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LIMITED LIABILITY PARTNERSHIP
Limited Liability Partnership
Limited Liability Partnership (LLP) was introduced only in 2008. In Limited Liability Partnership the liability of its partners is limited unlike partnership firm along with requirement of minimal maintenance. So, with respect to any issues, assets in the name of LLP are liable and the personal assets of the directors are not taken into consideration. A Limited Liability Partnership makes use of both the advantages of the Company and Partnership in a single form of organization and here one partner is not responsible or liable for partner's misconduct or negligence.
As per company law, a Private Limited company is a limited liability company which can have a minimum of 2 and a maximum of 200 members. However, Private limited company has limited liability and its a separate legal entity, also at the same time it has all the advantages of partnership namely flexibility, the greater capital combination of various diversified abilities, etc.
Difference between LLP and Private Limited Company
There is not much difference between LLPs and Private Limited Companies but both are similar with respect to compliance and operational requirements. LLP's is recognized as a separate legal entity than the partners which enables it to contract or involve in any legal proceedings by its own name. This lets the partners of LLP to separate business liabilities from their personal assets. Compliance requirement in LLP is greater than regular partnership firms. Though, compared to a private limited company's structure, it is easier to incorporate and maintain compliance.
Important forms you need to fill in LLP Registration
X) RUN – LLP Reserve Unique Name-Limited Liability Partnership- This form reserves a name for the LLP
X) FiLLiP – This form is for incorporation of LLP
X) Form 5 - This form is a Notice for change of name
X) Form 17- This form is used for Application and statement for the conversion of a firm into LLP
X) Form 18- This form is used for Application and Statement for conversion of a private company or unlisted public company into LLP
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Pricings
STARTUP
6589
- 2 - CLASS -3 DIGITAL SIGNATURE
- 2 - DPIN
- LLP NAME APPROVAL
- 1 LAKH CAPITAL
- INCORPORATION FEES
- STAMP DUTY*
- CERTIFICATE OF INCORPORATION
- LLP DEED DRAFTING
- GST REGISTRATION
- PAN & TAN
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Executive
14989
- 2 - CLASS -3 DIGITAL SIGNATURE
- 2 - DPIN
- LLP NAME APPROVAL
- 1 LAKH CAPITAL
- INCORPORATION FEES
- STAMP DUTY*
- CERTIFICATE OF INCORPORATION
- LLP DEED DRAFTING
- GST REGISTRATION
- PAN & TAN
- EPF & ESI REGISTRATION
- FORM 8 FILING
- FORM 11 FILING
- 3 MONTH GST RETURN FILING
- ACCOUNTING SOFTWARE
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PREMIUM
27589
- 2 - CLASS -3 DIGITAL SIGNATURE
- 2 - DPIN
- LLP NAME APPROVAL
- 1 LAKH CAPITAL
- INCORPORATION FEES
- STAMP DUTY*
- CERTIFICATE OF INCORPORATION
- LLP DEED DRAFTING
- GST REGISTRATION
- PAN & TAN
- EPF & ESI REGISTRATION
- FORM 8 FILING
- FORM 11 FILING
- 1 YEAR GST RETURN FILING
- ACCOUNTING SOFTWARE
- UDHYAM REGISTRATION
- 1 YEAR DEDICATED SUPPORT
- DIRECTOR REPORT
- MCA ANNUAL FILING
- 1 YEAR INCOME TAX RETURN FILING
- TRADEMARK FILING
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Advantages
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Limited liability protects the member’s personal assets from the liabilities of the business. LLP’s are a separate legal entity to the members.
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The operation of the partnership and distribution of profits is determined by written agreement between the members. This may allow for greater flexibility in the management of the business.
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LLP’s can appoint two companies as members of the LLP. In an LTD company at least one director must be a real person.
Disadvantages
Public disclosure is the main disadvantage of an LLP. Financial accounts have to be submitted to Companies House for the public record. The accounts may declare the income of the members which they may not wish to be made public.
Income is personal income and is taxed accordingly. There may be tax advantages in registering as a company, but this will depend on your personal circumstances.
An LLP must have at least two members. If a member chooses to leave the partnership the LLP may have to be dissolved.
FAQs Section
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Yes, the partners have to provide a place of business in India along with the required list of documents. It can be either – a residential or commercial plot.
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Once LLP registration completes, the partner should open a bank account in the name of LLP for all business transactions. Also, the annual compliance filing must be fulfilled every year upon LLP registration.
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Yes, an existing company or partnership firm can be converted into LLP.
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There must be at least 2 individuals to be appointed as partners, and it is mandatory that at least one must be an Indian resident. Also, you need to have an address of your business in India itself so as to register it as a registered office for your LLP.
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LLP name availability is an important part of online LLP registration. You can reserve your LLP name from a web-based form named “LLP-RUN” (Reserve Unique Name). You can provide a maximum of 2 names in preferential order to reserve either of those. You may be asked to re-submit the application with a different name if the names provided by you do not seem unique, relevant, or does not fulfill the necessary requirements.
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As per company law, a Private Limited company is a limited liability company that can have a minimum of 2 and a maximum of 200 members.
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