Limited Liabilities Partnership
Two DSC &Two DINs
LLP Agreement preparation
MCA Govt. Fees
Stamp Fees (Capital Contribution Rs. 100,000)
Limited Liabilities Partnership enacted by the law under LLP Act 2008. LLP can be started with minimum 2 members. Unlike General Partnership, LLP has more advanced benefits such as in case of any misconduct or negligence caused by one partner then the another partner is not responsible or liable for the same. Similar to the shareholders of a private limited company, each partner’s liability in LLP has protection within the partnership. Therefore, it is more preferred form of registration to start a firm legally in India.
Limited Liability Partnership is easy to incorporate & manage. It also has less annual maintenance as compared One Person Company (OPC) or Private Limited Company.
A Limited Liability Partnership with the help of G K Legal Solutions can be registered within 7-8 Working days only, subject to client document submission & Government processing time.
Benefits of Limited Liability Partnership:
LLP is most popular among the startups or small businesses. In LLP audit is required only when the annual turnover exceeds the limit of INR 40 lacs or the capital contribution exceeds the limit of INR 25 lacs.
A LLP being a separate legal entity is not affected by the death or departure of any of the partners. It will continue its existence until it is legally dissolved.
Partners in LLP are exempted from paying Corporate Dividend Distribution Tax for making their profit out of the business profit, however, which is not exempted in case of any other type of company.
In Limited Liability Partnership, there is only a single member which makes it easier to transfer the ownership by altering the directorship, shareholding & nominee director information.
Documents Required for One Person Company Registration: