Limited Liability Partnership
Limited Liability Partnerships (LLPs) are flexible and legal that allows partners to benefit from economies of scale while also reducing their liability.
LLP ( Basic )
Rs. 5999
2 Digital Signature Certificates
2 Director Identification Numbers
1 Name Approval Application
LLP Incorporation Certificate
LLP Agreement
PAN
TAN
LLP ( Standard )
Rs. 10499
2 Digital Signature Certificates
2 Director Identification Numbers
1 Name Approval Application
LLP Incorporation Certificate
LLP Agreement
PAN
TAN
MSME registration
Gst Registration
LLP ( Premium )
Rs. 13999
2 Digital Signature Certificates
2 Director Identification Numbers
1 Name Approval Application
LLP Incorporation Certificate
LLP Agreement
PAN
TAN
MSME registration
GST Registration
Trademark Application
Why an LLP?
A typical partnership form of the business suffers from the problem of unlimited liability. Liabilities of partners of a firm extend right up to their personal assets. This makes regular partnerships undesirable for a lot of entrepreneurs. One solution for this issue exists in the form of Limited Liability Partnerships, better known as LLP.
LLP has all basic features of a regular partnership firm, except that of same legal entity status and unlimited liability of partners. Consequently, limited liability partnerships have legal existence and identity separate from that of its partners. Furthermore, its partners have limited liabilities.
Settle My Tax’s clients who use LLPs tend to rely heavily on reputation. Most LLPs are created and managed by a group of professionals who have a lot of experience. By pooling resources and with Settle My Tax’s assistance, the partners lower the costs of doing business while increasing the LLP’s capacity for growth. We guide them to optimize the resources and hence increasing efficiency.
The main features of a Limited Liability Partnership are:
- Limited liability unlike a partnership firm which has an unlimited liability;
- They are very convenient and more preferred;
- Completely online process
The disadvantages of the LLP are:
- One cannot raise funds through equity shares in LLP.
- Public disclosure is LLP’s main weakness. LLPs are required to submit annual financial reports and solvency reports, as well as annual reports, to the registrar on an annual basis. Income tax returns must also be submitted to the LLP Income Tax Department.
- An NRI / foreigner wishing to register an LLP in India must have at least one partner who is an Indian citizen. Two foreign partners cannot form an LLP without a permanent Indian partner with them.
- LLP registration is a completely online process and is usually completed in 10-15 working days.
What are the documents required to register an LLP ?
The documents required from the partner and shareholders are:
- Pan Card
- Aadhar card/Passport/ License
- Bank Statement/ Mobile Bill / Utility Bill having an address
Documents required of the proposed registered address are as follows:
- Electricity bill/Other Utility Bill of the proposed registered address
- NOC or rent agreement from the owner of the premises
Settle my Tax helps you with registering your LLP in just a few simplistic steps :-
Step 1: Applying for DSC (digital signature)
This is obligated to sign and submit the application online. It is also used to sign and upload the income tax returns and annual returns of the LLP.
Digital signatures are to be appealed to just the designated partners and not all.
Step 2: RUN-LLP application (Reserve Unique name- Limited Liability Partnership)
With the assistance of SETTLE MYTAX you will be able to apply for 2 names. The names should be unique and should have the activity word mentioned in them. For example, the name is divided into 3 parts
- 1st Part – Prefix
- 2nd Part – Activity
- 3rd – LLP
The name should be unique and should not be similar to the existing LLP, Company, or trademark.