What Are the Procedures for Formation of LLP in India

What Are the Procedures for Formation of LLP in India


The process of forming an LLP is much easier than setting up a private limited company. There are fewer regulatory requirements and compliances to adhere to when compared with a private company. However, a few basic guidelines must be followed by the partners to ensure that the process of registering an LLP is smooth and hassle-free.

One of the first steps is to obtain DSC (Digital Signature Certificate) for all the proposed designated partners. This DSC will be used for filing various ROC compliance forms, LLP registration, and tax returns. Once this is done, the name of the proposed LLP must be reserved through LLP RUN service on MCA portal. The application must be filed along with the subscriber sheet including the consent of all the proposed designated partners and proof of registered office address. If the proposed name contains any word(s) or expression(s) that requires approval from the Central Government, a copy of such approval must be attached with the application.

Incorporation of an LLP will be facilitated by the issuance of a Certificate of Incorporation by the Registrar in Form 16. The Registrar will also mention the PAN and TAN issued by the Income Tax Department in the Certificate of Incorporation. After this, an LLP agreement must be made by all the designated partners which will specify the mutual rights and duties of the partners. This must be filed in FORM-3 within 30 days of the date of incorporation of the LLP and shall be stamped with the applicable stamp duty which depends on the State Stamp Act.

 Tel:+917299972500

info@filingpoint.com


Comments

Post a Comment

Popular posts from this blog

Company Registration in Nungambakkam - Filingpoint

Image
Call our Filingpoint Online Company Registration Expert +91 72999 72500 Filingpoint   Company Registration in Nungambakkam is a critical step for entrepreneurs who want to start a business in one of India's most thriving cities. However, it's crucial to have full knowledge of the benefits, types of companies, and registration process to ensure smooth and error-free execution. Benefits of Company Registration in Nungambakkam The most important reason for registering a business is to have a distinct legal entity which is separate from its promoters, shareholders or members. This protects the personal assets of the members in case of any financial liabilities. Another benefit of a registered company is the ability to raise funds through public offering and also provides tax advantages. Besides, a private limited company provides higher credibility for businesses and helps in attracting better manpower. Additionally, it is easy to expand the operation...
Read more

IE Code Registration in Kodambakkam - Filingpoint

Image
Welcome to Filingpoint Online IE Code Registration Expert +91 72999 72500 Filingpoint   IE Code is an inevitable 10-digit code for anyone involved in the import and export of goods or services in India. It is issued by DGFT and comes with a lifetime validity. Importers and exporters cannot continue business without this code and they can't avail benefits from DGFT or Customs for their import/export business. It is also required by the banks for money transfer abroad. The IE Code registration can be done online and the documents needed are: Getting an IE code opens up international markets and allows you to take your business to the next level. It also helps you in making your business more credible and trustworthy. You can register for an IE code as a sole proprietorship, partnership firm, limited liability company (LLC), trust, HUF, or society. The process is entirely online and the documents required are simple to submit. The advantage of an IE Code...
Read more

LLP Formation: Common Pitfalls to Avoid for First-Time Entrepreneurs

Image
Call our filingpoint experts at +91 72999 72500 or visit https://filingpoint.com Introduction: When venturing into the entrepreneurial realm, forming a Limited Liability Partnership (LLP) can be an appealing choice due to its flexibility and liability protection. However, for first-time entrepreneurs, the LLP formation process can be fraught with pitfalls. Filingpoint experts will provide consulting about LLP formation and startup. Let’s go to discuss about “LLP Formation: Common Pitfalls to Avoid for First-Time Entrepreneurs”.   Here are common missteps to avoid:   Incomplete Understanding of LLP Structure: §   Many first-timers dive into LLP formation without a comprehensive understanding of its structure and legal obligations. It's crucial to grasp the roles and responsibilities of partners, compliance requirements, and tax implications.   Choosing the Wrong Partners: §   Selecting the right partners is paramount. Rushing into partnership...
Read more