What is LLP | LLP Registration in Agra

LLP REGISTRATION IN AGRA - CALL 7060840732

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LLP REGISTRATION IN AGRA - CALL 7060840732

MEANING

LLP means Limited Liability Partnership Firm Registered under LLP Act, 2008

KEY HIGHLIGHTS

To resolve out the problems faced by partnership Firms registered under Indian Partnership Act, 1932, concept of Limited Liability Partnership was introduced.

Only Two persons can register a Limited Liability Partnership (LLP)

Partners in Limited Liability Partnership (LLP) is known as Designated Partners

Partners contribute funds which is known as Contribution or Partner's Capital

In order to Register a Limited Liability Partnership (LLP), Documents required are;

1. Pan card of both the partners

2. Aadhar card of both the partners

3. Photo of both the partners

4. Rent Agreement/Registry of Premises where LLP will be registered

5. Electricity Bill latest of Premises where LLP will be registered

LLP name has to be decided for registering a new Limited Liability Partnership (LLP)

After Registering Limited Liability Partnership (LLP), a LLP Agreement will be drafted where mutual terms and conditions between partners will be noted down and will be filed through LLP Form 3.

Annual Compliances of filing Form 8 and Form 11 has to be done

Audit will depend on the turnover and contribution of LLP, if its turnover exceeds 40 Lacs or Contribution exceeds 25 Lacs then audit is mandatory

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DOCUMENTS FOR LLP REGISTRATION | POST LLP REGISTRATION COMPLIANCES

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Limited Liability Partnership Compliances here we will try to narrate compliances to be done by LLP in ROC and Income tax.

In ROC Annual filing is to be done through Form 8 and Form 11 and Audit of LLP depends upon its Turnover and Contribution by Partners.

Limited Liability Partnership Compliances :

ROC Compliances:-

1. Form 11: Annual Return : Details about Partners and Change in Management: Every LLP should file Annual Return in Form 11 within 60 Days of Financial Year i.e. on or before 30th May every Year.

2. Form 8: Statement of Account: Details about Financials, Balance Sheet and Profit and Loss A/c: Should be filed on or before 30th October every year.

(a) Accounts may be prepared on Cash or Accrual Basis

(b) Mandatory Audit: If Turnover exceeds 40 Lacs or contribution exceeds 25 Lacs

In case LLP filing is not done within prescribed time i.e If Form 11 Annual Return and Form 8 Statement of Account not filed by May or October Respectively then a penalty of Rs. 100/- per day will be applicable and has to be borne by the LLP.

For Example if Form 11 Annual Return is filed on 23rd June which should have been filed by 30th May then it is delayed by 23 days. Thus apart from Normal fees, an additional fees of 23 days multiplied by 100/- per day has to be borne by the LLP which is equal to Normal Fees+2300/-.

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Limited Liability Partnership Compliances :

ITR Compliances

1. Audit not mandatory: i.e. Turnover does not exceed 40 Lacs / Contribution does not exceed 25 Lacs:-

Due Date of ITR 31st July each year

2. Audit mandatory: i.e. Turnover exceeds 40 Lacs / contribution exceed 25 Lacs:-

Due Date of ITR 30th September each year

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ONLINE LLP REGISTRATION FEES | LLP REGISTRATION DOCUMENTS

Limited Liability Partnership

Limited Liability Partnership concept in India is introduced by way of Limited Liability Partnership Act, 2008.

It combines the advantages of both the Company and Partnership into one.

In an LLP one partner is not responsible or liable for another partner's misconduct or negligence.

In an LLP, all partners have limited liability.

The partners have the right to manage the business directly.

An LLP also limits the personal liability of a partner for the errors, omissions of the LLP's employees or other agents.

Limited Liability Partnership is managed as per the LLP Agreement, however in the absence of such agreement the LLP would be governed by the framework provided in Schedule 1 of Limited Liability Partnership Act, 2008 which describes the matters relating to mutual rights and duties of partners of the LLP and of the limited liability partnership and its partners.

LLP has a separate legal entity, liable to the full extent of its assets, the liability of the partners would be limited to their agreed contribution in the LLP.

Comparing LLP & Partnership Firms

1. Registration: registration of Partnership firm is optional but LLP is compulsory

2. Creation: Partnership Firm is created by Contract but LLP is created by Law

3. Separate Entity: Partners in Partnership firm does not have separate legal entity but in LLP partners have separate liability.

4. Perpetual succession: Partnership firm does not have Perpetual Succession but in LLP partners may come and go LLP status remains as it is.

5. Common Seal: In partnership firm Common seal is not required but in case of LLP common seal is required.

6. Sue Third party: Unregistered Partnership firms cannot sue third parties whereas LLP can.

7. Deed: In partnership firms, Partnership deed is executed whereas in LLP, LLP Agreement is executed.

8. Annual Filing: In partnership firms Annual filing is not required but in case of LLP, Annual filing of Balance Sheet and Annual Return needs to be filed.

Procedure of incorporating Limited Liability Partnership:

1. Obtaining Director Identification Number (DIN)

2. Obtaining Digital Signature Certificate (DSC)

3. Check Name Availability

4. Drafting LLP Agreement

5. Filing of Forms

Conversion of Partnership Firms/Private Limited/Public Limited Companies into Limited Liability Partnership:

Its not necessary that a new LLP should be formed. An existing Partnership firm, Private Limited and Public Limited ompany can also convert itself into LLP.

LLP Agreement Meaning:

The mutual rights and duties of partners and those of the LLP and its partners shall be governed by the agreement. This Agreement is known as “LLP Agreement”.

As per provisions of the LLP Act, in the absence of agreement as to any matter, the mutual rights and liabilities shall be as provided for under Schedule I to the Act. Therefore, in case any LLP proposes to exclude provisions/requirements of Schedule I to the Act, it would have to enter into an LLP Agreement, specifically excluding applicability of any or all paragraphs of Schedule I.

Contribution of Partners in LLP

Partner’s contribution may consist of both tangible or intangible property. The monetary value of contribution of each partner shall be accounted for and disclosed in the accounts of the LLP.

Annual Filing of Limited Liability Partnership

Two forms needs to be filed under Annual Filing i.e. Form 8 and Form 11

Form 8 (Statement of Account & Solvency) and LLP Form 11 (Annual Return) annually.

The ‘Annual Return’ is required to be filed within 60 days of close of the financial year and ‘Statement of Accounts & Solvency’ shall be filed within 30 days from the end of six months of the financial year to which it relates.

Audit of Accounts of Limited Liability Partnership

1. If Turnover is more than 40 Lacs

2. Contribution is more than 25 Lacs