How to Form a LLP Company in India


How to Form a LLP Company in India

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An LLP is a hybrid business structure that combines the benefits of partnership firm and a private limited company. It is a tax efficient way to conduct your business. It is an especially popular choice for professional firms such as lawyers, accountants, and architects. It also has the advantage of perpetual succession, meaning that the death or departure of a partner will not necessarily cause the LLP to be dissolved.

Unlike a partnership firm, an Limited Liability Partnership does not have any minimum capital requirement. Additionally, LLPs are required to follow minimal compliance requirements. Failure to comply with these obligations can result in heavy penalties. Unlike a company, an LLP cannot offer shares to potential investors or stakeholders.

To start an LLP, you must submit the following documents to the Registrar of Companies (ROC). Each partner must provide proof of identity and address. This can be in the form of a passport, driving license, bank statement, or Aadhar card. In case the documents are in a language other than English, a notarised or apostil led translation copy must be attached.

The ROC will then review the documents and approve the application. You will then be asked to file an LLP agreement within 30 days of incorporation. The LLP agreement will lay out the rights and duties of each partner, along with how profits will be distributed. In addition, the LLP must display its registered office address on its letterhead.

 


 

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