A Limited liability Partnership (LLP) is a new form of business introduced in the year 2009, this is a unique form of business in the sense that it has simplicity of a partnership firm and benefits of limited liability as in a limited corporation. Minimum two person can form an LLP with no maximum limit on the number of its partners. Limited Liability Partnership (LLP) is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership business, For small LLP the audit Is not required and the compliance is based on the information declared by the partners. The advantage of llp form of business over a private limited is in the fact that there is less compliance requirement in comparison to a private limited company. For instance audit is not required till the time turnover reaches 40 lac or capital reached Rs. 25 lac. This is preferred choice for small businesses with less capital.
Registration Certificate
Two DSC
Two DIN
PAN
TAN
LLP Agreement
Limited Liability Partnership Registration with DSC , Name Approval, DIN, LLP Deed Drafting LLP Incorporation
Registration Certificate
Two DSC
Two DIN
PAN
TAN
LLP Agreement
GST Registration
Limited Liability Partnership Registration with DSC , Name Approval, DIN, LLP Deed Drafting LLP Incorporation
Registration Certificate
Two DSC
Two DIN
PAN
TAN
LLP Agreement
GST Registration
Trademark Registration
Limited Liability Partnership Registration with DSC , Name Approval, DIN, LLP Deed Drafting LLP Incorporation
Liability Protection
In general partnerships, each participant is personally responsible for the actions of the company. This includes debts, liabilities and the wrongful acts of other partners. One advantage of a limited liability partnership is the liability protection it affords. This type of partnership structure protects individual partners “from personal liability for negligent acts of other partners or employees not under their direct control,” states the SBA. In addition, individual partners are not personally responsible for company debts or other obligations. This is advantageous for an individual partner when potential lawsuits or claims of negligence against the business are concerned.
Tax Advantages
Individuals in a partnership are normally liable for filing personal income taxes, self-employment taxes and estimated taxes for themselves, according to the Internal Revenue Service. The partnership itself is not responsible for paying taxes. The credits and deductions of the company are passed through to partners to file on their individual tax returns. Credits and deductions are divided by the percentage of individual interest each partner has in the company. This can be beneficial for partners who have a limited interest in the company or special tax requirements due to their interests in other businesses.
Flexibility
Limited liability partnerships offer participants flexibility in business ownership. Partners have the authority to decide how they will individually contribute to business operations. Managerial duties can be divided equally or separated based on the experience of each partner. In addition, partners who have a financial interest in the company can elect to not have any authority over business decisions but still maintain ownership rights based on their percentage interest in the company. Flexibility in business operations can become a disadvantage when partners make decisions based on personal interests and not the interest of the partnership as a whole.
We will require following documents