Everything you need to know about Limited Liability Partnership LLP.

Description: Limited Liability Partnership is a unique hybrid business structure that combines the advantages of both a partnership and a private limited company.It provides limited liability to its partners while providing the benefits and it also offers the flexibility. LLPs are widely preferred by professionals, small and medium-sized enterprises (SMEs), and startups due to their simplified structure, minimal compliance requirements, and legal protection to the partners. What is LLP Registration? LLP registration is the legal process in which it incorporates a LLP under the limited liability partnership act 2008. Once registered, the LLP becomes a separate legal entity, distinct from its partners, with perpetual succession. This means the business continues to exist regardless of changes in partnership or other business dynamics. LLP Registration Process This process is completely online. Here is a step-by-step process: Obtain Digital Signature Certificate (DSC): To sign electronic documents all the partners are required to obtain a DSC. Apply for Director Identification Number (DIN) DIN is mandatory for all designated partners and is used to identify them in MCA records. Name Reservation: insure that the name is not similar it should be unique. Filing of Incorporation Documents: Submit the incorporation form of (Form for incorporation) along with necessary documents like identity/address proofs of partners, address proof of the registered office, and subscriber sheet. LLP Agreement Submission: The period of filing the LLP agreement in form 3 is 30 days of incorporation Certificate of Incorporation (COI): Upon successful verification, the MCA issues the Certificate of Incorporation, and the LLP becomes a legal entity. LLP Registration Online Thanks to digital advancements, LLP registration online has become a seamless process. Business owners can register their LLP from anywhere in India without visiting any government office. This online procedure reduces manual paperwork and processing time. You can also seek assistance from professional service providers or chartered accountants who specialize in online LLP registration. LLP Registration Fees The LLP registration fees vary depending on the capital contribution and the number of designated partners. Here's a general idea of the cost: Professional Fees: If you hire consultants, CA/CS firms, or registration platforms, the fees depends on services included (DSC, DIN, drafting LLP agreement, PAN/TAN, etc.) Other potential costs include stamp duty (varies by state), LLP agreement notarization, and PAN/TAN application fees. Benefits of LLP Registration Limited Liability Protection: The liability of partners are decided by thier capital contribution. Separate Legal Entity: LLP has right to own into and own the assets, incur debts, sue or be sued Flexibility: Operational flexibility in managing business with fewer compliance requirements compared to a private limited company. No Minimum Capital Requirement: LLP can be started with less or any amount of capital. Tax Benefits: LLPs are only taxed on profits. Conclusion: To know more about Limited Liability Partnership Visit: Contact – Mayur M Kupwade & Associates Company Secretaries LOCATION: Bld 24, Gala193, SNO 697/698 MHB colony, Maharshi Nagar, Pune, Maharashtra 411037.

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