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LLP Vs Company

Limited Liability Partnership (LLP):

The Limited Liability Partnership (LLP) is one of the business concepts in India, introduced by the Ministry of Corporate Affairs (MCA), Government of India during the year 2008. Unlike a partnership firm, a limited liability partnership have limited liability in which some or all partners will have the limited liability. It exhibits the elements of both partnership and company. In LLP, one partner is not responsible or liable for another partner's negligence or misconduct.

The limited liability partnership is a legal entity and an alternative to corporate business form. It is liable to the extent of it's total assets whereas the partners liability is limited to the extent of their capital contribution. We can say LLP is an hybrid between a company and a partnership. LLP Registration is regulated by The Ministry of Corporate Affairs, Government of India. The governing law for the LLP is Limited Liability Partnership Act, 2008.

Who shall register LLP: Those who are looking for Traditional, Brick & Mortar Businesses.

Private Limited Company:

The Private Limited Company is a well-known business concept in India. There are more than 120,000 companies registered on yearly basis. Due to its advantages such as limited liability, perpectual succession, employee attraction, director dual role, the private limited company is a favourite business structure in India. Private Limited Companies can raise venture capital funding and get external investments in Equity easily as compared to LLP. The regulative body for the Companies is The Registrar of Companies, Ministry of Corporate Affairs, Government of India and the governing law for the companies is Companies Act, 2013.

Who shall register Company: Those who are looking for venture capital fundings, external investment, long term expansion and growth.

Business Registration - India vs Abroad:

In India, the businesses are registered as Private Limited Company (PVT LTD), Limited Company (LTD) and Limited Liability Partnership (LLP) and whereas in western countries, the LLC, Inc, PJSC, GMBC companies are registered. The concept of limited liability is same but the entity is named differently.

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Why Should I register an LLP

Below are the main reasons to register a Limited Liability Partnership.

Limited Liability

The liability of the partners of the LLP is limited. The Designated Partners or Partners are not personally liable for the debts of the LLP. For example, when the LLP is in default of repayment of debt or loan, there is a protection to the personal assets of the Designated Partners or Partners. They can recover the loan amount only by selling the assets of the LLP. The lender will not involve in thier personal assets.

Minimal Compliance

Limited Liability Partnership business is suitable for those who are looking for minimal statutory compliance. LLP exhibits the elements of both partnership and company. In LLP, one partner is not responsible or liable for another partner's negligence or misconduct. LLP is an hybrid between a company and a partnership. Most enterprenuers prefer LLP rather than a Partnership Firm.

Auditor Appointment & Employee Attraction

An LLP, which is having turnover upto Rs. 40 lakhs or a Capital Contribution up to an amount of Rs. 25 lakhs is not required to appoint an Auditor. Talented employees show interest in LLP type of businesses instead of Partnership or Proprietorship firm. Employees of reputed LLPs can get loans from Banks easily at a less rate of interest.

Designated Partner Dual Role

The Designated Partner of the Limited Liability Partnership can be the employee of the LLP. He can give his own premises on rent/lease to LLP and Collect rent from it, he can give loan to the LLP and can take loan from LLP, he can supply goods or services to the LLP and get consideration for that. LLP can raise unsecured loan without any restrictions as compared to a Company.

Separate Entity-Perpectual Succession

The Designated Partners of the of the Limited Liability Partnership may come and may go but an LLP may not go that means the Designated Partners are different and the LLP is different. Limited Liability Partnership can own assets on it own name and can sell. It can sue and can be sued in a court of law.

Easy Exit Option

The Designated Partners of the Limited Liability Partnership may easily exit the LLP by simply signing a resignation letter. New Designated Partners may enter into LLP by signing the Limited Liability Partnership Amendment Agreement and the ownership will be changed easily.

How to Register an LLP

To register a Limited Liability Partnership (LLP), there should be two Designated Partners. They should attain the age of majority. The Designated Partner may be a the body corporate. The body corporate may authotise an individual to sign on behalf of it and incorporate. You can find below the Documents required and Step by Step Limited Liability Partnership (LLP) Registration Process.

