Limited Liability Partnership (LLP) is a new form of organization introduced in India through the enactment of Limited Liability Partnership Act, 2008. Partnerships can now be incorporated as a limited liability partnership (LLP) and by doing so they can remove the unlimited liability of individual partners.
Coupled with the new provisions relating to presumptive taxation of small businesses with a turnover of up to Rs 40 lakh, the concept of LLPs is likely to take off well with the small-scale and the services sector.
These features make LLPs a preferred choice of entity for small and medium sized businesses that would like to limit their liability while getting the flexibility to do business in an unhindered manner.
We provide all the services pertaining to LLPs, namely
- Incorporating limited liability firms.
- Drafting and vetting of LLP Agreements.
- Conversion of company or partnership firm into limited liability partnership firms or vice-versa.
- Filling of returns, statement of account or obtaining of Designated Partner Identification Number (DPIN) etc.
- Income tax or other related matters for Limited liability firms.
Steps for LLP Formtion
Step 1 : Application for DIN or DPIN :- All designated partners of the proposed LLP shall obtain “Designated Partner Identification Number (DPIN)”. You need to file e-Form DIR-3 in order to obtain DIN or DPIN.
Step 2 : Acquire/ Register DSC :- Acquire DSC -A licensed Certifying Authority (CA) issues the digital signature. Register DSC – Role check can be performed only after the signatories have registered their Digital signature certificates (DSC) with LLP application.
Step 3 : New User Registration :- To file an e-Form or to avail any paid service on LLP portal; you are first required to register yourself as a user in the relevant user category, such as registered and business user.
Step 4 : Incorporate a LLP :- Once the form has been approved by the concerned official of the Ministry, you will receive an email regarding the same and the status of the form will get changed to Approved. To know more about e-Filing process click “All About e-Filing”
Step 5 : File LLP Agreement :- After incorporation of LLP, an initial LLP agreement is to be filed within 30 days of incorporation of LLP. The user has to file the information in Form 3 ( Information with regard to Limited Liability Partnership Agreement and changes, if any, made therein).