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A Limited Liability Partnership is a hybrid of Company and Partnership form of business. It combines the advantages of both the Company and Partnership into a single form of organization. It enjoys the benefits of having a separate legal entity, perpetual succession and a limited liability.
Appointment of at least two “Designated Partners” is mandatory for all LLPs. And both shall be individuals and at least one of the Designated Partner shall be a resident of India. In case of a LLP in which either one or all the partners are bodies corporate, then at least two individuals who are partners of such LLP or nominees of such bodies corporate shall act as designated partners.
‘LLP’ is required to get their books of accounts audited when the total revenue is more than INR Rs. 40 lacs or total capital of partners exceeds INR Rs. 25 lacs.
Every LLP would be required to file with ROC an Annual Return every year.
Every LLP shall have a registered office and it shall be registered with the ROC. An incorporation Document subscribed by at least two partners shall have to be delivered to the Registrar in form 2. Every LLP so registered shall be assigned a LLP identification number (LLPIN).
An LLP shall be under an obligation to maintain annual accounts reflecting true and fair view of its state of affairs. A “Statement of Accounts and Solvency” in prescribed form shall be filed by every LLP with the Registrar every year.
No. The essential requirement for setting LLP is carrying on a business with a view to make “profit”.
A foreign LLP can reserve its existing name by which it is registered in the country of its incorporation by making an application to Ministry of Corporate Affairs. The reservation will be valid initially for three years and is renewable thereafter.
Yes, proper Minutes Book should be maintained by the LLP to record Minutes of the Meetings of the partners.
Definitely we can for you.
The entire process of registration is online. Hence, the location difference is out of question.
Startups Advise has network firms and qualified professionals as associates in all the major cities of India. Even though our Global Delivery Center is in Delhi and in all metros, we have local presence in over 101 cities in India and abroad.
Not at all. You only need to send us the scanned soft copies through email. All documents are filed electronically with the department. Hence, there is no requirement of couriered hard copies.