Minimum Turnover for GST before Application
27 Feb, 2024
The Ministry of Corporate Affairs (MCA), Government of India, launched the Limited Liability Partnership (LLP) as one of the business ideas in India in 2008. A limited liability partnership, as opposed to a partnership firm, has limited liability, which may or may not apply to all of the members. It demonstrates both business and partnership characteristics. In a (Limited liability Partnership)LLP, one partner is not liable or accountable for the negligence or improper behaviour of another partner.
A legitimate business structure and an alternative to corporations is the limited liability partnership. While the partners' liability is only up to the amount of their capital contribution, it is only accountable to the extent of their total assets. LLPs might be considered a cross between corporations and partnerships. MCA (The Ministry of Corporate Affairs) Government of India, oversees LLP company registration. The Limited Liability Partnership Act of 2008 is the legislation that controls the LLP. In India, LLP company registration in Ahmedabad is done exclusively online. Online Legal India is the group to work with if you want to register your LLP. You can register your LLP with us online right now and operate a registered LLP within a week.
India only accepts online applications for Limited Liability Partnership (LLP) registration. Online Legal India is the group for you if you're wanting to register your LLP. You can register your LLP with us online right now and start running a registered business in a week.
This implies that their personal assets or property will not be impacted if they are unable to pay the debts of their LLP
Now, registering a Limited Liability Partnership (LLP) only requires three simple steps. The three-step LLP registration process is listed below.
LLP company registration in Ahmedabad is done totally online. The Designated Partners of the LLP must digitally sign papers using a Class-III Digital Signature Certificate in order to form an LLP (DSC). Through eMudhra or another online provider of digital signature certificates, we will apply for Class-III DSCs. We will certify your documents, submit them to eMudhra or another provider of digital signature certificates, have your DSCs validated, and then you can download them and use them to sign documents. A practising professional, such as a Company Secretary or Chartered Accountant, must digitally sign and attest the paperwork in addition to Designated Partners in order to incorporate your LLP. Together with our affiliated CA/CS professionals, we also complete this.
When the DSCs are approved, we will draught the main LLP objectives and create the necessary LLP incorporation documents, including the LLP Incorporation Form, Form 9, Designated Partners KYC documents, NOC, and any other declarations that may be necessary. Once you give us your approval to upload the documents to the MCA, we will do so by making the necessary online challan payments.
The Registrar of LLPs will review your application after we upload it and pay the incorporation challan amount to MCA, and after careful review, he or she will approve it and send the Certificate of Incorporation to your registered email address.
As of the right moment, the Ministry of Corporate Affairs (MCA) only offers automated bank accounts for companies in the banks listed below. If you are registering an LLP, you must open a different bank account after the company has been incorporated.
We will help you open a bank account for your LLP.
The LLP PAN & TAN will also be generated at the same time as the Certificate of Incorporation.
It is not required that you submit a separate application.
If you want a physical PAN and TAN, you must submit separate applications for each and pay the required fees online or at a PAN application centre. Only at the time of LLP incorporation will you acquire a password-protected electronic PAN and electronic TAN. This E-PAN and E-tan are sufficient to run your business and acquire further supporting licences.
The password to open ePAN is the registration date and the PIN code of the LLP Registered office.
Within 30 days after the date of LLP incorporation, you must enter into an LLP agreement with the Designated Partners and file the same document with the Registrar of LLPs. The draught LLP Agreement will be created by us and sent to you; all you have to do is print it out on non-judicial stamp paper and send us a scan of the properly executed and notarized LLP Agreement. Following that, we will upload the document to the MCA and make the necessary online challan payments.
If their combined revenue in a financial year exceeds twenty lakh rupees*, every supplier is required to register under this Act in the State or Union territory, other than special category States, from which they make a taxable supply of goods or services or both:
After completing your LLP Company Registration in Ahmedabad, you must then apply for additional licences like the MSME Registration, (IEC)Import Export Code, Shops & Establishments Registration, Professional Tax Registration (PT), FSSAI License, Local Trade License, etc.
We assist you in paying a fair amount for these licences.
