LLP REGISTRATION-Rs.11000
Limited Liability Partnership (LLP) as an entity is best because of following reason
Limited Liability
Partners have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In a LLP, each partner is not responsible or liable for another partner’s misconduct or negligence. Their Personal Assets cannot be attached in any case
Less Formalities
Only Two Forms i.e. Form-8 and Form-11 to be filed annually therefore makes it manageable easily
No Audit
No audit required if its turnover is less than Rs. 40 lakhs of or capital contribution is less than Rs.25 lakhs
Perpetual Succession
An LLP has ‘perpetual succession’, meaning it is continued uninterruptedly until it is legally dissolved
Easy Transferability
The ownership can be easily transferrable to another person by inducting them as a Designated Partner of the LLP.
LLP Registration Process
- Requirements:
- DSC of partners (upto two partners)
- Designated Partner Identification Number (DPIN)
- PAN & TAN
- LLP deed with stamp paper
- GST Registration
Process:
- Obtain DSC (Digital Signature Certificate)
- Obtain DPIN (Designated Partner Identification Number)
- Name Approval
- Filing for Incorporation
- File LLP Agreement
- PAN, TAN Application
- GST Registration
