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Benefits of LLP Registration and its Annual Compliances
Benefits of LLP Registration and its Annual Compliances
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Benefits of LLP Registration and its Annual Compliances. INTRODUCTION OF LLP REGISTRATION Limited Liability Partnership (LLP) has become a most important choice of among all business owners and all other form of organization as it possesses the features of both a partnership firm and that of a company. The concept of LLP was introduced in the year 2008 by incorporating the Limited Liability Partnership Act, 2008 by the Parliament of India. LLP is that type of legal entity which is different from its partners and the existence of LLP does not affect by any change in the partners. LLP incorporation is very easy and smooth process and required only two partners to incorporate it with no maximum limit of number of partners.LLP has very lesser compliances to follow Being a separate legal entity LLP can enter into any contract or arrangement and can purchase property in the name of LLP itself. LLP is not only popular in India but also in international platform. LLP Registration Process LLP Registration process is very easier, low in cost and has lesser burden of compliances in day to day operations. The following are needs to follow for registration of LLP. Step 1: Required Class III Digital Signature Certificate (DSC) For Registration of LLP you need to first make an application for the digital signature of the designated partners of the proposed LLP. Step 2: Make an Application for Director Identification Number (DIN) After obtaining the DSC You have to apply for the DIN of all the designated partners of the proposed LLP by filing the e-Form DIR-3 to the Registrar of companies. Step 3: Application for Name Approval LLP-RUN(Limited Liability Partnership-Reserve Unique Name) is required to filed to reserve the name of the proposed LLP. The proposed name should be unique and different from the existing LLP name. The approval of name will be grant by the registrar within 2-3 working days only of it is unique and if it is not undesirable. Step 4: File Form for Incorporation of LLP After receiving the name approval from ROC you have to file Form FiLLiP (Form for incorporation of Limited Liability Partnership) to the Registrar of companies to incorporate the LLP. If the Registrar finds all the information to be true and correct, it will approve the web form and will issue a Certificate of Incorporation. Step 5: File e-Form-3 to register Limited Liability Partnership (LLP) Agreement After receiving the Certificate of Incorporation you have to file the e-Form 3 to register the LLP agreement which indicates the mutual rights and duties amongst the partners and also between the LLP and its partners. The e-Form -3 must be filed within 30 days of the date of incorporation. The LLP Agreement must be printed on Stamp Paper. The value of Stamp Paper is varying from state to state. Step 6: File PAN and TAN Application: After completing the process of registration of LLP you should apply for the TAN and PAN of the LLP Checklist for LLP Registration Minimum of two partners. DSC for all designated partners. DPIN for all designated partners. Name of the LLP, which is not similar to any existing LLP or trademark. Capital contribution by the partners of the LLP. LLP Agreement between the partners. Proof of registered office of the LLP. Documents Required for LLP Registration For registration of LLP there are certain documents which are required to start the process of registration. The documents are required in two parts: A. Documents of Partners Self attested copy of PAN Card/ ID Proof of Partners: Address Proof of Partners : ID, Passport, Driver’s license or Aadhar Card Residence Proof of Partners – Latest bank statement, telephone bill, mobile bill, electricity bill or gas bill which should not be more than 2-3 months old and must contain the name of partner same as mentioned in the PAN. Email ID and mobile number of all the partners Passport size photograph of Partners preferably on white background. Passport (in case of Foreign Nationals/ NRIs) –. Passport must be notarized by the relevant authorities in the country of such foreign nationals and NRI, or Indian Embassy situated in that country can also