A Limited Liability Partnership is a hybrid of Company and Partnership form of business. It combines the advantages of both the Company and Partnership into a single form of organization. It enjoys the benefits of having a separate legal entity, perpetual succession and a limited liability.
Appointment of at least two “Designated Partners” is mandatory for all LLPs. And both shall be individuals and at least one of the Designated Partner shall be a resident of India. In case of a LLP in which either one or all the partners are bodies corporate, then at least two individuals who are partners of such LLP or nominees of such bodies corporate shall act as designated partners.
‘LLP’ is required to get their books of accounts audited when the total revenue is more than INR Rs. 40 lacs or total capital of partners exceeds INR Rs. 25 lacs.
An LLP shall be under an obligation to maintain annual accounts reflecting true and fair view of its state of affairs. A “Statement of Accounts and Solvency” in prescribed form shall be filed by every LLP with the Registrar every year.
Every LLP would be required to file with ROC an Annual Return every year.
Every LLP shall have a registered office and it shall be registered with the ROC. An incorporation Document subscribed by at least two partners shall have to be delivered to the Registrar in form 2. Every LLP so registered shall be assigned a LLP identification number (LLPIN).
The LLP Act contains such provisions wherein it is stated that entities like firm or company can convert themselves into LLP.
No. The essential requirement for setting LLP is carrying on a business with a view to make “profit”.
Yes, the filling and inspection of documents can be done online through the website mca.gov.in
Incorporation document, Names of partners and changes, if any, Statement of Account and Solvency, Annual Return are the documents that will be available for inspection.
A foreign LLP can reserve its existing name by which it is registered in the country of its incorporation by making an application to Ministry of Corporate Affairs. The reservation will be valid initially for three years and is renewable thereafter.
There is no need to rent a commercial space just for forming an LLP. You can start it right from your home address.
A latest utility bill, namely electricity or a land-line telephone bill (not older than 2 months) and a tax receipt would be required to be furnished.
Yes , you can. It is not necessary that the property has to be registered in the partner’s name.
Yes, proper Minutes Book should be maintained by the LLP to record Minutes of the Meetings of the partners.
No, there is no such provision. The LLP Act assigns the liberty to the partners for deciding the frequency of the meetings.
No. Although there is an enabling provision in the Companies Act, 2013 for this, yet there are no such said rules and mechanism in place for conversion of an LLP into a private limited company.
Definitely we can.
Not at all. You only need to send us the scanned soft copies through email. All documents are filed electronically with the department. Hence, there is no requirement of couriered hard copies.
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