Your online companion for company, tax and legal matters.

WWW.LEGALRAASTA.COMLIMITED LIABILITY PARTNERSHIP GUIDE - INDIAHi, In this video the Legalraasta team will teach our all about the Limited Liability Partnership guide in India its definition, features and registration process

1

MEANING OF LIMITED LIABILITY PARTNERSHIPWhat is a Limited Liability PartnershipLimited Liability partnership has been introduced in India with the objective of providing a structure of business entity that provides limited liability to its owners and at the same time requires minimal maintenance. It is governed by Limited Liability Partnership Act 2008. A Limited Liability Partnership gives the dual advantage of both the Company and Partnership into a single form of organization where one partner is not responsible or liable for another partners misconduct or negligence.

Now, what is the meaning of Limited Liability Partnership?

Limited Liability partnership has been introduced in India with the objective of providing a structure of business entity that provides limited liability to its owners and at the same time requires minimal maintenance. It is governed by Limited Liability Partnership Act 2008.It gives the dual advantage of both the Company and Partnership into a single form of organization.

CHARACTERISTICS OF LIMITED LIABILITY PARTNERSHIPSeparate Legal EntityAn LLP is a legal entity and a juristic person established under the Act, compared to a sole proprietorship where owner is the key entityLimited LiabilityPersonal assets of partners are safe, liability of LLP is limited to the assets of LLPLow cost of set upLLP has no authorized capital requirement (minimum of Rs. 1 lakh for a private limited company), substantially lowering the cost of set up as compared to a Private Ltd CompanyMinimal CompliancesUnlike in private Limited Company, no audit is required in LLP. An LLPs accounts are required to be audited only if it has a turnover greater than Rs. 40 lakhs or capital contribution of over Rs. 25 lakhs.Tax AdvantagesLLP offers some important advantages over private limited company. For example, Dividend Distribution Tax and tax surcharge are not applicable. Loan to partners is also not taxable.Key features of LLP

Limited Liability Partnership has multiple features. Separate Legal Entity- An LLP is a legal entity and a juristic person established under the Act.Limited Liability-Personal assets of partners are safe.Low cost of set up- LLP has no authorized capital requirement.Minimal Compliances- Accounts are required to be audited in LLP.Tax Advantages- Dividend Distribution Tax and tax surcharge are not applicable.

PROCESS OF INCORPORATIONKey Steps for formation of LLPHere are the following steps of formation of LLP.

Application for registering DSC of Designated partners.Application for DIN/DPIN.Name is Approved in 4-6 days.Filing Incorporation Documents takes 2-3 days.Incorporation Certificate takes 3-4 days.

DOCUMENT REQUIRED

You will need the following documents to register LLP.Pan Card Copy, ID Proof , Residential Proof , Passport Size Photograph.

Other documents.Latest Electricity Bill, Rental Agreement (if rented property), Sale Deed/ Property Deed (for owned property).

Also the following documents need to be attested before the submission.Subscription Documents for LLP, Consent Letter, NOC - No Objection Certificate, LLP Agreement.

LLP PACKAGESInclusionsBasicStandardPremiumConsulting/ Advisory ServicesDPIN/DIN of two Designated partners2 DSC USB Token-2 year validityGovernment Fees for name Approval and IncorporationStamp Duty For IncorporationGovernment Fee for 1 Lakh Capital Drafting of LLP Agreement & documents LLP Incorporation CertificatePAN Card for LLPTAN RegistrationTrademark RegistrationDomain Name

7,99913,99914,999Package price (Rs.)

You can either file the documents at the MCA office in your respective territory or use Legalraasta services for Register the LLP.

With LegalRaasta you can register the LLP by filling a simple online form available online at our website. The package for LLP starts at rupees 7999.

About LegalRaasta and TeamAbout usWe are committed to helping you grow your business and add value through our expertise. We aim to deliver a hassle-free experience so that you can focus on your core business.

Our mission is to offer affordable, quick and automated professional services to clients. Through technology, we bring numerous government/ legal forms at one place and have simplified them to be fully understood by common man. Legalraasta.com is a one destination for your legal matters relating to:Forming any type of business entity (e.g., Pvt. Ltd Co, LLP etc)Filing individual and company returnHelping on company compliances such as ROC filings & minutesProtecting work through trademark & copyrightOur teamLegalRaasta.com has been founded by a team of Chartered Accountants and professional advisors. We currently have a network of 100+ professionals including experienced Chartered Accountants, Company Secretaries, Lawyers, Cost Accountants, Chartered Engineers and Bankers.Pulkit Jain, founder of Legalraasta, has over 5+years experience in CA and Legal domain. He has worked with the top CA firms in India and has served large corporate and MNCs

Legalraasta.com is Indias top destination for legal & company matters . We can help you in Forming any type of business entity (Example Private. Limited Company, LLP),filing individual and company return, Helping companies for their compliances such as ROC filings & minutes, protecting work through trademark & copyright.

7

Why Choose UsCost effectiveBusinesses are always under intense time and cost pressures. With our great packages 40% savings are ensured compared to typical CA/ LawyerExpertiseBy teaming up with us , you will have an access to network of 100+ experts. You can gain the peace of mind in knowing that your accounting tasks are done properly by qualified, experienced and knowledgeable professionals in the field.Easy Online ProcessYou dont have to deal with the typical headaches involved with face to face meeting and visiting government offices. Our process is 100% online. Fill out simple forms and you are done!!Trusted We are a trustworthy partner which has been serving startups & companies for past several years. Our growth numbers stand as a testimony: 200+ clients100+ services30+ testimonials

Partner/ Affiliations

We are an e-filing intermediary and have been facilitating filing of hundreds of e-returns. We are also registered with e-mudhra for issue of Pan cards. There are multiple other associations with CA & legal firms. Our site has been secured by SSL to protect your personal & payment details

We are a trusted partner with multiple top level expertise and affiliation, and yet cost effective.

Contact UsCorporate officeB-186, Lok Vihar, Pitampura, Delhi 110034 IndiaOur team always endevour to serve you best. Feel free to reach out to us at:www.legalraasta.comMail: contact@legalraasta.com, M: +919999379929

So log on now at legalraasta.com to Registered in LLP or mail us at contact@legalraasta.com