Mandatory Annual Filings
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Limited Liability Partnership (LLP) Registration as the name suggests defines limited liability to its partners. Thus it has features of both, a corporation and a partnership. One partner is responsible for only his own actions and not the actions of his partner. LLPs are governed by Limited Liability Partnership Act(LLP Act), 2008.
The advantages of a Limited Liability Partnership (LLP) are elaborated in detail below:
Certainly, Limited Liability Partnerships (LLPs) present numerous advantages despite a few inherent disadvantages:
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Comparison Basis | Private Limited Company | LLP | Sole Proprietor |
---|---|---|---|
| ✓ | ✕ | ✕ |
| ✓ | ✓ | ✕ |
| ✓ | ✓ | ✕ |
| Growing Startup | Service Provider | Small Business |
| ✓ | ✓ | ✕ |
Our pricing is 100% transparent.
| Free |
| Free |
| 2,000.00 |
| 1,750.00 |
| 170.00 |
| 4,165.00 |
| 914.00 |
| 8,999.00 |
* The above mentioned government fee has been calculated on minimum contribution of Rs.100000
** Stamp duty for LLP agreement has to be borne by the applicant
LLP is a Limited Liability Partnership which has features of both, a partnership and a corporation and partners have limited liabilities and are governed by Limited Liability Partnership Act 2008.
Minimum two people are required to form LLP and there is no limit on maximum number of partners.
If you are wondering whether your partners are qualified, note that any individual or body corporate can be a partner. However, there are a few necessary exceptions. The person must be of sound mind, be an undischarged solvent, or be involved to be adjudicated as insolvent and the application is pending.
You can get LLP agreement format here.
Typically, only start-ups that will not be scrutinized for venture capital funding register LLPs. This is because venture capitalists only invest in private and public limited companies.
LLP Annual filing includes following components: Annual Return Statement of the Accounts or you can say Financial Statements of the LLP Income Tax Returns Filings.
Yes, a Statement of Accounts and Solvency form must be done by LLPs annually and sent to the Registrar.
You must keep in mind that an LLP has to be registered with the Registrar of Companies (ROC). Additionally, every LLP has to have its own registered office. Partners must send an incorporation document to the Registrar, when needed and in the right format. The contents of the LLP also have to be filed in the registration form. These are some of the most important tips to keep in mind when wondering how to register a company.
The timeframe for LLP incorporation depends on document submission and government approvals. Khata Dekho can assist you in incorporating an LLP within approximately 14-20 days.
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