LLP Company Registration in Delhi

CHECKLIST FOR LLP

Minimum Requirements for LLP

• Minimum 2 Designated Partners
• DIN has to be obtained by both the Partners.
• At least one of the Designated Partner shall be resident.

Following are The Documents Required

S.No.

Particulars

Documents Required

1.

DIN

  • Pan Card
  • Current Address Proof
  • 2 Passport size photographs

 

2.

Proposed Names

At least Six Names for the proposed LLP

3.

Registered office address

Address Proof

  • Utility Bill not older than one month
  • NOC with Rent agreement if premises is rented

4.

Capital Contribution

Breakup of the Capital Contribution is required

5.

Profit Sharing Ratio

Profit Sharing ratio of the partners shall be specified

6.

Consent Letter

Consent letters duly signed by both the partners (format to be provided by us)

7.

Subscription  Sheet

Duly signed by the members of the company (format shall be provided by us)

8.

LLP Agreement

Details of any specific clauses to be inserted in respect of rights/duties of the partners.  A draft LLP Agreement shall be provided by us.

Benefits For LLP

Limited Liability

First and foremost benefit of trading/doing business via LLP is the limited liability conferred upon the partners. As a sole trader or partnership business, personal assets of the proprietor or partners can be at risk in the event of a failure of the business, but this is not the case for an LLP. Unfortunate events like business failures are not always under an entrepreneur's control; hence it is pivotal to secure the personal assets of the businessman in the event of crises.

No Limit on Owners of Business

An LLP requires a minimum 2 partners while there is no limit on the maximum no. of members: this is in contrast to a private limited company wherein there is restriction of not having more than 200 members.

Lower Registration Cost

The cost of registering LLP is low as compared to the cost of incorporating a private limited company or public limited company

No Audit Requirements

No, Only the Limited Liability Partnership whose contribution exceed Rs. 25 Lakh or the Limited Liability Partnership whose turnover exceed Rs. 40 Lakh are required to annually get their accounts audited by any Chartered Accountant in practice.

Taxation Aspects on LLP

LLP are taxed like general partnership firms. Thus, no dividend distribution tax is payable. Provision of “deemed dividend” under income tax laws is not applicable to LLP. Section 40 (b) : Interest to partners, any payment of salary, bonus, remuneration shall be allowed as deduction.

Dividend Distribution Tax (DDT) not applicable

In the case of a company, if the owners to withdraw profits from the company, an additional tax liability in the form of DDT @ 15% (plus surcharge and cess) is payable by company. However, no such tax is payable in the case of LLP and profits of a LLP can easily be withdrawn by the partners.


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