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Following is the list of all types of LLP Forms in India:
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FiLLiP Form: This form is used for the incorporation of LLP in India.
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Run LLP: This form is used for reserving a name for the LLP.
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Form 3: Details regarding LLP Agreement.
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Form 8: Statement of Account & Solvency.
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Form 11: Annual Return of LLP.
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Form 24: This is the application to the ROC for striking off the name of LLP.
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What is a “Limited Liability Partnership” or “LLP”?
LLP or Limited Liability Partnership has become a popular form of organization among entrepreneurs in India. A Limited Liability Partnership gives the benefits of a Company & a Partnership Firm. An LLP in India is a Partnership Firm established by at least 2 Partners who enter into an LLP Agreement. However, the LLP Partner have limited liability and the LLP has perpetual succession just like a Company.
What are the advantages of registering an LLP in India?
The advantages of registering an LLP in India include: Limited Liability: Partners' liability is limited to the extent of their contribution to the LLP. Separate Legal Entity: The LLP is a separate legal entity from its partners, allowing it to own assets, incur liabilities, and enter into contracts. Flexibility in Management: Partners have the flexibility to manage the LLP as per the LLP agreement without adhering to stringent regulations. No Minimum Capital Requirement: There is no minimum capital requirement to start an LLP. Tax Benefits: LLPs enjoy certain tax advantages and exemptions, such as not being subject to dividend distribution tax.
Benefits of LLP Registration in India?
The following are the benefits of LLP Registration in India: Low Cost and Less Compliance: The overall cost of establishing a Limited Liability Partnership is low compared to the cost of registering a Private or Public Limited Company in India. The compliances to be followed by the LLP are also low. The LLP needs to file only 2 Statements yearly (i.e., an Annual Return and a Statement of Accounts and Solvency. Liabilities are limited: Limited Liability Partnership provides a limited liability benefit to all the designated partners. In case of s business insolvency or loss, the partners’ liability is restricted to the capital contribution as per the LLP agreement. Moreover, one partner is not held responsible for the actions of negligence/misconduct of any other partner. Separate Legal Existence: Just like a Company, an LLP has a separate legal entity. The Limited Liability Partnership is different from its partners. An LLP in India can sue & be sued in its own name. The Contracts are signed in the name of the Limited Liability Partnership (LLP) which helps to gain the trust of various stakeholders & gives the customers and suppliers a sense of confidence in the business. Tax Benefits: It is also exempted from various taxes like DDT (Dividend Distribution Tax) & Minimum Alternative Tax. The tax rate on LLP is less than that of the Company. No Minimum Capital: For the LLP formation in India, no minimum capital is required. No minimum capital contribution is required from partners. An LLP can be incorporated even with Rs. 2000 as a total capital contribution.
What are the key steps involved in registering an LLP in India?
The key steps involved in registering an LLP in India are: Obtain Digital Signature Certificate (DSC): Partners must obtain DSCs for signing electronic documents. Apply for Director Identification Number (DIN): Partners need to apply for DINs, which can be done through the LLP registration process. Name Reservation: Submit the desired LLP name for approval through the RUN-LLP service on the MCA portal. Filing Incorporation Documents: File Form FiLLiP (Form for incorporation of LLP) with required documents, including the LLP agreement. Obtain Certificate of Incorporation: Once the application is verified and approved, the Registrar of Companies (ROC) issues the Certificate of Incorporation. Filing LLP Agreement: The LLP agreement must be filed within 30 days of incorporation using Form 3.
What are the Features of an LLP in India?
The following are the features of an LLP in India: It’s a body corporate & legal entity separate from its members; The members of an LLP have a limited liability, limited to their agreed contribution to the LLP; It has the organizational flexibility of a Partnership; It has a perpetual succession, it continues to exist even after the founding partners leave the organization. All it requires is to have at least 2 partners; Its accounting & filing requirements are similar to that of a Company; Less compliance and regulations; No requirement for minimum capital contribution; At least one partner must be a resident of India; There is no upper limit on the maximum number of Partners.
How many partners are required to form an LLP in India?
To form an LLP in India, the following requirements must be met: Minimum Partners: An LLP must have at least two partners. These partners can be individuals or corporate entities. Designated Partners: Among the partners, at least two must be designated partners, and one of them must be a resident of India (having stayed in India for at least 182 days in the previous calendar year). Maximum Partners: There is no upper limit on the number of partners in an LLP, which makes it an ideal structure for growing businesses that wish to add partners over time. Legal Entities as Partners: Both individuals and legal entities (e.g., companies, LLPs) can be partners in an LLP, providing flexibility in structuring ownership and management.
