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Understanding LLP Registration as a Business Structure
Limited Liability Partnership (LLP) is a balanced structure, carrying benefits conventional partnership and still limiting personal liabilities of the partners. It is regulated as a contractual agreement between the partners under the Limited Liability Partnership Act, 2008.
Incorporating an LLP company has both Limited Liability features of a Private Limited Company and the flexibility of a Partnership Firm. No partner is liable on account of unauthorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s misconduct. LLP form of organization is usually preferred by Professionals, Micro and Small businesses that are family owned or closely-held.
What are the advantages of registering a business as an LLP?
Limited Liability of Partners
Because an LLP can enter into a contractual relationship in its own capacity, it offers a great advantage to the partners for limiting their personal risk. Liability of financial contribution of any partner is restricted to the capital contribution as per the LLP agreement. Many new age businesses prefer LLP registration over partnership so that their personal assets remain safe in case of loss, or even insolvency. Further, one partner is not held responsible for the actions of negligence or misconduct of any other partner.
Separate Legal Existence
Registration of LLP creates a separate legal identity than its partners. Governed by the LLP Act 2008, it allows the business to contract with other entities, take legal action, own assets and borrow funds in the name of an LLP itself. It is a major advantage that is not available to a regular partnership firm.
Lower Compliance Requirement
A key benefit of registering an LLP over a private company is lesser compliance requirement. It doesn’t have a mandatory audit requirement until a certain level of turnover or contribution. Unlike companies, compliances related to board meetings, statutory meetings, etc. do not apply to LLPs. Professional services for compliance are typically available at cheaper rates than that for companies, making it cost effective to maintain an LLP.
Documents required for registration of an LLP
PAN Card of all partners
Foreign nationals may provide passport
Partners Address Proof
Latest Passport size photograph of all partners
Business Address Proof
Latest Electricity Bill/ Telephone Bill of the registered office address
NOC from owner
No Objection Certificate to be obtained from the owner of registered office
Rent Agreement of the registered office should be provided, if any
Note: In case of NRI or Foreign National, documents of the partner must be notarized or apostilled
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LLP vs. Private Limite Company vs. Partnership
WHAT IS THE RIGHT BUSINESS STRUCTURE FOR YOU?
|Private Limited Company||One Person Company||Limited Liability Partnership||Partnership Firm||Proprietorship Firm|
|Act||Companies Act, 2013||Companies Act, 2013||Limited Liability Partnership Act, 2008||Indian Partnership Act, 1932||No specified Act|
|Registration under Companies Act is mandatory||Registration under Companies Act is mandatory||Registration under LLP Act is mandatory||Unregistered partnerships are legal, but registered entity enjoys certain advantages||There is no registration criteria prescribed. But, registration is recommended|
|Number of members||2 – 200||Only 1||2 – Unlimited||2 – 50||Only 1|
|Minimum 2 and not more than 200 shareholders||Only an individual,and an Indian resident can be the shareholder||No bar on maximum number of partners, but minimum 2 Designated Partners are required||It is formed with minimum 2 partners, but not exceeding 50||Proprietor is the only owner of the firm|
|Separate Legal Entity||Yes||Yes||Yes||No||No|
|It is a separate entity and can own assets in its name||It is a separate entity and can own assets in its name||It is a separate entity and can own assets in its name||It does not have any separate identity from its partners||Proprietor and business are considered the same|
|Limited up to the total value of shares subscribed||Limited up to the value of shares subscribed||Limited up to the capital amount agreed to introduce||Partners are jointly and severally liable to pay the debts of the Partnership Firm||Proprietor’s liability is to pay-off all the debts and obligation of the firm|
|Statutory Audit||Mandatory||Mandatory||Dependent||Not mandatory||Not mandatory|
|Auditor must be appointed within the 30 days of incorporation||Auditor must be appointed within the 30 days of incorporation||Applicable when turnover exceeds INR 40 Lakh or contribution exceeds INR 25 Lakh||Statutory audit not applicable. Tax audit may be applicable based on turnover||Statutory audit not applicable. Tax audit may be applicable based on turnover|
|Shares can be transferred with the consent of other Shareholders||Shares are not transferable easily||Ownership can be changed with consent of other partners||Ownership is not transferable easily, clause of partnership deed should be referred||Firm is no different from proprietor and so ownership is not transferable|
|Perpetual existence as the management and owners are different. Ownership is easily transferable||Perpetual existence.
The nominee will take place of member
|Change in Partners or Designated Partners does not affect the existence of LLP||Change in partner leads to dissolution or formation of another partnership firm||Death or insolvency of proprietor directly affects the firm|
|Foreign Participation||Allowed||Not Allowed||Allowed||Not Allowed||Not Allowed|
|Foreign national are allowed to invest under the Automatic Route||Member, nominee and director must be an Indian resident||Foreign nationals are allowed, subject to FDI Guidelines||Foreign nationals are not allowed to be a partner||Foreign Nationals cannot commence proprietorship business|
|Tax rate applicable for small companies is reduced to 22%, dividend distribution tax applicable||Tax rate applicable for small companies is reduced to 22%, dividend distribution tax applicable||With tax rate of 30% on business profit, no tax on income distribution to partners||With tax rate of 30% on business profit, no tax on income distribution to partners||Tax rates of individual applied to Proprietorship Firm|
|Companies have to meet high compliance requirements||Companies have to meet high compliance requirements||Lesser compliance requirements compared to companies||Separate ITR of partnership is filed, else there is no filing requirement||No compliances and no requirement to file a separate ITR|
|Know More||Know More||Get Started||Know More||Know More|
Frequently Asked Questions
Questions You May Have on LLP Incorporation in India
What are the minimum requirements to register a LLP in India?
Is there any minimum capital requirement for LLP registration in India?
How to reserve the name for a Limited Liability Partnership?
What are the requirements to be a Partner/ Designated Partner for LLP formation in India?
What is Director Identification Number (DIN)? Is DPIN is required for LLP Registration?
What is a Digital Signature Certificate? Who shall procure DSC for Limited Liability Partnership Registration?
Whether a place of office is required for online LLP registration?
What is LLP Agreement? Does it require filing with MCA?
Can an LLP carry on more than one business activities?
Whether LLP can be registered for Not-for-profit activities?
When can I get the PAN and TAN of the LLP?
Whether Audit is mandatory after LLP registration in India?
How Stamp Duty amount is decided for LLP Agreement? Whether notarization is necessary?
What are the compliance requirements once LLP is registered?
Is Foreign Direct Investment (FDI) allowed in LLP?
Can an existing partnership firm or company be converted to LLP?
What is the role of Accountants and Auditors in Limited Liability Partnership?
(Note: compliancemsme.com shall only take the accountability of the Accounting Service provided by them but however shall help in appointment of Independent Auditor for your business.)