Limited Liability Partnership:
Partners in a Limited Liability Partnership are only responsible for their share of the LLP's debt payments. Their assets cannot be used to pay for the LLP's debts.
LLP and a private limited company must follow the same tax rules. Still, LLP has many advantages when getting permission from the Ministry of Corporate Affairs. If an LLP's annual sales are less than Rs. 40 lakhs and its capital benefits are less than Rs. 25 lakhs, it can have its books audited. On the other hand, a private limited business must submit audited financial accounts every year, regardless of how much revenue the company brings in.
Compared to the administrative process of founding a private limited company, forming a limited liability partnership (LLP) and maintaining it is pretty simple.
How do I start an LLP?
A Limited Liability Partnership can be included if a Consultant for a Limited Liability Company in Bangalore submits the relevant information on the Ministry of Corporate Affairs website. To establish a limited liability partnership (LLP), you are required to fulfil the possible requirements that are given below:
A Limited Liability Partnership should have at least two and no more than 200 Designated Partners. You first need at least one Designated Partner who is an Indian citizen. Partners should be older than 18 years old. This ensures that the LLP partner is at least 18 years old and able to commit.
Digital Signature Certificate (DSC):
Everyone who is a partner has to do DSC. Any form that is filed for a Limited Liability Partnership (LLP) in India needs to be sent digitally with the DSC of the partner who is designated.
Is there a minimum capital requirement for LLP registration in India?
No. As we see, no minimum amount of capital is authorized to form an LLP in India; therefore, an LLP can be compromised with any amount of money. Although no minimum demands exist, every partner must be granted financial to form the LLP. The amount of capital contribution is revealed in the LLP Agreement, and the amount of stamp duty payments will depend on the total presented amount.
What is the minimum number of partners required to start a Limited liability Partnership?
You need at least two people to start a Limited Liability Partnership through the services for limited Liability company registration in Bangalore. There should be at least two Designated Partners in a Limited Liability Partnership and no more than 200.
What documents and records are needed to set up an LLP in India?
- Copy of PAN cards of partners who have been named
- Passport-size photograph of Designated partners
- Copy of Driver’s license, Aadhaar Card, Voter identity card
- Telephone Bill, Electricity, and Water bill as proof of Registered Office (Business Place)
- Copy of Property Deed or Sale Deed (If owned property)
- Passport (in case of Foreign Nationals/ NRIs)
- Digital Signature Certificate
- Copy of Notarised Rental Agreement
- Copy of NOC from the property owner
Do you have any queries regarding the LLP registration process?
Don't worry. The best LLP registration in Bangalore, ‘Le Intelligensia,’ is here to fulfil your queries effectively.
For more information,
Address: No. 28, First Floor, 3rd Cross, Sampige Road, Malleswaram, Bangalore, Karnataka - 560003,