Limited Liability Partnership

Limited Liability Partnership

A Limited Liability Partnership (LLP) is a form of hybrid business entity which combines the benefit of a Company and a Partnership firm. A LLP is a boon for entrepreneurs looking out for a corporate structure minus nitty-gritties of corporate compliances. A LLP limits the liabilities of its partners to their contribution in the business. It also offers each partner protection from the negligence, incompetence or misdeeds of the other partners.

However, a LLP is not recommended to entrepreneurs looking for outside funding or raise venture capital or attract talent with employee stock options. An LLP’s books of accounts needs to be compulsorily audited as per Companies Act, 2013 if, its turnover crosses Rs.20 Lakhs or its contribution exceeds Rs.25 Lakhs

What you get

  • 2 Digital Signature Certificate of two partners – 2 years validity each (DSC)
  • 2 Director Identification Numbers (DINs)
  • LLP Agreement – 5 copies
  • Name Approval of LLP
  • PAN & TAN of LLP

Rs. 7500 [Everything included]

Time Line: 20 ‐ 25 working days


Highlights

No audit required upto Rs.40 Lakhs

Less compliances compared to a Pvt Ltd Co


Higher borrowing capacity compared to a Partnership firm

Low incorporation cost


Testimonials

FAQs:

What is a Digital Signature Certificate (DSC)?

a digital certificate can be presented electronically to prove your identity, to access information or services on the Internet or to sign certain documents digitally. It is required to be affixed on the incorporation forms.

What is a Director Identification Numbers (DIN)?

It is an unique Identification Number allotted to an individual who intends to be appointed as director of a company. An individual should not have more than on DIN.

What is the minimum / maximum number of partners required to incorporate a LLP?

Minimum two designated partners, of which one should be resident of India. Maximum is any number of partners

What is the minimum capital required to incorporate a LLP?

A LLP can be started with any amount of capital contribution.

What is a LLP Agreement / Deed?

LLP Agreement has to be drafted as per LLP Act, 2008. You can add additional clauses in the agreement.

What is a PAN?

PAN is a unique 10 character alpha-numeric identifier for Indians, especially for those who pays Income Tax. It is an important proof of Identification.

What is a TAN?

TAN is a unique 10 character alpha-numeric identifier for those Indian companies who has to deducts TDS / TCS [Deduct or collect tax on payments made by them.]

How to chose a name for the LLP?

You have to choose a unique name which doesn’t match with any existing company and is structured in accordance with the guidelines issued by ROC

How will BizExpress incorporate my LLP, if we are in different cities / states?

LLP incorporation is an online process which can be done from anywhere. We will require a complete and clear set of documents as per our checklist.

Is the physical presence of the partners required during the LLP registration process?

No physical presence of partners is not required

Can other company be a partner in the LLP?

Any body corporate can be a partner in a LLP through a Nominee (natural person) appointed in this regard

Can a salaried person be a shareholder / director in the company?

There is no restriction by Government in this regard, but the terms of engagement in current employment has to be checked thoroughly.

Can the registered address be the residential address? or Is a commercial address required as a registered address of the company?

Your residential address can be used as a registered address of the company. A commercial address proof is not compulsory.

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