Limited Liability Partnerships (LLP)Consulting Services

Limited Liability Partnership is an organization which possess the attributes of both Partnership firms and a Limited Company. The members share limited liability to a corporation. However, there is a provision for at least one member with limitless liability. The designated LLP members share right to manage and maintain internal and external business affairs abiding by LLP agreements. In this organization every member share individual responsibilities and one is not responsible for the other person’s misconduct or negligence.

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 cannot 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 shareholding 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 creditworthiness, due to stringent compliances and disclosures required Creditworthiness 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 partners who provide useful information during the investigation process

What Rajput Jain & Associates Offers

We offer consultancy services and are renowned as complete solution provider for LLP services in Delhi/NCR and provide the services under reasonable price and assures the completion of the order within short time period. Our services include:

  • Name Reservation
  • LLP Agreement Drafting
  • Annual Filing
  • Induction of New Partners and the modifications
  • Conversion of firms/LLPs
  • Conversion of LLP to company (under Part IX of the Companies Act,1956)
  • Reconstruction, Compromise and Agreement of Limited Liability Partnerships

Happy Customers

200+

Projects Completed

550+

Serving Since

2009

Contracts Signed

700+

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Rajput Jain & Associates

India's Largest Business Services Platform

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.

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  • 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.

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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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