LLP registration in India becomes easy than ever!
Posted: Aug 19, 2016
The Limited Liability Partnership (LLP) is one of the newest types of businesses in India. It is a commercial business which offers dual advantages, both the benefits of a company and flexibility of a partnership firm. Also it is considerably cheaper to start and maintain a Limited Liability Partnership. There are quite a few other benefits of LLPs like:
- Regarding the number of partners, the only specification in a LLP is that it requires minimum 2 partners. There is no limit on maximum partners.
- The LLPs have no minimum capital requirements and the contribution of a partner may be in terms of tangible, intangible, movable or immovable property or in the form of any other benefits to the LLP.
- The cost of registering LLP is significantly lower as compared to that of incorporating a private limited company.
- A Limited Liability Partnership is required to get the audit done only if its contributions exceed Rs. 25 Lakhs, or if it’s annual turnover exceeds Rs. 40 Lakhs.
- LLP has to pay income tax, though the share of the partners in LLP is not liable to tax. Which means, no tax is payable by the partner and thus the partners have an easy access to the profits. Also the provision of 'deemed dividend' under income tax law, is not applicable to LLP.
Registration of an LLP in India requires certain criteria to be fulfilled. The chief check points on the way of incorporation of your LLP are:
- Obtaining Digital Signature Certificate, which is essential for obtaining the Designated Partner Identification Number(DPIN).
- Obtaining Designated Partner Identification Number. DPIN is further used with Director Identification Number (DIN) in the incorporation of a company.
- For getting the name of your company approved, you will have to file an application at the Ministry of Corporate Affairs. Your application may include maximum six names of your choice, abiding by the guidelines of the LLP Act, 2008.
- After getting the name approved, the Partners of the LLP can give in an application for incorporation of LLP to the Ministry of Corporate affairs, along with the mandatory documents.
- Further, the LLP Agreement has to be signed and filed by the Partners within 30 days of the incorporation of their LLP. If not done so, you may have to pay a huge amount of fine.
All these formalities may sound simple, but they have proved to be nightmarish for a lot of budding entrepreneurs. It is not an easy task to get into all the complexities of legal matters when starting your own business. Also, the risk of making a mistake and then paying high fines is also there. Thus, as a step towards extending a helping hand to all our potential business leaders’ the eFilingportal.in has introduced its online services all over India, along with operating through offices in Gurgaon and Bengaluru.
The eFilingportal.in has now made it possible for future businessmen anywhere in India to register their LLP online, sitting at their home. All you need to do is provide the required details and documents to the portal and relax.
Also,the facilities provided by the portal are not limited to LLP registration. Through the portal one can get various kinds of companies registered like Limited Company, OPC, Private Limited Company, Partnership Firm, Proprietorship Business and avail services like Service Tax Registration, TIN VAT CST Registration, Import Export Code Registration etc
This Article is About Limited Liability Partnership Registration and Limited Liability Partnership for more information please visit our website:https://efilingportal.in
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