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Limited Liability Partnership (LLP) Registration

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Why Should I Use Auriga Accounting For Limited Liability Partnership (LLP) Registration?

Auriga Accounting has a team of registration experts who can provide complete guidance to register your Limited Liability Partnership (LLP) .

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Our team of experts will get in touch with you and collect all necessary documents and details

Resolve all your queries

We fill out and file your application for registration

Complete your registration

Your Limited Liability Partnership (LLP) is registered

Why Should I Use Auriga Accounting For Sole Proprietorship Registration?

Auriga Accounting has a team of registration experts who can provide complete guidance to register your Liability Partnership (LLP).

book appointment

Our team of experts will get in touch with you and collect all necessary documents and details

Resolve all your queries

We fill out and file your application for registration

Complete your registration

Your Liability Partnership (LLP) is registered

CONCEPT OF LLP

The concept of the Limited Liability Partnership (LLP) was introduced in India in 2008. LLP stands for Limited Liability Partnership. It is a type of partnership in which the partners have limited liability for the debts and obligations of the business. LLPs combine the flexibility and tax benefits of a partnership with the limited liability protection of a corporation.

In an LLP, each partner is not personally responsible for the debts or actions of the other partners. This means that if the LLP is sued or becomes insolvent, the personal assets of the individual partners are protected from being seized to pay off the debts of the business.

LLPs are often used by professional service firms, just like AURIGA ACCOUNTING PRIVATE LIMITED, accounting firms, and consulting firms, because they provide the benefits of a partnership structure while limiting the personal liability of the partners.

ELIGIBLE

  • Designated Partners: LLPs are required to have a minimum of two designated partners, and at least one of them must be a resident of India. A designated partner can be an individual or a corporate entity.
  • Partners: LLPs can have any number of partners, but there must be a minimum of two partners. Partners can be individuals or corporate entities. There is no restriction on the maximum number of partners in an LLP.
  • Resident Partner: At least one designated partner must be a resident of India, meaning they have stayed in India for at least 182 days in the previous calendar year.
  • Age Limit: There is no specific age limit for becoming a partner or designated partner in an LLP. However, the designated partner must be at least 18 years old.
  • Competence and Capacity: Partners and designated partners must have the legal competence and capacity to enter into a partnership agreement and carry out the obligations and responsibilities associated with an LLP.

ADVANTAGES OF LLP

  1. Limited Liability: As the name suggests, an LLP offers limited liability protection to its partners. This means that the personal assets of the partners are protected from the debts and liabilities of the business.
  2. Separate Legal Entity: An LLP is a separate legal entity, which means that it can enter into contracts, own assets, and sue or be sued in its own name.
  3. Flexibility: LLPs are relatively flexible business structures, with few legal formalities required for their formation and operation.
  4. Tax Benefits: LLPs enjoy certain tax benefits, such as lower tax rates compared to companies, and the ability to claim deductions for certain expenses.
  5. Perpetual Existence: An LLP has perpetual existence, meaning that it continues to exist even if one or more partners leave the business or pass away.
  6. No Minimum Capital Requirement: Unlike companies, LLPs do not have a minimum capital requirement for their formation.
  7. Professional Services: LLPs are particularly popular among professionals such as lawyers, accountants, and consultants, as they allow for shared ownership and limited liability protection.

Documents Required for LLP

  • Pan card of all person
  • Aadhar card of all person
  • Photo of all person
  • Electricity Bill for the current month
  • Bank Statement for the current month

MINIMUM REQUIREMENT OF LLP (Limited Liability Partnership)

The minimum requirements to form an LLP can vary depending on the country or jurisdiction in which it is being formed. However, some common minimum requirements for forming an LLP include:

  1. Number of partners: We require at least two partners to form an LLP.
  2. Registered office: An LLP must have a registered office address in the jurisdiction where it is being formed.
  3. Partnership agreement: An LLP must have a partnership agreement that outlines the rights and responsibilities of the partners, the nature of the business, the division of profits and losses, and other important details about the operation of the business.
  4. Name: The LLP must have a unique name that is not already in use by another business in the same jurisdiction.
  5. Legal compliance: The LLP must comply with all applicable laws and regulations in the jurisdiction where it is being formed, including tax laws, employment laws, and business registration requirements.

