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Personal Asset Protection
Just the company investment is wasted in an LLP firm, the directors’ personal assets are protected.
LLPs are preferred by corporate customers, vendors, and government entities over sole proprietorships and traditional partnerships.
Funding Is Easy
LLP has a variety of funding alternatives, including bank loans, angel investors, and VC.
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Every limited liability partnership (LLP) must register for GST within 30 days, If not it would be unable to generate valid GST-related invoices.
After getting GST registration, A LLP is required to file GST returns. All qualified taxpayers, which include LLPs, are required to file GST returns.
Every LLP must create and update accounting books that clarify the LLP’s transactions and reflect the LLP’s financial status with great clarity.
ROC annual filing
LLPs must file ROC Form 8 by the 30/10 of every year. The Statement of Accounts & solvency are detailed on Form 8. They must also submit ROC Form 11 by the 30/5 each year.
Audit under IT ACT
Each Limited Liability Partnership with a revenue of more than INR 2 crore. A firm or a profession that earns more than INR 50 lakh is obliged to get its accounts records audited u/s 44AB of the Income-tax Act.
Regardless of its operations, every LLP is required to submit annual Income Tax Returns. It should be submitted by LLP by July 31st or by September 30th if covered under audit.
MAT Audit for LLPs
LLPs are required to have their accounts audited as per MAT, i.e. Alternate Minimum Tax. A Certified CA must submit a report on form 29b as per Income Tax Act of 1961.
Trademarks are recommended but not required for LLPs. The LLP’s identity is protected only to the degree that some other LLP would not be registered for the identical name.
Form 3 CEB for LLP
Form 3CEB is required for LLPs that have entered into foreign transactions with affiliated companies or have conducted certain domestic transactions.
Yes, a preexisting partnership company could be changed to an LLP by following the LLP Act’s rules.
Although Pvt. Ltd. Co. and LLP share several similarities, but vary in several of its qualities and structures. When it comes to starting a company, there are several aspects to consider before deciding on a business structure.
Those who signed the “Incorporation Document” at the moment of LLP’s formation are considered partners. Following incorporation, additional partners could be allowed to the LLP based on the LLP Agreement’s criteria and qualifications.
Every limited liability partnership (LLP) is obliged to file an annual return with the ROC. In 60 days after the end of each FY, a fully verified Annual Return in e-Form-11 must be submitted with the Registrar, along with the necessary fee.
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