Limited Liability Partnership is a balanced structure that carries benefits of conventional partnership and limits the liabilities of partners within as well. Over time, it has become a popular choice for firms like consulting businesses, recruiting firms, etc. Go through the complete article to be well versed with the Limited Liability Partnership Registration Process Online, Fees, Annual Compliances, Check List, Documents Required, etc. Furthermore, have an idea on why you should go with an LLP Business with the benefits stated.<\/p>\n
LLP Full Form – ” Limited Liability Partnership<\/strong>”\u00a0<\/em><\/p>\n Limited Liability Partnership is a business form in which you will get the flexibilities like a partnership firm and advantages of a limited liability company. This hybrid combination suits both small and medium-sized professionals. The minimum Partners count in an LLP is two and there is no upper limit.<\/p>\n You need to have the following documents in order to complete the LLP Registration. We have mentioned all of them in the further modules.<\/p>\n In order to have the LLP Registration one needs to meet the following criteria. They are in the below way<\/p>\n The Registration of Limited Liability, Partnership fees are as below. There might be additional costs such as stamp duties, application fees, LLP Form Filing Fees, etc.<\/p>\n Stamp duties may vary depending on the respective states.<\/p>\n You can reserve your name by filing the Fillip Form or using LLP Run Services. You can even check the internet if a name is available or not. In fact, you can reserve 2 names for LLP and choose the name accordingly as per the conditions of the Ministry of Corporate Affairs.<\/p>\n Once you set up your LLP Firm you need to abide by the rules and regulations of the Ministry of Corporate Affairs. All the Compliances need to be done in time or else you should pay a huge fine. Once you begin your LLP firm you need to file your annual statement to the MCA and it is mandatory to send your profit or loss to the Ministry of Corporate Affairs. You should file your Income Tax of LLP and make a PAN Card for your LLP and without it, you can’t file your Income Tax.<\/p>\n LLP Formation right from obtaining DSC to filling form takes around 10 days subjecting to the department’s approval and revert from them.<\/p>\n There are quite a few advantages of LLP Registration and we have outlined a few of them for your idea. They are as such<\/p>\n Follow the process listed below to incorporate LLP and they are along the lines<\/p>\n Step 1 – Obtain the Digital Signature Certificate(DSC)<\/strong> Step 2 – Reservation of Name<\/strong><\/p>\n The Next Step is to reserve the firm’s name using the LLP Run Services. To use the services of LLP Run you need to create an account on the website and click on the LLP Run Web Service and request the name for the reservation. You need to pay the registration fee for name registration.<\/p>\n Step 3 – Apply for Director Identification Number\u00a0<\/strong><\/p>\n Once the name is approved prepare the form Fillip and apply for the DIN of Directors.<\/p>\n Step 4 – Incorporation of LLP & Filing Limited Liability Partnership Agreement<\/strong><\/p>\n Once the application is approved by the MCA prepare an LLP Agreement. Prepare the TAN and PAN Applications and once you get them to continue with the Bank Account Name in the name of Limited Liability Partnership.<\/p>\n 1. What are the Benefits of a Limited Liability Partnership?<\/strong><\/p>\n There are quite a few advantages of LLP and they are as such<\/p>\n 2. Do LLP have directors?<\/strong><\/p>\n Unlike a Company, LLP will not have stakeholders nor directors.<\/p>\n 3. Is tax audit compulsory for LLP?<\/strong><\/p>\n No, Tax Audit isn’t mandatory for LLP but it is necessary if the company’s turnover exceeds over 40 Lakhs.<\/p>\n 4. Does LLP need to file a tax return?<\/strong><\/p>\n LLPs need to file the tax returns and MCA Annual return irrespective of the business activity.<\/p>\n","protected":false},"excerpt":{"rendered":" Limited Liability Partnership is a balanced structure that carries benefits of conventional partnership and limits the liabilities of partners within as well. Over time, it has become a popular choice for firms like consulting businesses, recruiting firms, etc. Go through the complete article to be well versed with the Limited Liability Partnership Registration Process Online, …<\/p>\n\n
<\/a>What is a Limited Liability Partnership?<\/h2>\n
<\/a>Documents Required for LLP Registration<\/h3>\n
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<\/a>Checklist for LLP<\/h3>\n
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<\/a>LLP Registration Fees<\/h3>\n
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<\/a>How to Check LLP Name Availability?<\/h3>\n
<\/a>What is the Annual Compliance after LLP Registration?<\/h3>\n
<\/a>LLP Registration Process Time<\/h3>\n
<\/a>Advantages of Registering a Business as an LLP<\/h3>\n
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<\/a>How to Incorporate LLP Online? | LLP Registration Process<\/h2>\n
\nThe first and foremost step as a part of the registration process is to get the Digital Signature Certificate. Getting the DSC is important and you can’t proceed further.<\/p>\n<\/a>FAQs on Limited Liability Partnership<\/h3>\n
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