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Apply for LLP Registration Online at lowest fees in India by vakilassistlegal. Easy Process and Documentation. Register for Limited Liability Partnership Now!
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LLP states Limited Liability Partnership and it is governed by the Limited Liability Partnership Act, 2008. It has got limited liability to the partners. In case of LLP, there are two partners involved, where there is no minimum limit of capital investment and one must be resident of India.
The biggest advantage of LLP form of business over a Pvt Ltd Company is in the fact that there is less compliance requirement in comparison to a Company.
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Consultation Fee
Expert advice from Highly Experienced CA/CS- Complete guide for registration
- Process, Required Documents, Benefits, Tax Compliance, Legal Advice, Timeframe etc.
Basic
- Registering a LLP with Ministry of Corporate affairs
- LLPIN
- PAN
- TAN
- MCA processing
- FILIP
- Allotment of 2 DPIN and GST registration
Smart
- Registering a LLP with Ministry of Corporate affairs
- LLPIN
- PAN
- TAN
- MCA processing
- FILIP
- Allotment of 2 DPIN
- GST registration
- Income tax return filing
- Form 11 (Annual return of LLP)
- Form 8 (Statement of Accounts) and DIR-3 eKYC of Directors
Mega
- Registering a LLP with Ministry of Corporate affairs
- LLPIN
- PAN
- TAN
- MCA processing
- FILIP
- Allotment of 2 DPIN
- GST registration
- Trademark application
- Income tax return filing
- Form 11 (Annual return of LLP)
- Form 8 (Statement of Accounts)
- 12 months filing of GST return and DIR-3 eKYC of Directors
Comparison
| Private Limited Company | One Person Company | Limited Liability Partnership | Partnership Firm | Proprietorship Firm | |
|---|---|---|---|---|---|
| Act | Companies Act, 2013 | Companies Act, 2013 | Limited Liability Partnership Act, 2008 | Indian Partnership Act, 1932 | No specified Act |
| Registration Requirement | Mandatory | Mandatory | Mandatory | Optional | No |
| Number of members | 2 - 200 | Only 1 | 2 - Unlimited | 2 - 20 | Only 1 |
| Separate Legal Entity | Yes | Yes | Yes | No | No |
| Liability Protection | Limited | Limited | Limited | Unlimited | Unlimited |
| Statutory Audit | Mandatory | Mandatory | Dependent | Not mandatory | Not mandatory |
| Ownership Transferability | Yes | No | Yes | No | No |
| Uninterrupted Existence | Yes | Yes | Yes | No | No |
| Foreign Participation | Allowed | Not Allowed | Allowed | Not Allowed | Not Allowed |
| Tax Rates | Moderate | Moderate | High | High | Low |
| Statutory Compliance | High | Moderate | Moderate | Less | Less |
Advantages of LLP
DISTINCT LEGAL RECOGNITION
LLP can have legal recognition in India and can sue or be sued under law.
RAISING CAPITAL / MONEY
Partnership and business finance can be raised in a structured way.
NO MANDATORY AUDIT REQUIREMENT
In LLP only if turnover crosses limit, audit compliance is required.
TAXATION RELIEF
LLP has advantage in taxation compared to some business structures.
EASY TRANSFERABLE OWNERSHIP
Ownership can be transferred as per LLP agreement and terms.
PERPETUAL SUCCESSION
LLP continues even if partners change, retire or leave.