Below are the list of advantages and benefits of forming a Limited Liability Partnership
Just like Private Limited Company, LLP protects its partner's personal assets by offering Limited Liability to its partners. No partner is responsible for any other partner's misbehaves or misconduct.
Forming an LLP is an easy process as compared to other registered entities, it takes less time to form an LLP than a company.
The Life of the Limited Liability Partnership is not affected by the death of or retirement of a partner. The LLP continues till the partners apply for closure of the LLP.
LLP’s are taxed flat 30% on the net profit. But, it does not have a dividend distribution tax. It is exempted from Dividend distribution tax and Minimum alternative tax.
LLP doesn’t have to do statutory audit unless the turnover of the LLP is more than 40 Lacs, also LLP enjoys less ROC compliance burden.
There are no restrictions to join or exit from an LLP as a partner. It is an easy process to add a partner and to remove a partner.
• At least 2 Designated Partners are required – There is No limit for Maximum partners.
• At least 1 Designated Partner should be resident of India
• An address which acts as a registered address of the company
For Each Partner Of LLP
1. PAN card* (Mandatory for Indians & others if held)
2. Passport* (for NRI, Foreigners, and Indians if held)
3. Address proof (any 1 of) (Not more than 2 months old)
a. Bank Statement
b. Phone Bill
c. Mobile Bill
d. Electricity Bill
(Note - For NRI & Foreigners Documents issued by foreign authorities or signed outside India must be notarized & apostilled)
For Registered Address
1. NOC from Owner*
2. Rent Agreement*
3. Utility Bill*
Once the founders of the LLP finalize the name of the LLP. Then the process of incorporation of Limited Liability Partnership starts as below (Note: Name of the LLP can be different from the brand name; it is not mandatory to have the same brand name as an LLP name)
Step 1: Application for DSC (Digital Signature Certificate)and DIN (Directors Identification Number) for the partners
Step 2: Apply for the Name reservation
Step 3: Drafting & filing LLP agreement to register the Limited Liability Partnership
Step 4: Apply for the PAN and TAN of the LLP
Step 5: Issue Certificate of Incorporation along with PAN and TAN of the LLP
a. DSC of directors and shareholders
b. PAN and TAN number
c. Certificate of incorporation
d. LLP Agreement
We make the process so easy and fast that you will not even feel the headache of all the paperwork, and our professionals will provide you all the promised deliverable within a given span of time.
All our professionals are qualified and specialized in that particular work. Making sure no mistakes are done at the time of filings with the authorities so that company won’t have to pay any penalties due to mistakes.
We support you throughout the journey of your business, from the incorporation, Accounting and taxation support, Secretarial compliance support, and Legal support.
We believe that cost plays a vital role in any company’s growth stage, that’s why we do not surprise our clients with hidden charges, you pay what you see in the initial proposal.