Limited liability partnership is a business entity that was introduced under limited liability Act 2008, in this act only limited liability is provided to the owner. This partnership is very simple to maintain yet that one advantage which with stand it from traditional partnership firm is that the one partner is not liable for another partner’s misconduct or negligence. Here in LLP the partners under the protection for the owners from the debts of the LLP.
LLP being one of the most simple business entity and is very simple to manage. Because of its easy compliance LLP is easily used by professionals, small businesses, or micro business that is family owned or closely-held.
Features you can’t resist
Under this every director and shareholder are considered as separate entity hence as a result of which the company gets saved from vulnerable risks and losses due to personal shield.
Changing directors or shareholders in LLP is the most simple process which usually comes into practice very quickly.
Private companies hold more Tax benefits than any other LLP’s or Partnership Firms. Currently Tax 22% is applicable on NTI of Companies whereas 30% tax rate on LLPs and firms.
With market creditability being the highest among private limited Banks, Financial Institutes, Creditors, Debtors, etc also rely more on it as compared to other business structures.
Startup business always prefers LLP approved companies due to quite Growth and stability in this business structure. Banks also prefer to grant loans and advances more often to private limited companies.
Companies are at benefit of increased borrowing capacity of funds as they can issue debentures secured and unsecured.
People usually get attracted to business holding stability and growth. Hence private limited being one them lures a lot of new customers to it.
Yes! Private limited remains for longest period of times as it hold an interrupted existence until dissolved by a legal action. The company doesn’t even get affected if death or departure of any shareholder or member takes place.
Private limited companies usually emerge as a brand. And brand being the most crucial aspect of company easily gains the trust of customers, banks and other stakeholders.
More simple than it looks!
Initially we are we have to apply for DSC of all directors and shareholders. Digital signatures are very important as they are used for signing all the documents while registering company.
Soon after applying for DSC we move further to apply for DIN (Director Identification Number).DIN is a unique number allocated by MCA to the director of the company.
Soon after applying for DIN and DSC we have to choose a unique name for our company. This whole process completes within a day.
After approval of the name the very next involves filling of e forms and other documents.
After complecting all the formalities and documents, we upload e-forms prepared in step-3 on the MCA poratal which takes approx 2 days for either approval or rejection.
Once you obtain the approval from MCA portal, it will issue certificate of Incorporation, Permanent Account number (PAN), TAN.
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Few doubts important to be resolved quickly
No, every process involved with limited liability company is done online .Your work is only to send scanned documents and forms and all e-forms will be filled electronically on MCA Portal.
Digital Signature Certificate is an instrument via which you can sign all the documents electronically. As every process of LLP is done online hence DSC is one such important step in the process.
With no specific figures the expenditure is expected to lie around Rs.15000 and involves Accounting & Auditing, Annual Compliance & Misc. Compliance expenditure as its main 3 aspects.
LLP deed is a a document where all the rules, agreements and regulation between the partners and LLP is decided. This LLP agreement consists of a wide range of information some of which is Name of the LLP, Date of the agreement and parties of agreement, Partners’ contribution and method of contribution, LLP record keeping and bank arrangement, Method of appointment/ Disassociation of partners, etc.
The minimum count should be two whereas there is no maximum limit for designated partners for LLP registration.
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