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LIMITED LIABILITY PARTNERSHIP (LLP) REGISTRATION

As a part of the Companies ACT 2013, a Nidhi Registered company is a non banking finance sector company. A Nidhi Company is put for the benefit of the members. The soul of the Nidhi Company function is to borrow and lend money between the members. A Nidhi registered company can also be called as a Mutual fund, Beneficial fund and Permanent fund company. Nidhi falls under the Non Bank Financial Company (NBFC) where the rules are governed by Reserve Bank of India (RBI), as a result of this RBI has the power to direct how the company accepts the deposit and as such. However, since Nidhis deal with their shareholder-members only, RBI has exempted such notified firms from the core provisions of the RBI Act and other directions applicable to NBFCs. It should contain Nidhi Limited in its name.

Choosing Limited Liability Partnership would give the people who are the part of incorporation the simplicity and flexibility out of the box. The Limited Liability Partnership was Act 2008 was first published on official Gazette of India on 9 January 2009 and the partnership deed must comply to the requirements under the Companies Act 2013 in most of its affairs.

At Unilex Consultants we provide you a hassle free registration process which would be dealt by our professionals within a time frame of 15 days and is subjective to governmental processing time. Our team takes care of the documentation and aids in provide you the realistic estimation of cost.

Advantages of Limited Liability Partnership (LLP) :


Unlimited Partners -

The primary reason of many prefering to stick to LLP registration is the obvious point of having no limit to the partners involved the set business.

Limited Liability -

Limited Liability plays an major role in the decision as the partners are limited to the actions they make for the shares.

Continuity of Existence -

The company would exist in succession fashion as the governmental body treats it as a separate entity in terms of law.

Flexible -

The company rules are flexible and they can be effective as long as they are present in the partnership deed that would be agreed by all the partners.

Taxation Benefits -

The company can enjoy the benefits of tax and can claim for expenses like Salary to Directors, Professional Fees, Audit fees, Rent and Depreciation on its Assets.

Business Credibility -

Unlike normal Partnership firms, LLP firms are given more recognition as they are regulated in company point of view by law.

Documents For LLP Registration


Passport size Photograph

Copy of PAN Card

Copy of Aadhar Card

Address Proof (Bank Statement/Mobile/Telephone Bill)

Copy of Electricity Bil

Sale Deed (if owned)

Copy of rent agreement
(if rented)

NOC

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OR


PACKAGES


Basic

7999/-
Inclusive all taxes

2 DIN
2 DSC
PAN & TAN
Name Approval
Drafting of LLP Agreement
Certificate of Incorporation

Premium

9999/-
Inclusive all taxes

2 DIN
2 DSC
PAN & TAN
Name Approval
Drafting of LLP Agreement
Certificate of Incorporation
GST registration
Trademark Filing
Udyog Aadhaar Registration (MSME)

Standard

8999/-
Inclusive all taxes

2 DIN
2 DSC
PAN & TAN
Name Approval
Drafting of LLP Agreement
Certificate of Incorporation
GST registration
Trademark Filing

Note:

  • The above price may vary due to stamp duty in various states
  • Trademark filing excludes government fees
  • GST return filing price may vary depending on number of invoices

Process involved in registering a LLP

1

Obtain digital signature for the partners.

2

Apply for the DIN (Director Identification Number) which is necessary to become a partner in the LLP.

3

Apply for the name approval for the LLP registration.

4

Registrar of Companies issues the Certificate of Incorporation which is the proof for the registration.

5

File for a Permanent Account Number (PAN)

6

File LLP agreements and open a current bank account.

Mandatory Requirements for Limited Liability Partnership (LLP) Registration

DPIN and DSC of all the Directors


Minimum 2 Designated Partners


There should be some amount as contribution


At least one Indian resident Designated Partner out of two.

Registered office address in India


Execution of LLP agreement between the partners

00+

Satisfied Entrepreneurs

00+

Team strength

00 years+

Professional Experience

00+

Services delivered

Why to choose LLP Registration ?

1. LLP firms
are very flexible in terms of internal organization structure as they are simpler in nature.

2. There is no limit
that has been mentioned regarding the number of partners.

3. Funds raising and
utilization can only be done under the norms of ACT 2013.

4. LLP firm is not
in need to pay Dividend Distribution Tax as they are an exception by rules.

5. White collar job
people generally go with LLP for the flexibility it offers.

6. Audit is not
in LLP mandatory unlike private or public incorporations.

Important clauses of a LLP agreement :

  • The actual time frame of the existence of the LLP.
  • The profit sharing model between the partners.
  • The roles and powers to be defined for individual partner basis.
  • Other points such as admission, expulsion, retirement, remuneration of partners.

