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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 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.
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.
There are three main steps in the LLP registration
As the LLP is a mixed version of the partnership firm and Private company, many features are mainly added from both.
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 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 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 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.
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.
Apart from tax return filing, they handle tax department notices, advise clients about resolving tax disputes, etc.
LLP registration fees is relatively lesser compared to other Companies.
The main difference is given below
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.
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.
Find your Team IN Filings LLP management consultant to get the assured LLP Registration, LLP tax filing service on time with best tax plans fast and efficiently with our Team member and get an expert advice to help you with minimized risk advise, Trademark renewal update.
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
Trust our dedicated Team of professionals to get your LLP Registered service today.
Get in touch with our Team today and get a FREE consultation!
Reach us to manage your Accounting, Gst, Tax services, and Trademark.
Call at +91-7019827351 [email protected] to get your LLP service done!
We make our clients Business successful by providing solid business control with compliance as base.
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