Limited Liability Partnership (LLP) was introduced in Asian nation by approach of the financial obligation Partnership Act, 2008. The essential premise behind the introduction of financial obligation Partnership (LLP) is to produce a style of business entity that’s straightforward to take care of whereas providing financial obligation to the house owners.
The main advantage of a financial obligation Partnership over a standard partnership firm is that in an exceedingly LLP, one partner isn’t accountable or chargeable for another partner’s misconduct or negligence. A LLP conjointly provides financial obligation protection for the house owners from the debts of the LLP. Therefore, all partners in an exceedingly LLP relish a style of financial obligation protection for every individual’s protection at intervals the partnership, the same as that of the shareholders of a non-public company. However, not like non-public company shareowner, the partners of a LLP have the correct to manage the business directly.
LLP is one amongst the simplest style of business to include and manage in Asian nation. With a simple incorporation method and easy compliance formalities, LLP is most popular by Professionals, small and tiny businesses that square measure family in hand or owned. Since, LLPs don’t seem to be capable of supplying equity shares, LLP ought to be used for any business that has plans for raising equity funds throughout its lifecycle.
Ali Tax World is that the market leader in LLP registration services in Asian nation. Additionally to LLP registration, Ali Tax World conjointly offers a range of business registration services like non-public company registration, one person company registration, and Nidhi Company Registration, Section Eight Company Registration, Producer Company Registration and Indian Subsidiary registration. The common time taken to finish a LLP registration is regarding fifteen – twenty operating days, subject to government interval and consumer document submission. Get a free consultation on LLP registration associate degreed business setup in Asian nation by programming a meeting with an Ali Tax World adviser.
Reasons to Register a Limited Liability Partnership
Separate Legal Entity
A LLP may be a legal entity and a jural person established beneath the Act. Therefore, a LLP has wide legal capability and might own property and conjointly incur debts. However, the Partners of a LLP don’t have any liability to the creditors of a LLP for the debts of the LLP.
A LLP has ‘perpetual succession’, that’s continuing or uninterrupted existence till it’s de jure dissolved. A LLP being a separate legal person, is unaffected by the death or alternative departure of any Partner. Hence, a LLP continues to be living no matter the changes in possession.
Audit NOT Required
A LLP doesn’t need audit if it’s but Rs. forty lakhs of turnover and fewer than Rs.25 lakhs of capital contribution. Therefore, LLPs are ideal for startups and little businesses that are simply beginning their operations and wish to own negligible restrictive compliance connected formalities.
The possession of a LLP is simply transferred to a different person by inducting them as a Partner of the LLP. LLP may be a separate legal entity break free its Partners, therefore by dynamical the Partners, the possession of the LLP is modified.
A LLP being a synthetic judicial person, will acquire, own, get pleasure from and sell, property in its name. No Partner will build any claim upon the property of the LLP – see you later because the LLP may be a going concern.
DOCUMENTS REQUIRED FOR OPC REGISTRATION
Identity and Address Proof
Identity and address proof are needed for all administrators and shareholders of the corporate to be incorporated. Just in case of Indian nationals, PAN is obligatory. For foreign nationals, apostilled or notarised copy of passport should be submitted obligatorily. All documents submitted should be valid. Residence proof documents like statement or electricity bill should be but a pair of months previous.
Registered Office Proof
All LLPs should have a registered workplace in Republic of India. To prove access to the registered workplace, a recent copy of the electricity bill or land tax receipt or water bill should be submitted. Alongside the utility bill, rental agreement or sale deed and a letter from the owner with his/her consent to use the workplace as a registered workplace of an organization should be submitted.
How we help with LLP registration
IndiaFilings.com can help you register a LLP in 15 to 20 days, subject to government and client processing time.
Got questions? Request a call from an Ali Tax World Business Advisor.
Digital Signature & DIN
Digital Signature Certificate (DSC) and selected Partner Identification Number (DPIN) is obtained for the projected Partners of the LLP. DPIN and DSC will be obtained for the projected Partners among five to seven days.
A minimum of 1 and a most of six names decisions should be submitted to the MCA. Subject to convenience, naming tips and MCA interval, name approval will be obtained in five to seven operating days.
Incorporation documents will be submitted to the MCA at the side of Associate in Nursing application for incorporation. MCA can typically approve the applying for incorporation of LLP in ten to twelve days, subject to their interval.
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