Limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore exhibits elements of partnerships and corporations. In an LLP one partner is not responsible or liable for another partner's misconduct or negligence. LLP is an alternative business vehicle that gives the benefits of Limited Liability Company and flexibility of a partnership firm. Since, LLP contains elements of both ‘a corporate structure’ as well as ‘partnership firm structure’; it is many a times termed as a hybrid of a company and a partnership. LLP is a separate legal entity which can continue its existence irrespective of changes in its partners. LLP is an incorporated partnership formed and registered under the Limited Liability Partnership Act, 2008. LLP is one of the easiest form of business to incorporate and manage in India.
With an easy incorporation process and simple compliance formalities, AxeurTax is the market leader in LLP registration services in India. In addition to LLP registration, AxeurTax also offers variety of Business Registration services like private limited company registration, One Person Company registration and many more. It also helps you in taxation aspects like VAT Registration, Service Tax Registration, GST Registration, Import Export Code Registration and ITR Filing. Round the year Tax Consultancy is also available with our special yearly packages.
FEATURES OF LLP
The LLP has Separate Legal Entity i.e. the LLP and the Partners are distinct from each other .
- Minimum of 2 Partners are required to form a LLP. However, there is no limit on the maximum number of
- No requirement of Minimum Capital Contribution.
- At least one Designated Partner as Indian Resident.
STEPS That our axeurtax team takes to bring your LLP into existence -:
- We help you in applying Digital Signature Certificate [DSC] of the proposed Designated Partners.
- We apply Director Identification Number [DIN] of the Proposed Designated Partners to Registrar of
- Selection of Six suitable LLP Names of your choice, and after a brief check of your given names we apply to
- the Ministry of Corporate Office for availability of name.
- With full caution we do Drafting and Vetting of LLP Agreement and we make sure that the clauses of the
- Agreement are so clear and precise that it avoids ay conflict in future between Partners.
- We make sure that the Signing and filing of various documents with the Requisite Fees and Stamp Duty are in
- due time filed with the Registrar of Companies electronically.
- You Receive Certificate of Registration/Incorporation from ROC.
POST INCORPORATION AXEURTAX HELPS YOU WITH THE FOLLOWING COMPLAINCES-:
There are 3 Main Compliances which LLP needs to follow-:
- Annual Return
- Statement of Accounts or you can say Financial Statements of the LLP and
- Income Tax Return Filings.
There are various norms right from maintenance of books of accounts to preparation of financial statements and getting most of important events of your LLP approved by way of conducting board and general meetings with corresponding Registrar of Companies (ROC) filings. LLP Profits are taxable at a Flat Rate of @ 30% plus cess as applicable (Currently 3%). There is no separate tax bracket for an LLP and it shall be taxed in line with the provisions of the Income Tax Act.