Limited Liability Partnerships (LLP)Consulting Services

The Limited Liability Partnership (LLP) is an incorporated business organization, which possesses elements of both a Partnership Firm and a Limited Company. In limited liability partnership, some of its partners have limited liability like shareholders to a corporation. However, in some countries, there is at least one partner with unlimited liability. Again, the designated partners to LLP have the right to manage their internal and external business affairs directly, in accordance with the LLP Agreement. Its every partner has its own responsibilities and liabilities, and one is not responsible or liable for any misconduct, negligence, or delinquency of other partners to LLP.

DIFFERENCE BETWEEN LLP, COMPANY AND PARTNERSHIP

Company Parnership Firm LLP
REGISTRATION Compulsory registration required with the ROC. Certificate of Incorporation is conclusive evidence. Not compulsory. Unregistered Partnership Firm will not have the ability to sue. Compulsory registration required with the ROC
NAME Name of a public company to end with the word “limited” and a private company with the words “private limited” No guidelines. Name to end with “LLP”” Limited Liability Partnership”
CAPITAL CONTRIBUTION Private company should have a minimum paid up capital of Rs. 1 lakh and Rs.5 lakhs for a public company Not specified Not specified
LEGAL ENTITY STATUS is a separate legal entity Not a separate legal entity is a separate legal entity
LIABILITY Limited to the extent of unpaid capital. Unlimited, can extend to the personal assets of the partners Limited to the extent of the contribution to the LLP.
NO. OF SHAREHOLDERS / PARTNERS Minimum of 2. In a private company, maximum of 50 shareholders 2-20 partners Minimum of 2. No Maximum
FOREIGN NATIONAL AS SHAREHOLDER / PARTNER Foreign nationals can be shareholders Foreign nationals can not form partnership Foreign nationals can be partners
TAXABILITY The income is taxed at 30% + surcharges+cess The income is taxed at 30% + surcharges+cess Not yet notified
MEETINGS Quarterly Board of Directors meeting, annual sharholding meeting is mandatory Not Required Not Required
ANNUAL RETURN Annual Accounts and Annual Return to Filed with ROC No Returns to be filed with Registrar of Firms Annual statement of accounts and solvency & Annual Return has to be filed with ROC
AUDIT Compulsory, irrespective of share capital and turnover Compulsory Required, if the contribution is above Rs. 25 lakhs or if annual turnover is above Rs. 40 lakhs
HOW DO THE BANKERS VIEW High credtiworthiness, due to stringent compliances and disclosures required Credtiworthiness depends on goodwill and credit worthiness of the partners Perception is higher compared to that of a partnership but lesser than a company
DISSOLUTION Very procedural. Voluntary of by order of National Company Law Tribunal By agreement of the partners, insolvency or by Court Order Less procedural compared to company. Voluntary of by order of National Company Law Tribunal
WHISTLE BLOWING No such provision No such provision Protection provided to employees and patners who provide useful information during the investigation process.

What Rajput Jain & Associates Offers

We offer LLP Consulting / Advisory services which are highly renowned as a one-window-solution provider for LLP Consulting services in Delhi/NCR. We offer professional assistance in getting your LLP Consulting services at competitive rates and in a short span of time. We offer following LLP Services:

  • Name Reservation Service
  • LLP Agreement Drafting Service
  • Annual Filing Services
  • Induction of New Partners and changes thereof
  • Companies offers following LLP Services as well.
  • Conversion of Firms / Companies to LLP
  • Conversion of LLP to Company (under Part IX of the Companies Act,1956 )
  • Compromise, Arrangement or Reconstruction of Limited Liability Partnerships

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Private Limited Companies are those types of companies where minimum number of members is two and maximum number is two hundred. A private limited company has the limited liability of members but at the same time it has many characteristics as those of a partnership firm. A private limited company has all the advantages of partnership namely flexibility, greater capital combination of different and diversified abilities, etc., and at the same time it has advantages of limited liability, greater stability and legal entity. In this sense, a private limited company stands between partnership and widely owned public company. Identifying marks of a private limited company are name, number of members, shares, formation, management, directors and meetings, etc., The maximum number of directors shall have to be mentioned in the Articles of Association. In the grand of privileges and exemptions, the Companies Act has drawn a distinction between an independent private company and other private company which is a subsidiary to the other public company.

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AITC (Association of Internation Tax Consultants)

We are the exclusive member in India of the Association of International Tax Consultants, an association of independent professional firms represented throughout Europe, US, Canada, South Africa, Australia and Asia.

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  • We use Rajput Jain & Associates for all our accounting, Corporation tax, VAT and other compliance needs. The service is professional, courteous and prompt. I would recommend Rajput Jain & Associates to any company requiring a comprehensive accounting and tax service.

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