How to Form a LLP Company in India


How to Form a LLP Company in India

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Choosing the business format for your new venture takes careful consideration. A Limited Liability Partnership (LLP) offers the benefits of a partnership firm along with limited liability and taxation advantages. It is popular with professionals such as lawyers, accountants and architects. Unlike a private limited company, an LLP cannot offer its shares to investors and stakeholders.

To register an LLP in India, you will require at least two Designated Partners and a minimum of one Manager. The name of the LLP must be approved by the Ministry of Corporate Affairs (MCA). The first schedule of the LLP Act will administer matters related to a number of areas including capital contribution, profit sharing, admission, retirement, cessation and expulsion of partners, etc.

If your LLP is engaged in a services or technology-based sector, you may also be required to obtain specific word approval from regulatory bodies. The MCA has made the process of obtaining word approval easier by making all forms web-based.

Once the LLP has been incorporated, the LLP must submit proof of its registered office to the MCA within 30 days. This can be in the form of a letter from the bank stating the address or a utility bill showing the same. If the registered office is taken on rent, a no objection certificate from the landlord will also need to be submitted.

In addition to this, the LLP must also file an LLP Agreement with the MCA. This document will contain important details such as the amount and mode of contributions, rights and duties of partners, description of the proposed business, etc. The LLP is liable to pay income tax of thirty percent on its profits. Similarly, it is liable to pay a surcharge and health and education cess of four percent. The LLP will also need to apply for a PAN and TAN through the Income Tax Department.

 

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