Fast LLP Registration Services In India
Apply for LLP Registration Online at lowest fees in India by Plead Law. Easy Process and Documentation. Register for Limited Liability Partnership Now!
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LLP states Limited Liability Partnership and it is governed by the Limited Liability Partnership Act, 2008. It has got limited liability to the partners. In case of LLP, there are two partners involved, where there is no minimum limit of capital investment and one must be resident of India, i.e., he must be staying or have stayed for 182 days in India. LLP is often done for the small type of businesses in India. However, a LLP due to its nature does not allow to issue equity shares, thus it cannot raise money from the general public. One can register a LLP through us in a very less time.
The biggest advantage of LLP form of business over a Pvt Ltd Company is in the fact that there is less compliance requirement in comparison to a Company.
Documents for LLP Partnership Registration
Two Colour Photographs of Promoters/Individuals/ Company/ Director
PAN Card of each Shareholders and directors
Identity Proof (Voter ID / Driving License/ Passport)
Address Proof (Bank Statement / Electricity, Mobile, Telephone Bill)
Proof of Registered Office
Utility Bill as proof must be Latest
Comparison
Private Limited Company | One Person Company | Limited Liability Partnership | Partnership Firm | Proprietorship Firm | |
Act | Companies Act, 2013 | Companies Act, 2013 | Limited Liability Partnership Act, 2008 | Indian Partnership Act, 1932 | No specified Act |
Registration Requirement | Mandatory | Mandatory | Mandatory | Optional | No |
Number of members | 2 – 200 | Only 1 | 2 – Unlimited | 2 – 50 | Only 1 |
Number of Director/Partner | 2 – 15 | Only 1 | 2 – Unlimited | 2 – Unlimited | Only 1 |
Separate Legal Entity | Yes | Yes | Yes | No | No |
Liability Protection | Limited | Limited | Limited | Unlimited | Unlimited |
Statutory Audit | Mandatory | Mandatory | Dependent | Not mandatory | Not mandatory |
Ownership Transfer ability | Yes | No | Yes | No | No |
Uninterrupted Existence | Yes | Yes | Yes | No | No |
Foreign Participation | Allowed | Not Allowed | Allowed | Not Allowed | Not Allowed |
Tax Rates | Moderate | Moderate | High | High | Low |
Statutory Compliance | High | Moderate | Moderate | Less | Less |
Advantages of LLP
DISTINCT LEGAL RECOGNITION
LLPs are treated as separate legal entities so the partners and LLP are distinct from each other in the eyes of the law.
NO MANDATORY AUDIT REQUIREMENT
In LLP, only in the case of business, where the annual turnover/contribution exceeds Rs 40 Lacs/Rs 25 Lacs are required to get their account audited annually by a chartered accountant.
EASY TRANSFERABLE OWNERSHIP
It is easier to transfer the ownership in accordance with the terms of the LLP Agreement. Ceasing of old partners and coming of new partners
RAISING CAPITAL / MONEY
Financing a small business like a sole proprietorship or partnership can be difficult at times. An LLP being a regulated entity like a company can attract finance from PE Investors, financial institutions, etc.
TAXATION RELIEF
LLP is not required to pay the surcharge on income tax. Moreover, it is also not required to pay tax on profits distributed to partners whereas Company is required to pay dividend tax distributed to its shareholders.
PERPETUAL SUCCESSION
An incorporated LLP has perpetual succession. Notwithstanding any changes in the partners of the LLP, the LLP will be the same entity with the same privileges, immunities, estates, and possessions.