Documents Required

  • A

    Designated Partners Documents

    1. Designated Partners PAN
    2. Designated Partners ID Proof
      Aadhaar Card or Voter ID or Passport or Driver's License
    3. Designated Partners Address Proof:
      Latest one month Savings Bank statement or
      Latest Telephone Bill on his own name or
      Latest Moblie Bill on his name or
      Latest Power Bill on his own name.
    4. Designated Partners latest passport size photograph
    5. Designated Partners Email id
    6. Designated Partners Mobile Number linked with their Aadhar
    7. Incase of Foreign Designated Partners, International Passport is mandatory
  • B

    LLP Documents

    1. Registered Office Address Proof: Latest Power Bill
    2. No-objection letter from the Landlord.
    3. Rental Agreement from the landlord if the premises are rented.
    4. LLP email id.

3 Step LLP Registration Process:

  • 1

    Digital Signature Certificates

    Through eMudhra - One Hour Job

    We will apply Class-III DSCs through eMudhra Portal Online.

  • 2

    Incorporation

    Through MCA Portal - 5 to 7 Days

    We will prepare the eForm FiLLip, Designated Partners Consent Letters and upload with MCA portal by paying the requisite fee.

  • 3

    Certificate of Registration

    Through eMail - 1 Day

    After scrutiny, the MCA will approve the form and issues you the Certificate of Incorporation through email.

What All You Get

  • Certificate of Incorporation
  • LLP PAN
  • MSME Registration
  • Digital Signature Certificates
  • LLP TAN
  • Import Export Code
  • Director Identification Numbers
  • LLP KIT
  • Business Agreements
  • LLP Agreement
  • GST Registration
  • LLP Act

What Next Once the LLP is Registered

Congratulations!! on registering your new Limited Liability Business Venture. Most of the enterprenuers do not know what next once the LLP is registered. You can find below the other mandatory registratons and statutory compliance requirements of an LLP.

Other Registrations

  • A

    GST Registration

    GST registration is Mandatory if you are a Taxable dealer in sale of Goods or supply of Services.

  • B

    IEC Registration

    Import Export Code (IEC) is required to be taken if you deal in Import or Export of Goods of Services.

  • C

    FSSAI Registration

    If your business deals in Food, Catering, Hotel & Restaurant, you need to apply for Food License with Food Safety and Standards Authority of India.

  • D

    IPR Registration

    If you want to protect your business name, brand, literary work, invention, you need to apply for Trade Mark, Copyright, Patent respectively with the department of Intellectural Properties of India.

  • E

    Professional Tax Registration

    Professional Tax is Mandatory for the lLPs registered in India. For all states it is not mandatory and infact only for 17 states it is mandatory.

  • F

    Shops & Establishments Registration

    Shops & Establishments registration is mandatory to register with the concerned State Labour Department.

  • G

    MSME Registration

    To avail the benefits under The Ministry of Micro, Small & Medium Enterprenuers Act, it is mandatory to get registered under this Act.

  • H

    Local Trade License

    The new LLP has to apply for Local Trade License with the Local Municipality or Municipal Corporation.

  • I

    Startup India License

    To gain the benefits under Startup India scheme, an LLP is required to take this license from The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Govt of India.

  • J

    Mining License

    The LLP which is into mining business has to take Mining License. This is mandatory requirement for a Mining Company.

  • K

    PF Registration

    If your LLP is covered under PF Act, you need to get the PF Registration. You can apply it through ShramSuvidha portal and get the registration easily.

  • L

    ESI Registration

    If your LLP is covered under ESI Act, you need to get the ESI Registration. You can apply it through ShramSuvidha portal and get the registration easily.

  • O

    Drug License

    If your business is into manufacturing and dealing in pharmaceuticals, you need to get Drug License from the respective State Drug Controller office.

  • P

    Chitfund Registration

    If your business is into chitfund, you need to take Chit Registrar permission from the respective District Chit Registrar.

