FincomIndia

Limited Liability Partnership

A limited liability partnership is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities.
From Rs 6,999/- Inc. of all taxes

Limited Liability Partnership entities, the world wide recognized form of business organization has been introduced in India by way of Limited Liability Partnership Act, 2008. A Limited Liability Partnership, popularly known as LLP combines the advantages of both the Company and Partnership into a single form of organization. In a Limited Liability Partnership one partner is not responsible or liable for another partner's misconduct or negligence; this is a important difference from that of a unlimited partnership.

In a Limited Liability Partnership, all partners have a form of limited liability for each individual's protection within the partnership, similar to that of the shareholders of a corporation. However, unlike corporate shareholders, the partners have the right to manage the business directly. A Limited Liability Partnership also limits the personal liability of a partner for the errors, omissions, incompetence, or negligence of the LLP's employees or other agents.

The advantage of a Limited Liability Partnership is the ability to bring partners in and let partners out. Because a partnership agreement exists for a Limited Liability Partnership, partners can be added or retired as outlined by the agreement. This comes in handy as the Limited Liability Partnership can always add partners who bring existing business with them. Usually the decision to add requires approval from all the existing partners.

Salient Features of Limited Liability Partnership

Limited Liability

As the name suggests, a limited liability company offers limited liability to its members. Although members, managers and employees remain responsible for their own torts, or civil wrongs, an LLC member is protected from liability for torts committed by other members, managers or employees.

Flexibility in Taxation

Limited Liability Companys are also characterized by flexibility in terms of how they are taxed. The IRS does not have a separate category for limited liability companys, so these entities are taxed as either sole proprietorships -- in the case of single-member limited liability companys -- partnerships -- for multi-member limited liability companys -- or corporations -- single or multi-member organizations.

Simplicity in Documentation and Operation

While a separate legal existence, limited liability and flexible tax treatment are all important limited liability company features, these entities are also characterized by simplicity in terms of documentation and operation.

Separate Legal Existence

One key characteristic of a limited liability company is that it has a separate legal existence apart from its members. While any group of people can operate a business together in a unincorporated partnership, they remain a collection of individuals who own property and incur debt.

Transparent And Competitive Pricing

BASIC STANDARD PREMIUM
PAN
DSC
Name Approval
DIN
TAN
LLP Deed Drafting
GST Registration
Trademark
Rs. 7,500
Rs. 6,999
Inc. all taxes
Rs. 8,999
Rs. 7,749
Inc. all taxes
Rs. 17,999
Rs. 13,248
Inc. all taxes
Delivery Process

1. Order Confirmation

Once you confirm the order online one of our executives will get in touch with you to explain all the requirements.

2. Obtaining DSC & DIN

Digital Signature Certificate(DSC) and Director Identification Number(DIN) earlier it was Designated Partner Identification Number(DPIN) is required for the proposed Partners of the LLP. DIN and DSC can be obtained for the proposed Partners within 5 to 7 days.

3. Name Approval

A minimum of one and a maximum of six proposed names must be submitted to the MCA. Subject to availability, naming guidelines and MCA processing time, Name Approval can be obtained in 5 to 7 working days.

4. Hurray......It's Done

After the name approval, the Incorporation documents including Form 2 can be submitted to the MCA along with a application for incorporation. MCA will usually approve the application for incorporation in 5 to 7 days, subject to their processing time.And will issue the Certificate of Incorporation. Form 3 and 4 are to be submitted afterwards.

Frequently Asked Questions
A person may cease to be a partner in accordance with the agreement or in the absence of agreement, by giving 30 days notice to the other partners. Notice is required to be given to ROC when a person becomes or ceases to be partner or for any change in partners.
Minute book should be maintained to record minutes of meetings of partners and managing /executive committee of partners. There is no provision for regular meeting of members of LLPs. Partners can decided when and how to meet or as may be laid down in LLP Agreement.
Every limited liability partnership 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 limited liability partnership with the Registrar of limited liability partnership 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 partnership in respect of compliance of the provisions of this Act.
No, the limited liability partnership Act 2008 does not provide for the appointment of Company Secretary in LLPs.
Like physical documents are signed manually, electronic documents, for example e-forms are required to be signed digitally using a Digital Signature Certificate. It can allow others to verify your "signed" electronic documents, assuring your intended reader(s) that you are the genuine author of the documents, and that the content has not been corrupted or tampered with in any way.
The following are the salient features of Limited Liability Partnership: (a) Legal Existence (b)Rights and Duties of Partners (c) Liability of Partners (d) Designated Partner (e) Investigation (f) Books of Accounts
Till the time the Stamy duty statues of different states recognizes LLP agreement, the stamp duty payable on partnership deed therein, shall be payable on the LLP Agreement.
Intangible contribution shall be taxable but not at the time of introduction in limited liability partnership but only at the time of transfer, cessation and winding up of limited liability partnership.
Every Limited Liability Partnership would be required to file Annual Return with ROC. A duly authenticated Annual Return in e- Form-11, is to be filed with the Registrar, together with the prescribed fee, within a period of 60 days from the closure of every financial year.
Following documents are required for Limited liability partnership registration: (1) PAN card: A copy of the PAN cards of all designated partners. (2) Address Proof: Utility bills, if submitted, should not be older than two months. Voter ID card, Passport, Driving license, Utility bills (Gas, telephone or electricity bill), Aaadhar card. Residence Proof: Proof of Residence can be a recent electricity or telephone bill (no older than two months) or bank statement, Rent Agreement if property is on rent.
The entire assignment will be completed in around 10-15 working days subject to the timely availability of the documents & information from the client’s end.

Our Presence

Check Availablity in your area

FinComIndia has capability to serve at your door step at more than 6000 Pin Codes across. You have the opportunity to avail our world class services sitting at your home or office itself. This service is free of cost for all the customers. We practically cover the whole of India. Kindly check in the box above for availability of door step services in your city.

Reasons to choose FinComIndia?

PROFESSIONAL EXPERTISE

FinComIndia has a team consisting of more than 75 experts of varied domains which enables us to deliver high quality of services. All our staff is well trained and regularly updated with all relevant statutory changes.

DOOR STEP SERVICES

We pick up all the required documents right from your door step at your preferred time and date and also deliver back the original documents / certificates to your address.

NATION WIDE REACH

We have capability of providing our services across more than 6000 Pin Codes in India. This makes us the front runner in Nation wide reach.

BEST PRICE

We are upfront with our pricing with no hidden fees, Also lowest pricing through automation and technology.

Money Back Guarantee

If you are not satisfied with our work, we will refund the money after deducting the statutory fees paid and other administrative charges.

100% Customer Satisfaction

With our quality of services and professional expertise, we guarantee 100% customer satisfaction.

Giving Back to the Society

In our endeavour to give back to the society, we donate 1% of our profits to various charitable and environmental causes.