LLP REGISTRATION SERVICES IN AGRA - RUCHI DAWAR
Procedure of
incorporating Limited Liability Partnership:
1. Obtaining
Director Identification Number (DIN)
2. Obtaining
Digital Signature Certificate (DSC)
3. Check Name
Availability
4. Drafting LLP
Agreement
5. Filing of Forms
Conversion of
Partnership Firms/Private Limited/Public Limited Companies into Limited
Liability Partnership:
Its not necessary
that a new LLP should be formed. An existing Partnership firm, Private Limited
and Public Limited ompany can also convert itself into LLP.
LLP Agreement
Meaning:
The mutual rights
and duties of partners and those of the LLP and its partners shall be governed
by the agreement. This Agreement is known as “LLP Agreement”.
As per provisions
of the LLP Act, in the absence of agreement as to any matter, the mutual rights
and liabilities shall be as provided for under Schedule I to
the Act. Therefore, in case any LLP proposes to exclude provisions/requirements
of Schedule I to the Act, it would have to enter into an LLP Agreement,
specifically excluding applicability of any or all paragraphs of Schedule
I.
Contribution of
Partners in LLP
Partner’s
contribution may consist of both tangible or intangible property. The monetary
value of contribution of each partner shall be accounted for and disclosed
in the accounts of the LLP.
Annual Filing
of Limited Liability Partnership
Two forms needs to be filed under
Annual Filing i.e. Form 8 and Form 11
Form 8 (Statement
of Account & Solvency) and LLP Form 11 (Annual Return) annually.
The ‘Annual Return’
is required to be filed within 60 days of close of the financial year and
‘Statement of Accounts & Solvency’
shall be filed within 30 days from the end of six months of the financial year
to which it relates.
Audit of Accounts
of Limited Liability Partnership
1. If Turnover is
more than 40 Lacs
OR
2. Contribution is
more than 25 Lacs
# Only Two persons can
register a Limited Liability Partnership (LLP)
## Partners in Limited
Liability Partnership (LLP) is known as Designated Partners
### Partners contribute
funds which is known as Contribution or Partner's Capital
In order to Register a
Limited Liability Partnership (LLP), Documents required are;
1. Pan card of both the partners
2. Aadhar card of both the partners
3. Photo of both the partners
4. Rent Agreement/Registry of Premises where LLP
will be registered
5. Electricity Bill latest of Premises where LLP
will be registered
LLP name has to be decided
for registering a new Limited Liability Partnership (LLP)
After Registering Limited
Liability Partnership (LLP), a LLP Agreement will be drafted where mutual terms
and conditions between partners will be noted down and will be filed through
LLP Form 3.
Annual Compliances of
filing Form 8 and Form 11 has to be done
Audit will depend on the
turnover and contribution of LLP, if its turnover exceeds 40 Lacs or
Contribution exceeds 25 Lacs then audit
is mandatory
Limited Liability Partnership concept in India is
introduced by way of Limited Liability Partnership Act, 2008.
It combines the
advantages of both the Company and Partnership into one.
In an LLP one
partner is not responsible or liable for another partner's misconduct or
negligence.
In an LLP, all
partners have limited liability.
The partners have
the right to manage the business directly.
An LLP also limits
the personal liability of a partner for the errors, omissions of the LLP's
employees or other agents.
Limited Liability
Partnership is managed as per the LLP Agreement, however in the
absence of such agreement the LLP would be governed by the framework provided
in Schedule 1 of Limited Liability Partnership Act, 2008 which
describes the matters relating to mutual rights and duties of partners of the
LLP and of the limited liability partnership and its partners.
LLP has a separate legal entity, liable to the full extent of its assets,
the liability of the partners would be limited to their agreed contribution in
the LLP.
Comparing LLP &
Partnership Firms
1. Registration:
registration of Partnership firm is optional but LLP is compulsory
2. Creation:
Partnership Firm is created by Contract but LLP is created by Law
3. Separate Entity:
Partners in Partnership firm does not have separate legal entity but in LLP
partners have separate liability.
4. Perpetual
succession: Partnership firm does not have Perpetual Succession but in LLP
partners may come and go LLP status remains as it is.
5. Common Seal: In
partnership firm Common seal is not required but in case of LLP common seal is
required.
6. Sue Third party:
Unregistered Partnership firms cannot sue third parties whereas LLP can.
7. Deed: In
partnership firms, Partnership deed is executed whereas in LLP, LLP Agreement
is executed.
8. Annual Filing:
In partnership firms Annual filing is not required but in case of LLP, Annual
filing of Balance Sheet and Annual Return needs to be filed.