LLP Statutory Compliance

  • 1

    LLP Agreement

    With in 30 days of Incorporation

    LLP Agreement is required to be filed in eForm 3 with the Ministry of Corporate Affairs with in 30 days of Incorporation otherwise a penalty of Rs. 100 per day will be imposed.

  • 1

    Appointment of Auditor

    During the last month of Financial Year

    If LLP's Turnover exceeds Rs. 40 lakhs in an year or Capital Contribution exceeds Rs. 25 lakhs, it has to appoint an Auditor on or before the due date.

  • 3

    Designated Partner KYC

    On or Before 30th April

    Every Designated Partner who has been allotted DPIN on or before the end of the financial year, and whose DPIN status is 'Approved', would be mandatorily required to file form DIR-3 KYC before 30th April of the immediately next financial year. Failure to file attracts a penalty of Rs. 5,000/- per Designated Partner and his/her DPIN will be deactivated by the MCA.

  • 6

    Statement of Account & Solvency

    On or before 30th October of Next year

    Every LLP has to file a report called it's Statement of Account & Solvency in Form 8 with MCA or or before 30th day of October of next financial year otherwise a penalty of Rs. 100 per day will be imposed.

  • 7

    Annual Return

    On or before 30th May of Next Year

    Every LLP has to file it's Annual Return in Form 11 on or before 30th day of May of next financial year otherwise a penalty of Rs. 100 per day will be imposed.

  • 8

    Income Tax Return

    On or before 31st July

    Every LLP has to file it's Income Tax Return in form ITR-5 on or before 31st day of July of each year and an LLP which is subject to Tax Audit may file it on or before 30th day of September of each year.

  • 9

    TDS Return

    On or before 31 Days from end of each Quarter

    Every LLP which is subject to file TDS returns has to file it with in Due date to avoid penalty.

  • 10

    PT Return

    On or before 15 days of Subsequent Month

    Every LLP has to file it's Monthly PT Return with in due date to avoid penalties.

  • 11

    GST Returns

    On or before 20 days of Quarter ending

    Any LLP which subject to file GST returns on QRMS basis has to file with in due date to avoid penalties.

Let's Clear Your Doubts

What is DPIN?

DPIN stands for Designated Partners Identification Number. Every Designated Partner of the LLP will get this unique DPIN subsequent upon the LLP Incorporation. With this DPIN, he/she can register any number of companies.

A DPIN holder has to file his KYC with MCA every year on or before 30th day of September otherwise a penalty of Rs. 5000/- will be imposed.

What is DSC?

DSC stands for Digital Signature Certificate. Class-III Digital Signature Certificate is required for one of the Designated Partners while registering his/her LLP.

There are different companies who issue Class-III DSCs. These companies are called DSC Certifying Authorities. We have associated with eMudhra Tamil Nadu. eMudhra is one of the largest Digital Signature Certifying Authority in India.

What is capital Contribution?

An investment made by designated partners into the LLP is called Capital Contribution.

What is LLPIN?

A LLPIN is a Certificate of Incorporation of LLP and it is called as LLP Identification Number.

We can treat it as the LLP registration number.

What is the duration for LLP Registration?

If we apply direct incorporation without applying for Certificate of Name Availability, it may take 3 to 5 working days. Some times, it may be incorporated even in one day.

But it is advisable to apply first LLP name and then incorporation and in this case it may take 10 to 15 days.

What is the Government fee for LLP Registration?

For one lakh capital contribution, the total government fee including Digital Signature Certificates would be approximately Rs. 4,000/-.

CompaniesHouse is authorised by the Ministry of Corporate Affairs to provide llp registration service throughout India at an affordable cost of Rs. 1,999/-.

Can I start LLP from my home address?

Yes, you can start a LLP from your home address too.

Can I register my LLP on my own?

No, you can not register LLP on your own as Professionals like Company Secretary/Chartered Accountant has to sign digitally along with a Designated Partner on the application forms, then only your LLP will be registered.

What is minimum amount of Capital Contribution with wich I can start my LLP?

With Rs. 2, you can start LLP.

What are the minimum number of Designated Partners required to register an LLP?

Two.

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