What is the advantage of LLP?
You may proceed ahead with LLP registration owing to its wide range of benefits such as no capital requirement, a minimum of two directors, less registration cost, less complex process, etc. The following are the advantages of LLP Registration in India: Low Cost and Less Compliance: The overall cost of establishing a Limited Liability Partnership is low compared to the cost of registering a Private or Public Limited Company in India. The compliances to be followed by the LLP are also low. The LLP needs to file only 2 Statements yearly (i.e., an Annual Return and a Statement of Accounts and Solvency. Liabilities are limited: Limited Liability Partnership provides a limited liability benefit to all the designated partners. In case of s business insolvency or loss, the partners’ liability is restricted to the capital contribution as per the LLP agreement. Moreover, one partner is not held responsible for the actions of negligence/misconduct of any other partner. Separate Legal Existence: Just like a Company, an LLP has a separate legal entity. The Limited Liability Partnership is different from its partners. An LLP in India can sue & be sued in its own name. The Contracts are signed in the name of the Limited Liability Partnership (LLP) which helps to gain the trust of various stakeholders & gives the customers and suppliers a sense of confidence in the business. Tax Benefits: It is also exempted from various taxes like DDT (Dividend Distribution Tax) & Minimum Alternative Tax. The tax rate on LLP is less than that of the Company. No Minimum Capital: For the LLP formation in India, no minimum capital is required. No minimum capital contribution is required from partners. An LLP can be incorporated even with Rs. 2000 as a total capital contribution.
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What is LLP annual Compliance and know more Benefits about LLP annual Compliance?
LLP Partnership Annual Compliance A Limited Liability Partnership (LLP) is a kind of partnership in which all or some partners have limited liabilities. It can so demonstrate elements of both the entity type that includes partnerships and corporations. LLP is seen as a good alternative form of corporate business known to provide individuals with the advantage of the flexibility of a partnership and the limited liability of a company. The Annual Compliance needs you to file the following two LLP forms: • Annual Returns • Statement of Accounts or financial statements Mandatory Compliance for an LLP Filing mandatory compliance for LLP is a complex task. You can hire Valcus for the same. We are experts in doing the work of filing compliance and assure satisfactory services always. LLP compliances after incorporation Soon after the incorporation of a limited liability partnership, you are liable to abide by the LLP compliances after incorporation in India. Some of the necessary and common LLP compliances after incorporation are: • PAN application is to be submitted immediately because it is a mandatory document useful to open a bank account and obtain other documents. • Bank account opening – for the registered LLP a current bank account needs to be opened on high priority for the business transactions • Form 8 (Statement of Account and Solvency) • Form 11 (Annual Return of LLP) • Filing of Income Tax Return • Mandatory Audit of Accounts • KYC of appointed partners For More Details Visit Online Valcus Pvt Ltd
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What are the benefits of LLP Compliance in India?
Following are some benefits of LLP Compliance in India: 1 : Easy Closer and Conversion of LLP: For the LLP Conversion into any other organization or company, annual filing is very important. Regular compliance records ease the conversion task. The same applies in the case of LLP Closure. Even if the Limited Liability Partnership was non-operational, the Registrar may ask to fulfill LLP Compliance, with an additional LLP filing fee (if applicable). 2 : Avoid Penalties: With an intention to avoid huge penalties & fees, regular filing of forms protects Partners from being declared as defaulters. It also avoids further disqualification of contracts. Hence, Limited Liability Partnership needs to fulfill the Annual Compliance requirements. The non-fulfillment of LLP Compliance adds up in the form of heavy penalties till the actual date of filing. 3 : High Credibility: Legal Compliance is the main requirement for any business in India. The status of the LLP Annual filing is shown in the Master Data of the Limited Liability Partnership on the MCA portal & any individual can access the same. For loan approvals or any other requirements, compliance is a primary criterion to measure the Company’s Credibility. 4 : Financial Worth Record: The Forms filed by the Limited Liability Partnership are accessible by Companies. Hence, while entering into major projects or contracts, the concerned party may also inspect the financial worth. The annual filing provides its financial worth record & capacity to an interested individual or party. 5 : Greater Reputation: A vital requirement for any company is legal compliance. Anyone can access the Master Data of the LLP on the MCA portal to check the current status of the LLP Annual Filing. Compliance is a key factor in determining how trustworthy an organization or a Company is when approving loans or other needs of a similar nature.
What is the population of Shiboleth LLP?
Shiboleth LLP's population is 25.
