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Limited Liability Partnership Act, 2008 brought with itself the concept of LLP .The benefits of LLP are that it is simple to maintain & it provides the privilege of limited liability to the owners. Thus combines the benefits of both company & partnership into a single organization. One partner is not responsible or liable for another partner's misconduct or negligence. Therefore, all partners have a sought oflimited liability for each individual's protection within the partnership, similar to that of the shareholders of a corporation.
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The only difference between the company and the LLP is that, the partners have the right to manage the business directly. Also the personal assets are free from the errors, omissions, incompetence, or negligence of the LLP's employees or other agents. Thus, LLP is one of the easiest forms of business to incorporate and manage.
Creating HUF is the best way to save taxes by an assessee. Forming an HUF does not involve huge legal or procedural formalities to be followed. Formation of HUF is no more a cumbersome process for any individual. Forming HUF can help you save taxes to an extent.
It takes around 14-20 days to incorporate a LLP at Rajput Jain & Associates which may vary subject to the processing time & whether the proposed partners have their DSC & DPIN ready or not which basically takes around 5-7 days.
Name Approval can be obtained in 5 to 7 working days subject to availability, guidelines, processing time, etc wherein application for Name Approval is filed in Form-1 along with the proposed names of maximum 6 & minimum 1 person with the MCA.
After the name is approved, the LLP Agreement is drafted & sent MCA Approval along with Form-2, Form-3, Form-4 & Form-9.MCA will generally approve the application for incorporation in 5 to 7 days, subject to their E-forms processing time &filed in proper order.
Rajput Jain & Associates offers the following Cost effective & Easy Company Registration Services packages for its Clients with in schedule days from Anywhere in India:
What is the concept of Limited Liability Partnership?
The LLP gives a company the profit of both the features of the Limited Liability and that of a partnership. However here are few of the other benefits of the LLP:
Thus, the features of both corporate and partnership makes it a hybrid of the two.
How many people are required to incorporate a Limited Liability Partnership?
A minimum number of 2 partners are needed to formation of a LLP. There is no Maximum number ceiling of partners.
The structure of LLP:
It is a corporate body and has a separate legal entity. The succession in a LLP is a perpetual one.
What is the advantage of a Limited Liability Partnership?
Advantages of the LLP:
The other countries where LLP is available:
The difference between the LLP and the Traditional partnership firm:
Difference between LLP and Company:
Why is Designated Partner Identification Number (DPIN)required?
DIPN is a unique identification number which is mandatory for all present or proposed Designated Partners. DIPN never expires and an individual can have only one DIPN.
Is Foreign Direct Investment (FDI) allowed in LLP?
Yes, FDI is allowed in LLP under the automatic route under nominated sectors allowed by FIPB. However, FIIs and FVCIs will not be permitted to invest in Limited Liability Partnerships. Limited Liability Partnerships are not even permitted to avail ECBs.
Is NRIs / Foreign Nationals be Designated Partners in a LLP?
After obtaining DIPN, they can be a partner in Limited Liability Partnerships. However, at least one Designated Partner in the Limited Liability Partnerships must be a Resident of India.
Can only resident individuals become partners in LLP?
Apart from individuals, any organization can also become partner in a LLP. Moreover, foreigners & NRI’s are also allowed to become partners in a LLP.
Who requires a DIN?
No person can serve as a director in a LLP who does not have his own unique DIN (Director’s Identification Number).
How much time does incorporation of LLP take?
Subject to MCA approval processing time, it usually takes around 14-20 days to get a LLP incorporated.
A Salaried person cannot become a member in LLP. Is it correct?
No, a salaried personcan become the member in LLP. There are no such legal bindings
What is the minimum capital requirement in a Limited Liability Partnership?
Neither there is any minimum capital requirement nor any obligation to show proof of capital invested during the incorporation process. Moreover, partners’ contribution may consist of both tangible and/or intangible property and any other benefit to the LLP.
Can a LLP be incorporated for undertaking "Not-For-Profit" activities?
LLP cannot be incorporated for undertaking "Not-For-Profit" activities because 'carrying on a lawful business with a view to profit' is one of the essential requirements for setting LLP.
Does a Limited Liability Partnership require any office? Should it only be commercial?
LLP requires an address in India where the registered office of the LLP will be situated. The premises can be a commercial / industrial / residential where communication from the MCA will be received. Thus, it need not be a commercial one only.
Is physical presence of proposed partners required to incorporate LLP?
All the documents can be scanned and sent through email to our office & some documents will also have to be couriered to our office. Thus, there is no need to be physically present to incorporate LLP.
List the documentation requirements for incorporation of LLP?
Identity proof, address proof& PAN card (for Indian nationals) is mandatory for all the proposed Designated Partners of the LLP. In addition, a no-objection certificate from the landlord of the registered office premises stating he has no objection for the same must be obtained along with his/her identity proof and address proof.
How long will it take to incorporate a LLP?
Subject to submission of documents by client, uniqueness of proposed name, & govt. approval speed, Rajput Jain & Associates can help a LLP get incorporated in around 14-20 days.
What to be kept in mind to get LLP quickly incorporated?
The proposed name of the Limited Liability Partnership must be very unique because names that are similar to an existing private limited company / limited liability partnership / trademark can be rejected and additional time will be required for resubmission of names.
Does a LLP enjoy perpetual succession?
Once a Limited Liability Partnership is incorporated, it will continue and be in-existence as long as it is not legally dissolved &the annual compliances are met regularly. In case, annual compliances are not complied with, the LLP will be deemed a Dormant and even its name may bestruckoff from the register of LLPafter a period of time.
What are the annual compliance requirements for a LLP?
LLPs are required to file an annual filing with the Registrar each year. However, if the LLP has a turnover of less than Rs.40 lakhs and/or has a capital contribution of less than Rs.25 lakhs, the financial statements are not required to be audited.
Is a Digital Signature Certificate required for designated partners?
The Ministry of Corporate Affairs (MCA) mandates that allDesignated Partners must apply with a Digital Signature for Designated Partner Identification Number. Hence, a Digital Signature is required for all Designated Partner of a proposed LLP.
Can NRIs / Foreign Nationals be Designated Partners in a LLP?
After obtaining Designated Partner Identification, they can be a partner in LLP. However, at least one Designated Partner in the LLP must be a Resident India.
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