Limited Liability Partnership (LLP) requires two partners to incorporate, however, there is no upper limit on the maximum number of partners of LLP. Of all the members any two partners should be individuals and at least one should be resident in India. The rights and duties of partners are governed by the LLP agreement. They are directly responsible for the compliance of all the provisions of the LLP Act 2008 and the provisions specified in the LLP Agreement. DialMyCA is a professional tax consultant that offers online registration at very affordable prices.
To start or form LLP as it is customized as per the requirements of the partners. There are not many formalities in case of legal compilation, annual meeting, resolutions which are complex in other Private Limited Company. Experts at DialMyCA can explain the difference between LLP and Private Limited.
There is no specification regarding the minimum capital required to start LLP. Capital in the form of tangible movable assets like land, machinery, or intangible form both are acceptable. In case private limited and public company capital requirements is INR 1,00,00 and INR 50,000 respectively, however, for LLP there is no such clause.
For LLP minimum of two owners are required to start the business however there is no upper limit on the number of members. However, in the case of a private company, it cannot have more than 200 members.
Registration cost of LLP as compared to Public or Private Company is very nominal. Our experts will explain the costs involved in the registration of the different forms of business.
LLP has n legal binding on getting the books of accounts audited by a professional auditing firm. They are required to get the company audited in the case where the contribution of the LLP exceeds Rs. 25lakhs or when the annual turnover of LLP exceeds Rs. 40 lakhs.
The compliance responsibilities on LLP is less and only two statements Annual Return and Statement of Accounts and Solvency. In the case of a Private Company, at least 10 regulatory formalities and compliances are to be submitted to the authorities.
8000+ GST 19%
9877+ GST 18%
A. LLP is a corporate business form that gives the benefit of a Limited Liability Company with the flexibility of a partnership. It has a separate legal entity.
A. The minimum number of partners in LLP is two however there is no maximum limit of members in the LLP.
A. To form and register LLP it is required that a digital signature certificate is required; thereafter the name of the company has to be reserved. Then with the Registrar the file to form LLP is to be submitted.