Limited Liability Partnership

  • A Separate Legal entity
  • Easy to establish
  • Personal assets of the partners are well protected
  • Less requirement in maintaining of statutory accounts.
  • A Limited Liability Partnership combines the advantages of both the Company and Partnership into a single form of organization with low compliance cost. The LLP concept is introduced in India by way of the Limited Liability Partnership Act, 2008. LLP has all time a beneficial entity from Income Tax point compared to other forms of entities and thus it carries special advantages for new startups in LLP.

    Benefits of LLP from other Companies

  • A Separate Legal entity & easy to establish compared to other company.
  • Personal assets of the partners are well protected. Entry and exit of partners are simple.
  • LLP functions based on the LLP agreement; hence all the transactions are transparent in nature in this business model.
  • Less requirement in maintaining of statutory accounts, No Capital Requirement unlike other companies
  • Statement of Accounts and Solvency can be signed by the partners if the Turnover does not exceed Rs. 40 lakhs and capital contribution of Rs. 25 lakhs, no separate Auditor is required for appointment
  • Advantageous over Partnership firm, LLP can be sued and it can sue others in court of law.
  • Income Tax is charged at the rate of 30.9% and no applicability surcharges, it is lowest of other companies' tax chargers. No applicability of Dividend distribution tax/ Corporation Tax.
  • Registration of LLP

  • Initial level discussion between the entrepreneurs and the Aanoor Global team.
  • Getting DSC [DIGITAL SIGNATURE CERTIFICATE] to all Directors for digital authentication of the forms to be filed with Ministry of Corporate Affairs.
  • Getting DIN [DIRECTOR IDENTIFICATION NUMBER] is a pre-requisite for incorporation process for all Directors.
  • Company name availability and draft Object Clause confirmation from client.
  • Filing of Form for Name Approval & Incorporation to the concern ROC [Registrar of Companies] where the client's registered office going to be situated.
  • Getting the Company Incorporation Certificate (Registration) , Memorandum & Articles with PAN and TAN from the Registrar.
  • Basic needs

  • Minimum of TWO Designated Partners and Partners required. Both of them may be same.
  • DSC [DIGITAL SIGNATURE CERTIFICATE] & DPIN [DESIGNATED PARTNER IDENTIFICATION NUMBER] for all Designated Partners.
  • Address & ID proof of all Designed Partners
  • Address proof of proposed registered office address for registration of company.
  • Limitations

  • No partner can act without the consent of other partner, in such case it will bind the LLP.
  • LLP are not allowed to raise money from Public.
  • There is no provision in any act to convert LLP into Private Limited.