PROCESS

  • Obtain Digital Signature Certificate (DSC): The designated partners of the LLP need to obtain Digital Signature Certificates from government-approved certifying agencies. This is required for digitally signing the electronic documents during the registration process.
  • Obtain Director Identification Number (DIN): Each designated partner must obtain a unique Director Identification Number (DIN) from the Ministry of Corporate Affairs (MCA). DIN can be obtained by submitting an online application along with the necessary identification and address proof documents.
  • Name reservation: Choose a unique name for the LLP and submit an online application for name reservation through Form 1. The name should comply with the LLP Name Availability Guidelines specified by the MCA. Once approved, the name reservation is valid for 90 days.
  • Incorporation documents: Prepare the incorporation documents including the LLP Agreement and subscription sheet. The LLP Agreement defines the mutual rights and obligations of the partners and must be executed on non-judicial stamp paper. The subscription sheet contains the details of partners’ contributions to the LLP.
  • Incorporation application: File the incorporation application along with the necessary documents through Form 2 with the MCA. The application should include details such as the LLP’s proposed name, registered office address, partners’ details, and their consent to become partners. The Form 2 must be digitally signed by a designated partner.
  • Certificate of Incorporation: Upon successful verification of the application, the Registrar of Companies (RoC) will issue a Certificate of Incorporation, confirming the formation of the LLP. The Certificate of Incorporation serves as proof of the existence of the LLP.
  • LLP Agreement filing: Within 30 days of receiving the Certificate of Incorporation, the LLP Agreement must be filed with the RoC through Form 3. The LLP Agreement should be executed by all the partners and must contain all the necessary clauses and details as per the LLP Act, 2008.
  • LLP Identification Number (LLPIN): Once the LLP Agreement is approved and filed, the RoC will issue the LLP Identification Number (LLPIN). The LLPIN serves as a unique identification number for the LLP.
  • PAN and TAN application: After obtaining the LLPIN, apply for a Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) for the LLP. These are required for taxation and compliance purposes.

COMPLIANCES

  • Filing of Annual Returns: LLPs are required to file an Annual Return within 60 days of the close of the financial year. The Annual Return should be filed in Form 11 and must include details such as the LLP’s name, address, partners’ details, capital contributions, and changes, if any, in the management or ownership of the LLP.
  • Filing of Statement of Accounts and Solvency: LLPs must file a Statement of Accounts and Solvency within 30 days from the end of six months of the financial year. The statement should be filed in Form 8 and must include information regarding the LLP’s assets, liabilities, capital, and solvency status.
  • Maintenance of Books of Accounts: LLPs are required to maintain proper books of accounts, including records of all financial transactions, assets, liabilities, income, and expenses. The books of accounts should be kept at the registered office of the LLP and must be maintained in accordance with the accounting standards prescribed by the Institute of Chartered Accountants of India (ICAI).
  • Statutory Audit: LLPs with a turnover above a certain threshold or where the contribution exceeds a specified limit are required to get their accounts audited by a qualified Chartered Accountant. The audited financial statements should be included in the Annual Return and Statement of Accounts and Solvency.
  • Income Tax Filings: LLPs are required to file income tax returns annually with the Income Tax Department. The tax return should be filed by the due date specified by the tax authorities, and all tax liabilities should be paid in a timely manner.

Why Auriga Accounting?

Auriga Accounting might be helpful for businesses or individuals:

  1. Expertise: Auriga Accounting has a team of professionals who are knowledgeable and experienced in accounting and taxation matters. They can provide expert advice and guidance on a wide range of financial issues, helping businesses and individuals to make informed decisions.
  2. Time-saving: Outsourcing accounting and taxation services to Auriga Accounting can save businesses and individuals valuable time that can be used for other important tasks. Auriga Accounting can handle the day-to-day financial operations, leaving businesses and individuals free to focus on their core competencies.
  3. Cost-effective: Auriga Accounting can help businesses and individuals to reduce their overhead costs by providing cost-effective accounting and taxation services. They can help to minimize tax liabilities, optimize financial processes, and improve cash flow.
  4. Compliance: Auriga Accounting can help businesses and individuals to stay compliant with tax laws and regulations, avoiding penalties and other legal issues.
  5. Technology: Auriga Accounting utilizes modern technology and software to streamline financial processes and improve efficiency. They can help businesses and individuals to leverage technology to their advantage and stay ahead of the competition.

Overall, Auriga Accounting can be a valuable partner for businesses and individuals who want to improve their financial management and achieve their goals

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Our Happy Clients!

MD SAHIL
MD SAHIL
2023-06-10
Auriga Accounting is right CA firm is crucial for the financial health of our business. Auriga Accounting is reputable firm with experienced professionals, strong technology infrastructure, good communication, and transparent pricing.
Prince Kushwaha
Prince Kushwaha
2023-06-10
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Prince Singh
Prince Singh
2023-06-10
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Priyanka Kumari
2023-04-07
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Vishal Singh
2023-04-07
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Sameer khan
2023-04-07
The auriga accounting private limited is a reliable and a customer support company the team has give Clear answer towards the customer by which the customer cannot get confused and get necessary detail to solve their queries and auriga provided me good service and delivered my work on time very well coordinate with me and talk very well I suggest if you have any work then call auriga they will definitely finish your work on time
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Vivek Shakya
2023-04-07
Great Services , within affordable rate and give full satisfaction on works. Easy to Cordinate, I have done My Previous year ITR , Startup Registration. I am very happy with their services and their first priority is their Customer.
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find way
2023-04-06
I'll give a five-star rating, I had doubts about how to start my work in the field of business and they guide me and instruct me on how to start a business. They have a great team.
623 Anjali
623 Anjali
2023-04-06
The Auriga has great services. Efficient communication and really easy way to get help and support.
Anjali Sharma
Anjali Sharma
2023-04-06
Auriga Accounting team represents the highest level of customer services I have experienced.The team gives accurate information and responses to queries very fast, which are customer is facing.

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