Mandatory Compliances of a Limited Liability Partnership (LLP) every year

  • form 8- Statement of accounts on or before 30th, October every year
  • Form 11-Annual return on or before 31st, march every year
  • Statutory audit by a chartered accountant above turnover Rs 40 lac or contribution Rs 25 lac
  • Filing of ITR

Here is the break down for helping you to decide your form of business

S.No. Particulars Partnership Private Limited LLP
1 Foreign Participation Foreign National cannot be the partners in a Partnership firm. Foreign national can be a member in a Company./td> Foreign National can be a partner in a LLP.
2 Tax Liability Taxed at 30% plus surcharge and cess as applicable. Taxed at a rate of 30% plus Surcharged education cess Taxed at a rate of 30% plus education cess
3 Transfer of Shares Not Applicable Ownership is easily transferable by the way of transfer of shares. Transfer are governed by the LLP agreement.
4 Annual Filing No return is required to be filed Returns is required to be filed with ROC every year.. Returns is required to be filed every year.
5 Audit of accounts Required to have tax audit of their accounts Required to get their accounts audited annually Having turnover less than 40lacs or contribution less than 25 lac in financial year required to get their accounts audited annually.
6 Rights/Duties/ Rights/Duties/ obligation of the partners/Managing Partners/ Directors Governed by Partnership deed Governed by AOA and resolutions passed by shareholders or Directors Governed by LLP agreement
7 Registration Registration is optional Registration with ROC is required. Registration with ROC is required.
8 Cost of formation Nominal cost of creating a firm Minimum government fee for incorporation of private company is 6,000-7,000 approx/- The cost of formation of LLP is lesser than the formation of company.

FAQ’s LIMITED LIABILITY PARTNERSHIP (LLP) REGISTRATION

  • How can a person become a partner of an LLP?

    Persons, who subscribed to the “Incorporation Document” at the time of incorporation of LLP, shall be partners of LLP. Subsequent to incorporation, new partners can be admitted in the LLP as per conditions and requirements of LLP Agreement.
  • Can a NRI be a partner in LLP?

    Yes, absolutely provided they have valid documents but, at least one of the partner should be from India and should be residing here.
  • Whether audit of all LLPs would be mandatory?

    Audit of LLPs shall be mandatory. However a more simplified compliance regime for small LLPs is being proposed by exempting such LLPs from the requirement of audit by exemption through notification by the Central Government.
  • Can two LLP’s merge eventually?

    Yes, it is absolutely possible for 2 companies of set rules can merge under the Provisions of clauses 60 to 62 of the Act.
  • Is it possible for a charity to register as an LLP company?

    Nope, not at all possible as the LLP only provides rules for companies that are intended to generate profit.
  • What are benefits and expectations of LLP in India?

    • 1. From taxation point of view a LLP incorporation is treated like other partnership firms.
    • 2. The company is limited to the agreement deed between the partners.
    • 3. The partners are protected against joint liability if such situations occur, they are responsible and liable for their own actions.
    • 4. LLP has separate legal entity where the company and the partners are treated individually.
    • 5. There is no rule where the minimum capital are defined.
    • 6. Audit is not a mandatory unlike private or public incorporations.
      The rules, provisions, and regulations given in the Section 406 of the Companies Act 2013, and in the companies (Nidhi Companies) Rule of 2014, govern and regulate all Nidhi Companies in entire INDIA. Again the activities of Nidhi Companies fall under the ambit of RBI Directives which govern activities of NBFCs and other institutions dealing with financing and investment. RBI offers certain exemptions to the Nidhi Companies based on the fact that these Nidhi Companies deal only with its members, and with no outside people or investors
  • What are the guidelines for selecting the name of a LLP ?

    • 1. The actual name and the object of the company can differ and there are no rules that specify that they should be targeted for the same consonance.
    • 2. The partners have the option of using their initials as the name of the company which also could be abbreviated
    • 3. The company name can be standard and is not required to change with the change in business.
    • 4. No NOC is required.

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    Indore

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