· LLP governed by Limited liability Partnership Act, 2008
· LLP is Separate Legal Entity just like Companies.
· The liability of each partner is limited to the contribution made by partner.
· Less compliance and regulations
· No requirement of minimum capital contribution
· Minimum 2 Partners & No upper Limit of number of partners.
· No requirement of Statutory Audit up to Rs. 40 Lakh turnover.
Step-1. Choose a unique name for your LLP using LLP-RUN.
Step-2 Applying for DSC for partners.
Step-3 Drafting of Consent Letter, Fomr-9, Subscriber’s Sheet & FiLLiP Form.
Step-4 Grant of Certificate of Incorporation of LLP.
Step-5. Drafting of Partnership Agreement & Form-3.
Step-6 Filing of Form-3 within 30 days of the date of incorporation
Step-7 Applying for PAN & TAN of LLP.
· At least 2 partners but there is no upper Limit of number of partners.
· At least 2 designated partners who shall be individuals & at least one of them should be resident of India.
· Name of LLP should be unique. The purposed name should not match with any existing LLP or LLP or trademarks in India.
· There is no minimum capital requirement for Limited Liability Partnership (LLP)
· Commercial space, residential space or rented space can be registered office of LLP.
· There is no minimum education requirement for partners.
1. DSC of partners
2. Pan Card of partners (Scanned Copy)
3. Aadhar Card of partners (Scanned Copy)
4. Voter Id / Passport / Driving License (Scanned Copy)
5. Latest bank statement / Telephone Bill / Mobile Bill / Electricity Bill /Gas Bill (must be less than 2 months old )
6. For Registered Office of LLP recent copy of electricity bill or property tax receipt or water bill or rent agreement along with latest utility bill or no objection certificate from landlord are required.
7. For foreign nationals apostilled / notarized copy of passport require
1. All documents must be valid.
2. Registered office need not to be a commercial space , it can be residential space
· Form-11 Annual Return
· Form-8 Statement of Account & Solvency
· Income Tax return Filing
· No Statutory Audit Required up to turnover of Rs.40 Lakh.
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