LLP is a complete form of Limited Liability Partnership firm governed by the LLP Act, 2008. The plus point of LLP is it has the dual benefit of a partnership firm and a private company.
LLP business is best for risk oriented services, where the partner’s responsibility limited to the associated decision taken by the firm.
LLP Registration procedure in Bangalore
LLP is a corporate type of business, just similar to a private limited company.
It has a minimum of two designated partners to manage the LLP firm.
Steps in LLP Registration
· Select the unique Business name for the reservation
· Obtain the documents from each partner
· Get the DSC to designated partners
· Registration of the LLP
Documents required under LLP Registration
Before proceeding with LLP Registration, we must make sure the below.
Get the unique business name by a suffix of LLP, and get it reserved.
Once the LLP name reservation is approved, we can proceed with the Registration of the LLP.
Steps involved in LLP Registration
There are three main steps in the LLP registration
· Name Reservation of the LLP with MCA
· Registration of the LLP
· Filing the LLP Agreement with MCA
Below are the essential documents must for LLP registration.
· Pan and aadhar of each partner
· DIN number of each designated partner or allotment of new DPIN
· Get the business rental agreement in LLP’s name
· Utility bills like electric bills or phone bill
- consent letter
As the LLP is a mixed version of the partnership firm and Private company, many features are mainly added from both.
· It’s a hybrid business from a Firm and a Company
· LLP is a corporate body; it has been separately recognized as a body corp
· LLP has continuity of the business even partner’s death or resignation
· LLP partner has limited exposure to the risk of the company upto their capital investment
· LLP can use its common seal to represent its business
LLP partner’s responsibility
LLP’s unique character is its partner’s limited liability to the business.
The LLP law protects the partners from unforeseen risks, where their assets are safe from any 3rd party recovery notice.
Also, LLP law protects any partner from misuse without the consent of all the partners.
If any unforeseen vent happens and the business gets lost, the partners are not liable for the risk to the company.
LLP form 8 & Form LLP 11
LLP is a corporate entity; it must comply with the Mca rules and regulations for compliance.
There are two types of returns with LLP.
Form 8 filing with Mca/ Roc.
Form 8 is a year-end for accounting and solvency report filing with MCA; the due date is 30th October of each year.
Non-filing of LLP form 8 attracts a late fee every day.
Form 11 filing with Mca, Roc
Form 11 is a year-end annual report filing with MCA; the due date is 30th May each year. It has the details of management affairs, several partners’ details, declaration of the partner’s investment, payables, etc.
Benefits from LLP business
· No capital required for LLP Registration
· No limit to the number of owners in business
· Significantly lower cost to register the LLP
· No statutory audit is directed to your LLP
· Dividend distribution tax does not apply to your LLP
LLP ITR tax filings
You must file LLP’s ITR irrespective of the business income, loss, or nil return.
Every year, LLP ITR is filed before 31st July.
Form ITR 5 to report the business’s net profit or loss, capital, liability, assets, etc.
LLP Income tax rate is 30% of the net taxable income after adjusting partners’ remuneration interest payment etc.
Benefits from our LLP in-house consultants
· Professionally qualified consultants
· Expert in the LLP Act and filings
· Error-free LLP tax filings from the last ten years
Apart from tax return filing, they handle tax department notices, advise clients about resolving tax disputes, etc.
LLP Registration fees
LLP registration fees is relatively lesser compared to other Companies.
· LLP Registration fee: Rs.5000 plus govt. fee
· Time required: 15 days from the date of receipt
Difference between LLP and partnership Firm
The main difference is given below
· LLP has a separate legal business, but the partnership has no such independent legal status
· Under LLP, the partner has limited risk, whereas in partnership partner has unlimited risk
· In LLP, there is no limit for the number of partners, but in partnership, it has 100 only
· LLP can hold property in its name, but a partnership cant hold property in its name
· You can form LLP with foreign nationals, but in a partnership firm, no such option
· Law creates LLP, but the partnership is created by Contract with partners.
Why are Team LLP consultants different?
Our expert team of LLP consultant is worked with Big MNCs in the Registration, taxation, and Accounting department for more than ten years; they hold LLP Act, tax, and financial management degrees from reputed institutes, including ICAI and ICSI, etc.
They are giving benchmark advisory services at affordable fees across Bangalore.
They properly review the LLP agreement, accounting, invoicing, purchase, etc., before taking a call on the tax planning and filings.
They have a good network with MCA, Roc, and the Tax office to minimize the litigations to clients.
We have an LLP registration and filing process with a benchmark fee.
Our Llp experts do quick checks.
· Review the required documents and advise accordingly
· Internal assessment and update to management
· Advise on the best option for management
· Handover the finalized report for finalization of LLP books
The Team In filings Bangalore based consultants firm comprised team members from CA and CS professionals practicing from last 10+ years in Bangalore,
providing host of services including LLP advise, tax advisory services, Company Registration, Trademark registration, Trademark objection filing, Trademark hearing, Company Registration, GST services, Tax return filing as well as Gst advice Service, Tax consultancy, and Management have been providing various tax planning, business setup filing-related services from the 15 years in India.
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This includes LLP law periodical update, Trademark status report,LLP tax compliance, GST support invoicing software and filing software that is free. GST invoicing, cloud-based filing software, as well as Accountants Assistance. LLP Registration 5K+ is processed. Rapid and reliable Company tax filing service provider in Bangalore. Karnataka
Contact Team IN Filings
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Call at +91-7019827351 [email protected] to get your LLP service done!
Team IN Filings is a Tax & Law house in Bengaluru specializing in company matters, income Tax Gst, Trademarks Startup India, etc.
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