the Ministry of Micro, Small & Medium Enterprises on 1st of July 2020. Further, the Ministry revises the MSME classification criteria from time to time. Under this system, After successful registration and generation of certificate every company allotted with a 16 digit alphanumeric Number (UDYAM-XX-00-0000000).Read more
- FSSAI Food License.
Food license is a document issued by the Food Safety & Standards Authority of India to all kind of Food Business Operators (FBO) i.e Food Manufacturers, Traders, Restaurant / Hotel Owners, Kirana / fast food Shops, Pan Masala, Nutritional products, Importers/ Exporters etc.
It is a 14-digit unique license number , which has to be quoted on all food packages, Sign Boards, cash counters and Invoices. The License / Registration number is also required even if food products are not packaged or to be use further as raw material. Read more
LLP’s engaged in a business related to food need to register in FSSAI
- Shop & Establishment
In India every state has it own Shop and Establishment Act to regulates the shops and commercial establishments operating within the state.The shops and commercial establishments must be mandatorily apply for registration under your respective state Act. All establishments and business, including the people working and maintaining a business from home (i.e cloud kitchen, hanadcrafts), must obtain a Shop and Establishment Registration Certificate or Shop License (“Certificate”) under the Act. Read more
- Income Tax Filling (ITR)
A Registered LLP having a valid pan need to register under Income tax law through Income tax website & file their annual income tax return (ITR)
6. Importer-Exporter Code (IEC)
IEC stands for Importer-Exporter Code. Allotment of Importer Exporter Code IEC is mandatory for Enterprises engaged in Import and export activities. Failing to obtain IEC can result in penalties or even legal consequences. It is legal proof for business’s having international trade operations. Read more
Registration of IEC is required for Export from India as well as Import in India.
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