How To Name Your Business?
Deciding a good name for the business is vitally important and challenging at the same place. There are several other factors which need to be ...Read More
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
|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.|
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:
Rajput Jain and associates is the largest online service platform in India which provides easy solutions in starting their new business at affordable cost. We aim at helping the entrepreneurs at every legal and regulatory step. We stay as your partner during entire business cycle and ensure that the business keeps prospering and remains complaint.
Rajput Jain and associates is a network of experienced chartered accountants, lawyers, company secretaries, cost accountants, financial experts, expert bankers all over India to provide the needed services for small and medium size enterprises.
Want to know more about Rajput Jain & Associates?
All the information related to any client is considered confidential and never be disclosed to anyone.
Having years of experience in respective areas and backed by skilled and experienced workforce keep us ahead.
We believe in the building the good relationship with the clients that ensures the great impression.
If you are not happy with our services then you can request a refund within 30 days.
We provide 24*7 supports through phone, email and live chat.
You can pay online through EMIs, PayPal, net banking, debit card, credit card and more.
Thank you very much for all your help in setting up my new company and clearing up all outstanding business in my sole trader accounts. For the first time in years I have peace of mind regards my business accounts. Your workforce are a credit to you, the girls at reception are so helpful and Chris has been brilliant. It is very much appreciated.
A US consultancy group
Rajput Jain & Associates. are a tremendous value added to me as an executive and a busy parent. It just makes sense to delegate my tax file to them -- they are proactive, extremely service oriented, and most importantly, I am completely confident they are finding every dollar of tax savings available to me.
A Leading Service Provider
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.
A Leading Consultancy Firm in Dubai