A BRIEF ON LLP
1
SHIRIN BHATT & ASSOCIATES COMPANY SECRETARIES 303, 3rd Floor, Balaji Chamber,D-246/10 Street No. 10, Laxmi Nagar, Delhi-110092 +91-8447888828 │+91-11-43047544 │[email protected] A BRIEF ON LIMITED LIABILITY PARTNERSHIP Incorporation Requirements At least two designated Partners one of whom shall be resident in India. No restriction on maximum no of partners or minimum amount of contribution. A Body Corporate may also be the Designated through its nominee. The Two designated partners will have to take Digital Signature and DIN. Designated Partners shall be required to have DIN. Cost of Incorporation is given at Error! Reference source not found. Initial Documentation and Information requirement Name of the LLP Main Object of the LLP Detailed procedure with timelines is at Error! Reference source not found.. Working of LLP The LLP shall be governed completely on the basis of its LLP Agreement. It is also not subject to maintenance of statutory registers, hold meetings etc like Companies. Yearly Compliances Audit of Accounts: In case Contribution exceeds Rs. 25 Lacs or Annual Turnover exceeds Rs. 40 Lacs. Filling of Annual Return within 60 days of the end of Financial Year: ROC fee for Form is Rs. 200 but in case of delay a penalty of Rs. 100 per day is payable. Filling of Statement of Account & Solvency (Balance Sheet) of the LLP within 30 days from the end of six months of the financial year: ROC fee for Form is Rs. 200 but in case of delay a penalty of Rs. 100 per day is payable. Event Based Compliances Any change in the Documents filed at the time of incorporation is to be reported to ROC within 30 days of such change Any change in Partner’s name or Address is to be intimated within 15 days thereof. Closure of LLP Where a limited liability partnership is not carrying on any business or operation for a period of one year or more can make an application to the ROC for striking off its name from the Register of LLPs and dissolving it. This procedure is less time taking and cost efficient too in comparison to Winding Up. The process takes about 1-2 months and statutory costs for ROC & Stamping comes around Rs. 1,000 to Rs. 2,000
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Detail on Limited Liability Partnership in INDIA
Transcript of A BRIEF ON LLP
SHIRIN BHATT & ASSOCIATES COMPANY SECRETARIES
303, 3rd Floor, Balaji Chamber,D-246/10 Street No. 10, Laxmi Nagar, Delhi-110092 +91-8447888828 │+91-11-43047544 │[email protected]
A BRIEF ON LIMITED LIABILITY PARTNERSHIP
Incorporation Requirements At least two designated Partners one of whom shall be resident in India.
No restriction on maximum no of partners or minimum amount of contribution. A Body
Corporate may also be the Designated through its nominee.
The Two designated partners will have to take Digital Signature and DIN.
Designated Partners shall be required to have DIN. Cost of Incorporation is given at Error!
Reference source not found.
Initial Documentation and Information requirement Name of the LLP
Main Object of the LLP
Detailed procedure with timelines is at Error! Reference source not found..
Working of LLP The LLP shall be governed completely on the basis of its LLP Agreement. It is also not
subject to maintenance of statutory registers, hold meetings etc like Companies.
Yearly Compliances Audit of Accounts: In case Contribution exceeds Rs. 25 Lacs or Annual Turnover exceeds Rs.
40 Lacs.
Filling of Annual Return within 60 days of the end of Financial Year: ROC fee for Form is Rs.
200 but in case of delay a penalty of Rs. 100 per day is payable.
Filling of Statement of Account & Solvency (Balance Sheet) of the LLP within 30 days from
the end of six months of the financial year: ROC fee for Form is Rs. 200 but in case of delay a
penalty of Rs. 100 per day is payable.
Event Based Compliances Any change in the Documents filed at the time of incorporation is to be reported to ROC
within 30 days of such change
Any change in Partner’s name or Address is to be intimated within 15 days thereof.
Closure of LLP Where a limited liability partnership is not carrying on any business or operation for a
period of one year or more can make an application to the ROC for striking off its name from
the Register of LLPs and dissolving it.
This procedure is less time taking and cost efficient too in comparison to Winding Up. The
process takes about 1-2 months and statutory costs for ROC & Stamping comes around Rs.
1,000 to Rs. 2,000