sign the documents. Duly signed Consent of Designated Partners in Form 9 A subscriber sheet duly attested by a practicing professional agent B. Documents of LLP Proof of Registered Office Address such as Electricity Bill, Water Bill or telephone bill etc. (not older than 2 months) submitted within 30 days of its incorporation. NOC and Rent Agreement in case the premise of registered office is rented. BENEFITS OF LLP REGISTRATION LLP has many benefits and features which makes it most popular business form especially in the service sectors. Since the concept of LLP was introduced in India, many large corporate entities are move towards LLP. Small Enterprises prefer to LLP for their business as it has lesser compliance and also cost saving. The LLP has following benefits which makes it different from other organization. It has a separate legal entity just like companies. An LLP can sue and be sued in its own name. The liability of each partner is limited to the contribution made by the partner and they are not liable for any loss in the LLP. The cost of forming an LLP is low. Less compliance and regulations. The LLP needs to file only Form-11 (Annual Return) and Form-8 (Statement of Accounts and Solvency). No requirement of minimum capital contribution. There are only two minimum partners required incorporating an LLP is two and there should be a minimum of two individual designated and one of which should be resident in India. There is no upper limit on the maximum number of partners of LLP. The rights and duties of designated partners are specified in the LLP agreement and they are directly responsible for the compliance of all the provisions of the LLP Act and the provisions of the LLP agreement. ANNUAL COMPLIANCE OF LLP Every LLP is required to comply Annual compliances every year the details of which are as follows: A. Filing of Annual Returns to the Registrar of Companies of LLP Every LLP is required file annual returns in Form 11 and statement of accounts and Solvency in Form -11 every year with the Registrar of Companies in compliance of the provisions of the LLP Act, 2008. The forms has to be signed by the designated partners and practicing professionals. Form 8 (Statement of Accounts and Solvency) LLPs shall file Form-8 with ROC within 30 days from the end of the six months of the financial year i.e by 30th October of the financial year. LLP has file their assets, liabilities, profit & loss of the Financial year in Form-8. Form 11 (Statement of Annual Return) LLPs shall file Form – 11 with ROC within 60 days of from the end of financial year i.e. by 30th May of the next financial year. LLP has file in Form-11 the brief of the management affairs, details of partners and their contribution. Penal provisions: If the LLP has not file the Form 8 and Form 11 before the due date, then the LLP is required to pay the additional fee of Rs.100.00 per day till the date of filing. Audit of the Accounts: The LLP is required to get their accounts audited by Chartered Accountant if it fulfils the following conditions: If the annual turnover exceeds Rs.40 lakhs or where the contribution exceeds Rs.25 lakh B. Filing Income Tax Returns of the Limited Liability Partnership Being a separate legal entity, an LLP shall file the Income Tax Returns in each financial year. Generally the due date of Income Tax Return is 31st July of the financial year for the Individual and legal entities, but in case the accounts are audited then the due date is 30th September for a year. LLPs should file their income tax return in Form ITR 5 at the Income tax portal. The LLPs are required to file the NIL Income Tax Return even though the LLP has not done any business in that year. Annual Filing for the F.Y. 2020-21 LLP which incorporated on or before 30th September 2020 shall file their financials for Financial Year 20-21 before the due dates. But the LLPs which incorporated on or after 1st October 2020 to 31st March 2021 can file their financials next year by preparing the statement of 18 months HOW CAN COMPLIANCE CALENDAR HELP? Compliance Calendar LLP has a team of Experienced Professionals who can help you in Registration of LLP and manage each and every compliances of your LLP Business anywhere in India. We will prepare all the documents required to register a LLP. We make the process of LLP Registration very easy and with our