Once your Limited Liability Partnership (LLP) has been registered, you must submit certain periodic papers online, together with the required fees, to the LLP Registrar, the GST Department, the Income Tax Department, and the Other Statutory Department. You must keep certain records, registers, and books of accounts in addition to filing documents. The LLP's financial documents, such as the profit and loss statement, balance sheet, schedules of accounts, notes to accounts, and director's report, among others, must be prepared. Our team of professionals will help you complete all these compliances at a reasonable cost.
By creating project reports, business plans, and term sheets, among other things, our team of skilled Chartered Accountants & Company Secretaries will assist you in obtaining funding to operate your firm. We assist you in properly preparing your taxes so that you pay less tax to the government.
The LLP's partners have restricted liability. The Partners or Designated Partners are not individually responsible for the LLP's debts. The assets of the Designated Partners or shareholders are protected, for instance, when the LLP is in default of repayment of debt or loan. Only by selling the LLP's assets would they be able to recoup the loan sum. The lender won't touch their personal belongings.
For individuals seeking the least amount of statutory compliance, limited liability partnership businesses are ideal. LLP demonstrates both partnership and corporate characteristics. In a (Limited Liability Partnership)LLP, one partner is not liable or accountable for the negligence or improper behaviour of another partner. LLP is a combination of a business and a partnership. The majority of business owners favour LLPs over partnership firms.
An LLP that has a turnover of up to Rs. 40 lakhs or a capital contribution of up to Rs. 25 lakhs is exempt from the requirement to name an auditor. Talented workers prefer LLP-type companies to partnerships or sole proprietorship organisations. Employees of reputable LLPs can readily obtain loans from banks at a lower interest rate.
Employees of the LLP may serve as the Designated partners of the Limited Liability Partnership. He can rent or lease his own property to the LLP and collect rent from it, he can lend money to the LLP and get money from it, and he can supply the LLP with goods or services in exchange for payment. Unlike a company, a limited liability partnership (LLP) is free to raise unsecured loans.
The Limited Liability Partnership's Designated Partners may come and leave, but an LLP may not, therefore both the Designated Partners and the LLP are distinct. Limited Liability Partnerships are able to buy and sell assets in their own names. It is capable of suing and being sued in a court of law.
The Limited Liability Partnership's Designated Partners may easily dissolve the LLP by merely executing a letter of resignation. By signing the Limited Liability Partnership Amendment Agreement, new Designated Partners can easily modify the ownership of the LLP.
Since our founding, we have developed close ties with the Ministry of Corporate Affairs (MCA), Government of India, as an Official Company Registration Agent. Our mission has been to offer a smooth incorporation procedure that is quick and easy to utilise. Our company registration process is currently one of India's most effective and efficient. You can apply for a new company name in a little over 5 minutes, and frequently within 3-5 days, your business will be fully registered. In addition, we maintain low pricing for business formation while continuously looking for new and creative methods to add value for our clients. We take pride in being one of India's most cost-effective business formation options.
We have the knowledge to provide the best corporate structure for them to implement. Most of our clients contact us for assistance with setting up a business limited by shares. The limited company form is well-liked since it provides for the distribution of earnings to the shareholders while also providing them with protection due to the limited liability feature. Our team has a combined total of well over 20 years of experience in company formation, corporate and secretarial services, and helping thousands of clients expand their businesses each year.
As evidenced by our stellar reviews and ratings, we are extremely enthusiastic about the calibre of our service and extremely proud of the feedback we receive from customers. We are consistently chosen because of the quality and knowledge that our staff is renowned for. By offering cutting-edge commercial services and packaged packages that changed along with the demands of our clients, we have contributed to the development of the sector.
Our customers can get free assistance from a team of professionals. We are always there to assist. You can get in touch with us by phone or email if you ever need help before, during, or after registering your firm.
In an LLP Company Registration, the partnership has the authority to control both ownership and management. As a result, the LLP partners have the flexibility to act as both managers and owners. Software companies, architects, accountants, chartered accountants, designers, and other professionals are very familiar with and favour the limited liability partnership. They enjoy establishing their corporate structure. The directors or partners must contribute a minimum amount of capital as their initial investment to form an LLP.