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Limited Liability Partnership

Advantages:

1) No minimum capital requirement.

2) Lower Registration Cost.

3) No tax on Distributable profits.

Question Section

Frequently Asked Questions

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. A Limited Liability Partnership, popularly known as LLP combines the advantages of both the Company and Partnership into a single form of organization. Limited Liability Partnership is managed as per the LLP Agreement.

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The following types of Business entities are available in India:
Private Limited Company
Public Limited Company
One Person Company
Producer Company
Section 8 Company
Limited Liability Partnership
Partnership
Sole Proprietorship

Separate Legal Existence
Limited Liability
Flexibility of Ownership
Separation of Ownership and Management
Tax Planning
Perpetual Succession
Low cost of Formation
Easy to establish
Easy to manage & run
No requirement of any minimum capital contribution
No restrictions as to maximum number of partners
Less Compliance level
No exposure to personal assets of the partners except in case of fraud
Borrowing Power

Minimum 2 Designated Partners
Minimum 2 Partners
At least 1 of the designated partners shall be an Indian Resident
If a body corporate is a partner, it has to nominate a natural person as its nominee
The Designed Partner and Partner can be same
DPIN (Designated Partner Identification Number for all Designed Partners)
DSC (Digital Signature Certificate for all Designated Partners)
There is no requirement of Minimum Contribution.

It is an unique Identification Number allotted to an individual who is an existing director of a company or intends to be appointed as director of a company pursuant to section 153 & 154 of the Companies Act, 2013. Every individual, intending to be appointed as a director of the company, can file an application for allotment of DIN. Central Government (Office of Regional Director (Northern Region), Ministry of Corporate Affairs) will allot the DIN.

Digital Signature Certificates (DSC) are the digital equivalent (that is electronic format) of physical or paper certificates. Digital certificate can be presented electronically to prove your identity, to access information or services on the Internet or to sign certain documents digitally. Physical documents are signed manually, similarly, electronic documents, for example e-forms are required to be signed digitally using a Digital Signature Certificate.

Currently there is no regulation prohibiting LLP from carrying on activities related to NBFC but as a matter of precaution before initiating any such activitiy, it is advisable to contact Reserve Bank of India.

In reference to LLP, contribution can be termed as, What a partner is contributing towards the Limited Liability Partnership for running of his business.
Contribution in case of LLP is alike Share Capital in case of Company.

A contribution of a partner may consist of tangible, movable or immovable or intangible property or other benefit to the limited liability partnership, including money, promissory notes, other agreements to contribute cash or property, and contracts for services performed or to be performed.

Yes, the Contribution of LLP would be provided under the LLP Agreement and the same can be increased by way of amendement in the LLP Agreement.

Well, it completely depends on what you want to do. If you are a single person doing business and are not going to raise any outside investment for at least 3 years then OPC suits you best. Or if you are planning to raise funds then go for Private Ltd registration.
A LLP is typically preferred by Lawyers, Doctors, Designers and other professionals.

No, the process is completely online these days and MCA does not issue a Printed copy. We can provide the printed copy.

Yes, but the terms and conditions for such withdrawal shall be provided in the LLP Agreement.

PAN
TAN
Shop Act
VAT
Profession Tax
Service Tax
Provident Fund ESIC

As per the LLP Act 2008, the LLP Agreement will define the requirement related to contribution and therefore , the LLP Agreement may also provide for NIL contribution from the Partners. So, LLP can also be incorporated without any contribution from the partners but this scenario has its own practical problems.

Every LLP shall be under obligation to maintain annual accounts reflecting true and fair view of its state of affairs. A Statement of Accounts and Solvency shall be filed by every LLP with the Registrar of LLP every year.

The Designated Partners would be responsible for the doing of all acts, matters and things as are required to be done by the limited liability part¬nership in respect of compliance of the provisions of this Act.

Yes, the LLP Act 2008 allows Foreign Nationals including Foreign Companies & LLP to incorporate a LLP in India. But till date necessary guidelines in respect of foreign investment in LLP are not issued, they cannot incorporate the same.

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Limited Liability Partnership

Frequently Asked Questions

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Limited Liability Partnership

Frequently Asked Questions

1. What is Limited Liability Partnership?

2.What are the documents required for Limited Liability Partnership Registration?

3. What are the Type of Business Entities in India?

4.What are the Advantages / features?

5.What are the Minimum Requirement of Limited Liability Partnership Registration?

6.What is Director Identification Number (DIN)?

7.What is Digital Signature Certificate (DSC)?

8.Whether LLP can carry on financing & other NBFC activities?

9.What do you mean by Contribution?

10. What can be the form of contribution?

11.Whether contribution can be increased?

12.What is the best form of Business, Private limited, OPC or LLP?

13.After the Incorporation, Do you get a Printed Certificate for same?

14.Whether partner can withdraw their contribution?

15.What are the other registrations to be done by LLP after registration?

16.Whether it is necessary for partners to contribute in the LLP?

17.Whether every LLP would be required to maintain and file accounts?

18.Who is responsible for compliances under LLP?

19.Whether foreigners can incorporate LLP?

20.Are there any hidden charges after I take any of your service?

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