team of experts. For LLP Registration in India, Compliance Calendar is one of the most popular consulting entity as it helps in whole the process of Registration of LLP. We will help you to ensure that all your compliance related deadlines are handled in consistent, timely and thorough manner we can be your true guide to the proper Compliance. For Register your LLP you are required to provide us the desirable LLP name and we will check its availability for its registration. We will provide to you a complete checklist for the documents which are required to register a LLP. If you have any queries on LLP Registration and its Compliances, email us to info@ccoffice.in or WhatsApp/Call at 9988424211
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Start Your Business
Private Limited Registration
Public Company Registration
OPC Pvt Ltd Registration
LLP Firm Registration
Section 8 Company Registration
Nidhi Company Registration
Insurance Company Registration
NBFC Company Registration
Producer Company Registration
Foreign Subsidiary Registration
Foreign Branch Office
Foreign Liaison Office
Foreign Project Office
Overseas Company Registration
Proprietorship Firm Registration
Partnership Firm Registration
Grow Your Business
GST Registration
MSME Registration(UDYAM)
Shop & Establishment Registration
Startup India Registration
ESI/PF Registration
IEC Code (Import Export)
Startup Consultation
Appoint Virtual CFO
Angel Funding/ VCs
Virtual Office Service
Due Diligence of Company
Business Development
Protect Your Business
Trademark Registration
Trademark Objection
Trademark Hearing
Trademark Opposition
Trademark Infringement
Trademark Renewal
Trademark Assignment
Trademark Withdrawal
Trademark Monitoring
Logo Design Service
Copyright Registration
Patent Registration
Exit Your Business
Close Company
Fast Track
Close LLP
Close Firm
GST Cancellation
Change Services
Change Company Name
Change LLP Name
Change Company Object
Change LLP Object
Increase Authorised Capital
Increase Paid-up Capital
Increase LLP Capital
Transfer of Shares
Alteration in MoA & AoA
Resignation of Auditor
Appointment of Director
Resignation of Director
Change in Designation of Director
Shifting Registered Office of Company
Shifting Registered Office of LLP
Dormant Status of Company
Mandatory Compliances
Appoinment of Auditor
Annual Filings of Company
Annual Filings of LLP
Annual DIN/DPIN KYC
Annual Return of Deposits
Half Yearly MSME Return
Statutory Registers & Minutes
XBRL Filing of Companies
eStamping of Share Certificates
Dematerialisation of Shares
RBI FEMA Compliance
GST Returns Filing
ESI-EPF Returns Filing
TDS Returns Filing
Change in Structure
Proprietorship to OPC
OPC to Private Limited
Private Limited to OPC
LLP to Private Limited
Private Limited to LLP
Partnership Firm to LLP
Private Limited to Public Company
Public Company to Private Limited
Trust/Society to Section 8 Company
Existing Company to Section 8
Existing Section 8 to Company
Services
Accounting & Book Keeping
GST Compliance
Valuation Services
Corporate Litigation
Company Law Advisory
Services For Banks
Drafting & Vetting Services
Startups Funding
Business Loans
Get in Touch
NBFC
NBFC Company Registration
NBFC Micro-Finance Registration
NBFC P2P Lending Registration
NBFC Core Investment Company
NBFC ROC Compliance
NBFC RBI Compliance
NBFC License Restoration
NBFC Business Plan
NBFC Acquisition
NBFC Consultancy
NBFC Compliance Calendar
NBFC Independent Director
ISO
ISO 9001:2015
ISO 14001:2015
ISO 13485:2016
OHSAS 18001:2007
HACCP Certification
CE Marking
GMP Certification
CMMI Level 3 Certification
ISO 22000:2005
ISO 27001:2013
FSSAI
FSSAI Registration
FSSAI State License
FSSAI Central License
FSSAI Registration Renewal
FSSAI License Renewal
FSSAI Returns Filing
FSSAI Compliances
FSSAI Consultancy
ITR
Salaried Person
Firms/LLPs
Companies
NGOs
Income Tax Notice
Income Tax Planning
Income Tax Litigation
Charity
Section 8 Company
Trust Registration
Society Registration
80G & 12A Registration
FCRA Registration
NITI Ayog Registration
CSR-1 Registration
CSR 2 Report
CSR Services
NGO Consultancy
NGO Handholding
Govt Grants Support
Partnership
Angel Investors
Venture Capitalists
Co-Working Spaces
Banks and NBFCs
Incubation Centres
Government Wings
Institutional Bodies
Software Companies
CA/CS/CMA/Lawyers
Press & Media Houses
Overseas Ventures
Other Startup Enablers
Contact Us