LLP Registration (Limited Liability Partnership)

LLP Registration in Jaipur starting at Just ₹ 8,000/- only

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Effortless LLP Registration with Financial Chartered

Unlocking Entrepreneurial Potential with Limited Liability Partnership

Are you ready to embrace a business structure that combines the best of partnership dynamics with the security of limited liability? Look no further! Financial Chartered is your trusted partner for seamless LLP registration in India.

Understanding LLP

A Limited Liability Partnership (LLP) offers a unique blend of partnership flexibility and limited liability security. With distinct legal identity, LLPs provide entrepreneurs a robust platform for collaboration and innovation while safeguarding personal assets.

Why Choose LLP?

Limited Liability

Shielding partners' assets similar to a company.

Flexibility

Enjoying the simplicity of a partnership structure.

Legal Identity

Independent legal entity for actions and liabilities.

LLP Registration Prerequisites

To qualify for LLP registration in India, ensure the following criteria are met:

Minimum of Two Partners.

Designated Partners

At least two, with one residing in India.

Agreed Contribution

Each partner contributes as agreed.

Minimum Authorized Capital

At least Rs.1 lakh.

Indian Resident Designated Partner

At least one designated partner must be an Indian resident.

Characteristics of LLP

Legal Identity

Similar to big companies, an LLP has a separate legal identity.

At Least Two Partners

Collaborative effort of a minimum of two partners.

No Partner Limit

Grow easily without a maximum partner limit.

Two Designated Partners

At least two main partners, with one residing in India.

Limited Responsibility

Personal assets are safeguarded from business problems.

Cost-Effective Start

Lower costs compared to setting up a large company.

Less Rules to Follow

Reduced paperwork and regulatory requirements.

Advantages of LLP

Distinct entity for independent actions.

Limited responsibility protects personal assets.

Cost-effective and fewer regulatory hassles.

No stringent capital requirements.

Disadvantages of LLP

Compliance Fines

Fines for non-compliance with rules and regulations.

Closure Requirements

LLP needs at least two partners; faces closure if unable to pay debts.

Limited Funding Options

Challenges in raising significant capital.

LLP Name Structure

Unique name not used by other businesses.

Clearly describes business services or products.

Ends with "LLP" or "Limited Liability Partnership."

Documents Required for LLP Registration

PAN Card/ID Proof of Partners

Address Proof of Partners (Voter's ID, Passport, Driver's License, Aadhar Card).

Residence Proof of Partners (Recent utility bills, bank statements).

Passport-size Photograph of Partners.

For Foreign Nationals and NRIs: Passport and proof of address.

Procedure for LLP Registration

1. Obtain Digital Signature Certificate (DSC).

2. Obtain Director Identification Number (DIN).

3. Choose a unique LLP name and reserve it.

4. Fill Form for Incorporation of LLP (FiLLiP).

5. Draft and file the LLP Agreement within 30 days.

6. Obtain Certificate of Incorporation.

7. Apply for PAN and TAN.

Effortless LLP Registration with Financial Chartered

At Financial Chartered, we simplify your LLP registration journey:

Experienced Professionals

Guidance at every step.

Name Availability

Assistance in checking and reserving your desired LLP name.

DSCs and DINs

Help in obtaining necessary digital signatures and identification numbers.

LLP Agreement

Expert assistance in drafting and filing.

PAN and TAN Application

Simplified application process.

Customer Support

Responsive support for all your queries.

Timely Updates

Stay informed about your registration progress.

Embark on your entrepreneurial journey with confidence, and let Financial Chartered make your LLP registration seamless. Contact us at 8890077750 or admin@financialchartered.com@gmail.com. Your business future awaits!

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Certainly, here are the answers for the revised FAQs on Limited Liability Partnership (LLP):

Frequently Asked Questions (FAQs) on Limited Liability Partnership (LLP)

Is there a minimum capital requirement for forming a Limited Liability Partnership (LLP)?

No, there is no minimum capital requirement specified for registering an LLP under the LLP Act 2008.

What criteria must be met to become a partner in a Limited Liability Partnership?

To become a partner in an LLP, one must adhere to the criteria specified in the LLP Agreement. Generally, a person needs to be an individual with a valid PAN card and must consent to become a partner.

Can a Limited Liability Partnership be transformed into a Company?

Yes, it is possible to convert an LLP into a Company under certain conditions and by following the legal procedures as outlined by the regulatory authorities.

How is stamp duty calculated for the drafting of an LLP Agreement?

The stamp duty for the LLP Agreement is calculated based on the capital contribution and the state in which the LLP is registered. Rates vary across states.

What are the Annual Compliances with the Registrar of Companies (ROC) and Income Tax Compliances for LLPs?

Annual ROC compliances include filing of Annual Return and Statement of Accounts. Income Tax compliances include filing of Income Tax Returns.

Is it obligatory to have the accounts of a Limited Liability Partnership audited by an external auditor?

While the LLP Act, 2008 does not make it compulsory, auditing becomes necessary when:

The contribution of the LLP exceeds Rs. 25 Lakhs.

The annual turnover of the LLP surpasses Rs. 40 Lakhs.

Can a Partnership firm be converted into a Limited Liability Partnership?

Yes, a Partnership firm can be converted into an LLP by following the prescribed procedures and obtaining necessary approvals.

Is it possible for a Foreign National/NRI to become a designated partner in an LLP?

Yes, a Foreign National/NRI can become a designated partner in an LLP, provided they comply with the necessary regulations and have the required documents.

What post-incorporation compliances are required for LLPs?

Post-incorporation compliances include obtaining PAN and TAN for the LLP, maintaining proper books of accounts, filing of annual returns, and complying with tax regulations.

How do I decide between forming an LLP or a Private Limited Company?

The decision between forming an LLP or a Private Limited Company depends on factors such as business objectives, scalability, compliance requirements, and ownership structure. It is recommended to consult with experts for personalized advice.

For personalized assistance and further clarification, feel free to contact Financial Chartered at 8890077750 or financialchartered.com@gmail.com. Your satisfaction is our top priority!