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About This Plan
Limited Liability Partnership (LLP) is always a preferable option for growing business among recent business-minded people. The LLP took formal shape in 2019 in India and set the business success for startup professionals. Limited Liability Partnership is ruled by the Limited Liability Partnership Act, 2008. The partners of the root business get limited liability for operating the business. For operating LLP, a minimum of 2 partners are required. Are you planning to start an LLP? Then, choose our plan and get LLP in the shortest ever span of time.
The cost may differ from the initiated during incorporation for the variation of capital. The exact price will be informed while discussing with our tax consultancy.
Services covered under the plan
- DIN (8- digit Director Identification Number) will be provided
- The digital signature certificate will be provided
- RUN-LLP Name approval assurance
- The filling up of e-from by the register of companies (ROC)
- Agreement for LLP will be provided
- Online document collection will be done
- Provided 2 Nos. of DPINs (Designated Partner Identification Number)
- Certificate of incorporation will be provided
- The contribution of stamp duties and government fees will be provided depending on the partners’ contribution. (up to 50,000 contribution)
Who can buy this plan?
- For a startup of business taking the partnership of a large company, everybody can pursue the business legally. When you do not know which way to move in business, you can easily set up an LLP business.
- A corporate body, partnership business owners, individuals can take LLP
- Must need at least 2 partners
- No obligations having LLP registered outside India
How the Plan works?
- Application for incorporation filing
- Name approval through RUN-LLP
- Get DIN (Director’s Identification Number) and Digital Signature
- Get LLP agreement
Documents Required
Self-attested copy of PAN of all the designated partners Self-attested copy of address Proof of all the designated partners Passport Size photos of all the designated partners Stamp paper for LLP Agreement of State where LLP is to be Incorporated Registered office Address Proof-Electricity Bill along with rent agreement/ownership proof and NOC
FAQ
Who can incorporate LLP? For primary incorporation of LLP, at least 2 partners are required. Any corporate body or individual willing to open an LLP firm can do it.
What is the minimum demand of capital required for a startup Limited Liability Partnership? There is no minimum amount of capital essential for an LLP firm. According to the business/project, the demand for capital has been determined.
What is the difference between an LLP and a Partnership Firm? In a Partnership Firm, every partner has a liability to carry out the duties of the firm. However, in a Limited Liability Firm, every partner has some assigned or agreed jobs. Furthermore, no partner can perform independent or unauthorized jobs assigned to others.
What is the income Tax Act imposed on LLPs and Partnership Firms? Both LLPs and Partnership Firms are taxed at a flat rate of 30%. On the other hand, the general partnership plans go under a special taxation plan. If the total yearly turnover is below 2 crores or 50 Lakh in the case of professions, there is no need to maintain any book for account maintenance, whereas, LLP firms do not cover the plan.
What is the time for auditing LLP firms? When the yearly turnover of an LLP firm exceeds 40 Lakh or more, or the total capital investment is Rs. 25 Lakh or more.
The auditor has to be appointed annually by the designated partners of the LLP. The first auditor must be appointed before the closing of the on-going financial year. Furthermore, the auditor has to be appointed or reappointed before a month of the closing of the financial year.
Which one is beneficial: LLP or General Partnership Firm? Liability Concerns: In case of general partnership, if the company or firm goes on debts, the partners are personally liable to settle up the amount. It may settle up by the personal property owned by the partners. On the contrary, LLP has liability only in the company’s entire capital or property- it does not go to the personal property’s end.
Immunity against wrongdoings of partners- In case of LLP structure, one partner is liable for his own duty and concerns. He is not liable for other one’s work and performance responsibility. However, for the General Partnership plan, any negligence or misconduct or the partners, every partner will be liable.
What should I do after getting a COD/ VPP Courier after the incorporation of LLP? After finishing up the incorporation of LLP, the data is freely available on the official website of MCA. The data is used by some frauds for making money. They bring out the printouts of the documents and send them to you by courier. They ask some amount to receive the VPP/ COD. It is our request to not receive the courier. You will get all your data and company registered documents required on the All India ITR without any extra cost.