ISO Certified Premium Startup Consultancy Company
ISO Certified Premium Startup Consultancy Company
LLP registration brings out the best qualities of partnership.
All lasting business is built on partnership
The information relating to the LLP such as name of the LLP, date of incorporation, registered office address, status of the LLP are made available in a publicly searchable database i.e. MCA. This feature increases the credibility between the customer, vendors and investors.
An LLP is a separate legal entity from its partners. On incorporation it will be issued with a unique registration number, in the same way as a limited company. This registration number will stay the same throughout the lifetime of the LLP, even if the LLP changes its name.
The partners of an LLP act as its agents and only have liability up to the amount they have contributed to the LLP – in particular their capital contribution and sharing of profits. This is a significant advantage over a traditional partnership where the partners generally have unlimited liability.
An LLP has the organizational flexibility of a partnership and the provisions dealing with the day to day running of the LLP will normally be contained in a written LLP agreement. An LLP agreement will typically deal with matters such as: Profits and losses, Drawings, Ownership of property etc.
A LLP whose turnover does not exceed forty lakh rupees, in any financial year or whose contribution does not exceed twenty five lakh rupees does not requires audit of the accounts of the LLP.
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Every individual who is intending to be appointed as designated partner of an LLP shall make an application for a digital signature certificate. A DSC is mandatory to digitally sign all forms to be filed electronically on the MCA portal.
An applicant must get a name reserved for new LLP to be incorporated. A form is required to be filed for name reservation named as Form RUN-LLP. After name approval, the applicant will apply for incorporation process, before the name got expired as its validity is three months from the date of approval.
After name approval, the applicant has to file an LLP integrated incorporation form through the MCA portal. This form requires details such as particulars of the proposed or approved name of the LLP, business activity to be carried out by the LLP, proof of address of registered office of the LLP, and some attachment like subscriber's sheet including consent, KYC of designated partners, etc.
Upon successful registration, the ROC shall issue a certificate of incorporation in under the seal of the registrar. COI contains the details like name of LLP, address of LLP and LLP identification number.
After incorporation, LLP agreement will be drafted between the partners and the LLP. Clause related to rights, duties and responsibilities of partners will be mention in agreement. LLP agreement places the clauses relates with partners like, consequences of death of a partner, addition of partner, removal of partner, sharing of profit and loss, dispute resolution, and others. Partners have to file the agreement in form 3 with the ROC along with the applicable stamp duty within 30 days of incorporation.
If one partner in partnership stand in injury while other is counting money, is no longer partnership
Collaboration is aptitude to work together toward a mutual image
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LLP is partnership with limited liability which is formed and registered under limited liability partnership act. It has the advantage of company and partnership together like corporate structure as company and the flexibility as a partnership.
There are two types of partners in LLP, designated partner and partner. Partners are the person who shares the profit and loss only. When we talk about designated Partners, those person deals in day to day activities to run the LLP and responsible for all compliances that the LLP is liable to file to ROC timely.
The person who subscribes the subscriber sheet at the time of formation of LLP will be considered as partners in LLP. After incorporation, new person can be added as partner as per the clause mentioned in LLP agreement.
As per the clause mentioning in LLP agreement, a person may leave the organization. Supplement deed is required to be formed at the time of any changes in constitution of LLP. Whenever any person ceases to be partner or any changes occurred then have to inform the ROC by filing prescribed forms.
An LLP shall be under obligation to maintain annual financial records revealing accurate and fair vision of its affairs. The statement of account & solvency and annual return is required to be filed to registrar of company.
