What Process for Limited Liability Partnership Registration in Chennai?


What Process for Limited Liability Partnership Registration in Chennai?

A partnership firm is one of the most popular business structures in India and is much easier to establish than a company. It also comes with fewer compliance obligations and taxes, making it an attractive option for small businesses. However, it is important to understand that there are certain limitations associated with a traditional partnership firm. 

If you want to expand your business into a larger market or offer limited liability to your partners, it is best to convert your partnership firm into a Limited Liability Partnership (LLP). In this article, we will discuss the procedure for conversion of a partnership firm into an LLP in Chennai and the benefits of doing so.

To start the process, you will need to submit a signed letter of consent from all existing partners in the partnership firm. Along with this, you will need the following documents:

The registrar of firms will then verify the details and then approve or reject the application. Once approved, the registrar will issue a certificate of registration. The registrar will also include the firm in the Register of Firms, which is available to the public.

To register an LLP, you will need to submit several documents to the Registrar of Companies (RoC). LLPs are required to maintain books of accounts on either a cash basis or an accrual basis. Additionally, LLPs are required to prepare and file financial statements annually. The statements must be submitted to the registrar within 6 months of the end of the financial year. Additionally, LLPs must pay their taxes through designated banks or E-payment mode.

 


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