Limited Liability Partnership (LLP) offer limited liability protection for an association of persons doing business. LLP is ideal for small businesses.
LLP is a new concept in India and also a popular corporate entity amongst professionals and service sector organizations. Basically it’s a mixture of Partnership firm and Private Limited company registration. It has been introduced in India by way of Limited Liability Partnership Act, 2008.
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LLP is a body incorporate and a legal entity separate from its partners having perpetual succession, can own assets in its name, sue and be sued.
Every LLP shall have at least 2 partners.
IN LLP no limit for a maximum number of partners unlike partnership firms.
In LLP must have at least two individuals as Designated Partners of whom at least one shall be resident in India. The duties and obligations of Designated Partners are as provided in the law.
The limited liability partnership (LLP) is legal and separate entity in the eye of law. The Partners of a LLP have no liability to the creditors of a LLP for such debts. The death, bankruptcy or withdrawal of capital by one partner does not affect the LLP’s ability to trade.
The liability of the Partners is only up to the amount that they invested in the LLP. Limited liability protects the personal wealth of partners, and does not put personal assets at risk
There are many allowances and tax deductible costs that can be offset against the profits of a LLP and the tax would be paid after deducting many costs incurred by partner. In addition to that the current level of Corporation Tax is lower than income tax rates.
In the LLP Audit is not mandatory if its turnover is less than Rs. 40 lakh and capital contribution less than Rs.25 lakh.
Partners have flexibility within business ownership under a limited liability partnership. Each partner in the business has the ability to decide how much they want to contribute and how many of partners they truly want to be in the business. Duties are either divided equally or based on the experience of the individual. They are also not obligated to participate in business meetings or consultations with anyone that they do not feel the need to.
The ownership of LLP can transfer to the any person as an ongoing concern. These changes of ownership, saves the time and money.
| DO’S | DON’TS |
|---|---|
| 1 All mandatory compliance should be complied within the time limit. | 1 If mandatory compliance should not complied within the time than penalty is Rs. 100 per day will charged and it will be continue till the filling is done. |
| 2 Any changes made in LLP agreement should be updated in the records of ROC. | 2 Cannot Issue Shares To The Public. |
| 3 Under LLP, it is mandatory to execute and file LLP agreement to ROC. | |
| 4LLP is required to file Form 8 (Statement of Account & Solvency) within 30 days from the end of 6 months of the F.Y. and Form 11 (Annual Return) within 60 days of close of F.Y. |
| Partnership firm | LLP |
|---|---|
| 1 Liabilities of partners are unlimited. | 1 Liabilities of partners are limited to the contribution. |
| 2 Partnership is prevailed by ‘The Indian Partnership Act, 1932’ and various Rules made there under | 2Limited Liability Partnership are prevailed by ‘The Limited Liability Partnership Act, 2008’ and various Rules made there under. |
| 3 Partners are jointly and severally liable. | 3 Partners are not liable for act of other partners. |
| 4 Registration of partnership is not mandatory. | 4 Incorporation of LLP is mandatory. |
| 5 Partnership cannot have more than 20 partners. | 5 LLP can have more than 20 partners. |
| 6 Partnership firms are neither body corporate nor do they have perpetual succession and legal entity. | 6 LLP is a body corporate having a perpetual succession and legal entity. |
| 7 The partners are not required to obtain any identification number. | 7 Each Designated Partners is required to have a DPIN (designated partner identification number) before being appointed as Designated Partner of LLP. |
| 8 In partnership firm anyone can use the name of our partnership firm if another person has registered office in different place. | 8 In LLP the designated partners can enjoy the name protection of our LLP. No one can use the name of our LLP. |
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LLP Registration with DSC, DIN, LLP Deed Drafting, Name Approval, Challan Cost For Incorporation and PAN, TAN, LLP Kit and Bank A/c Opening Assistance Services.
LLP Registration with DSC, DIN, LLP Deed Drafting, Name Approval, Challan Cost For Incorporation and PAN, TAN, LLP Kit, Bank A/c Opening Assistance Services and 1 Year ROC Secretarial Compliance Fillings .
LLP Registration with DSC, DIN, LLP Deed Drafting, Name Approval, Challan Cost For Incorporation and PAN, TAN, LLP Kit, Bank A/c Opening Assistance Services, 1 Year ROC Secretarial Compliance Fillings and Trademark Application .
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