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Limited Liability Partnership(LLP)

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    Limited Liability Partnership (LLP) Package Includes

    Name Approval of Proposed Company
    DIN and DSC of 2 Proposed Directors.
    Certificate of Incorporation ( COI)
    Drafting Partnership Agreement
    E-Pan and E-Tan
    Bank Account opening Kit
    Relationship Manager (RM)
    Government Challan & Fees

    Document Requirements

    From Partners

    • PAN card
    • Passport (Foreign nationals or NRIs)
    • Aadhar card/ Voter ID/ Passport/ driving License
    • Latest bank statement/ telephone bill/ mobile bill/ electricity bill/ gas bill
    • Passport Size photograph
    • Blank document with specimen signature

    For the Registered office

    • Electricity Bill
    • Notarized Rent Agreement
    • NOC from the owner
    • Sale deed/property deed (In case of owned property)

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      LLP Advantages & Disadvantages

      There are a number of reasons why many entrepreneurs prefer to go in for a Limited Liability Partnership (LLP) registration over a Private Limited Company incorporation. LLPs are considered easier to set up and are comparatively hassle-free in day to day operations. It also has a lower compliance burden if there is minimal activity. Hence, many Entrepreneurs see it as advantageous to begin their organization in this manner. In this article, we look at the various advantages and disadvantages of an LLP in India.

      LLP Advantages

      The following are advantages of incorporating an LLP in India:

      No requirement of minimum contribution

      There is no minimum capital requirement in LLP. An LLP can be formed with the least possible capital. Moreover, the contribution of a partner can consist of tangible, movable or immovable or intangible property or other benefits to the LLP.

      No limit on owners of the business

      An LLP requires a minimum of 2 partners while there is no limit on the maximum number of partners. This is in contrast to a private limited company wherein there is a restriction of not having more than 200 members.

      Lower registration cost

      The cost of registering LLP is low as compared to the cost of incorporating a private limited or a public limited company. However, the difference in the cost of registering an LLP vs Private Limited Company has come down in recent days.

      No requirement of compulsory Audit

      All companies, whether private or public, irrespective of their share capital, are required to get their accounts audited. But in case of LLP, there is no such mandatory requirement. This is perceived to be a significant compliance benefit. A Limited Liability Partnership is required to get the tax audit done only in the case that:-

      1. The contributions of the LLP exceeds Rs. 25 Lakhs, or
      2. The annual turnover of the LLP exceeds Rs. 40 Lakhs

      Taxation Aspect on LLP

      For income tax purpose, LLP is treated on a par with partnership firms. Thus, LLP is liable for payment of income tax and share of its partners in LLP is not liable to tax. Thus no dividend distribution tax is payable. Provision of ‘deemed dividend’ under income tax law, is not applicable to LLP. Section 40(b): Interest to partners, any payment of salary, bonus, commission or remuneration allowed as deduction.

      Dividend Distribution Tax (DDT) not applicable

      In the case of a company, if the owners to withdraw profits from the company, additional tax liability in the form of DDT @ 15% (plus surcharge & education cess) is payable by the company. However, no such tax is payable in the case of LLP and profits of an LLP can be easily withdrawn by the partners.