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Start Business /Limited Liability Partnership

A Limited Liability Partnership (LLP) is a type of business structure that combines the advantages of a partnership and a limited liability company. In an LLP, the partners have limited liability for the debts and obligations of the business, and each partner is not personally liable for the misconduct or negligence of the other partners.

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Limited Liability Partnership

Choosing a Name

Similar to other business structures, the first step in registering an LLP is to select a unique and appropriate name for the business. The name should not violate any existing trademarks or copyrights and should comply with the rules and regulations set by the Registrar of Companies.

Agreement and Incorporation

The next step is to draft and execute a partnership agreement between the partners, which outlines the rights, duties, and responsibilities of each partner in the business. Once the agreement is executed, the LLP can be incorporated by filing the necessary documents with the Registrar of Companies.

Obtaining a PAN and TAN

After incorporation, the LLP must obtain a Permanent Account Number (PAN) and a Tax Deduction and Collection Account Number (TAN) from the Income Tax Department for tax purposes.

Registering for GST

Registration with the Goods and Services Tax department is mandatory for LLPs with an annual turnover of INR 20 lakhs or more. GST will have to be charged on the goods or services provided by the business.

Filing Annual Returns

LLPs are required to file annual returns with the Registrar of Companies and maintain proper books of accounts to comply with the legal and regulatory requirements.

Faq

In a partnership, the partners have unlimited personal liability for the debts and obligations of the business, while in an LLP, the partners have limited liability and are not personally liable for the misconduct or negligence of other partners.
At least two partners are required to form an LLP, and there is no upper limit on the number of partners.
Yes, an LLP can have foreign partners, but they must comply with the rules and regulations set by the Foreign Exchange Management Act (FEMA).
The profits of an LLP are taxed at the partnership level, and the partners are taxed on their share of the profits as per their individual tax slab rates.
Yes, an LLP can be converted to a Private Limited Company by following the necessary legal and regulatory requirements, including obtaining approval from the Registrar of Companies.
The advantages of an LLP include limited liability for the partners, ease of formation and compliance, flexibility in management, and tax benefits.

Our simplified process

01LLP Agreement Drafting

We assist in drafting and filing the LLP Agreement which outlines the rights and duties of partners, profit-sharing ratio, and other important details.

02PAN, TAN, and GST Registration

We help in obtaining the Permanent Account Number (PAN), Tax Deduction and Collection Account Number (TAN), and GST registration for the LLP.

03LLP Registration with ROC

We complete the necessary paperwork and file the LLP registration application with the Registrar of Companies to obtain a certificate of incorporation for the LLP.

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