Starting business is the toughest decision one can take and in return, it gives you the maximum fulfillment of your dreams and desires. With big risks, massive rewards wait. Let’s take you to one step more closer to know Partnership Company incorporation process and its implication on business structure.
Your decision to begin your entrepreneurial journey starts with the decision of selecting the right business structure to follow. We Welcome you to the world of the business arena. We respect your daring and want to be a partner in your journey. A partner who can support you to select the right options for your business structure as well as help you in the initial setup of your business.
Limited Liability Partnership (LLP) was introduced in 2008, by way of the Limited Liability Partnership Act, 2008. The key objective behind the introduction of the Limited Liability Partnership (LLP) is to offer a form of business entity that is easy to maintain though providing limited liability to the owners.
If you don’t want to take responsibility or liability for another partner's misconduct, incompetence or negligence and also want to limit your liabilities for the debt and losses, also want to enjoy tax benefits. Then LLP is the best option to go with.
It’s easy for LLP to get funding or borrow capital from banks/Financial Institutes in comparison to Sole proprietorship and Partnership type.
Shields personal assets from business liability
The LLP continues to exist even after the death of the Partner
Separation of your business from your personal money
Highly flexible management structure
No Audit by a Chartered account if annual turnover is less than Rs.40 Lac
No Audit if Capital contribution is less than Rs.25 lac
There is no dividend tax in case of partner giving a loan to LLP or LLP giving a loan to a partner
Flexible tax reporting options
LLP requires to file the annual return with the Income Tax Department
Annual account audit is flexible and not applicable if turnover less than Rs.40 Lakhs per annum.
PAN Card or Passport (Foreign Nationals & NRIs)
Voter's ID/Passport/Driver's License
Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill
Specimen signature (blank document with signature [partners only])
Any Utility bills
Scanned copy of Rent agreement with NOC from owner
Fill out our basic requirement form
We'll collect all your documents and file them directly with the authority
You'll receive your completed LLP package by E-mail
As per industry standards, it’s up to 15 business days but being expert in the industry, we complete the process within 7-10 business days, unless something serious strikes in between the process.
Minimum of two individuals/partners
Any premises be it a commercial / industrial / residential where communication from the MCA will be received.
No, you need not to be present at our office or appear at any office for the incorporation of an LLP. All the documentation has been completed by us. In case of any communication during incorporation, we might use email to receive or send the document to you.
A registration certificate issued by the registrar of the business is valid until you are meeting applicable rules & compliance.
You can always choose to restructure your business at any point of time. Whenever you decide your business might be outgrowing its status as a LLP
whether you're looking to take on partners or investors, or you want the benefit of different tax options and liability protection
we have expert resources to help you find the business structure that's right for you
Yes, non-resident Indians and foreign nationals can be a part of LLP formed in India
Download free legal guide on how to successfully start and manage business in India & achieve 100% compliance.
This blog is about registration policy for grant of registration/renewal of registration to various categories of trader of tobacco.
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