As compared to a Private Limited Company, an LLP is more beneficial and convenient to run due to less ROC compliances and No requirement for statutory audit by practicing chartered accountant till the turnover exceeds Rs 40 Lakhs or Partners Capital Contribution upto Rs 25 lakhs. For income tax purpose, LLP is treated on a par with partnership firms. Thus, LLP is liable for payment of income tax and share of its partners in LLP is not liable to tax. Thus no dividend distribution tax is payable. Provision of ‘deemed dividend’ under income tax law, is not applicable to LLP. Section 40(b): Interest to partners, any payment of salary, bonus, commission or remuneration allowed as deduction. In case an LLP fails to file Form 8 or Form 11 (LLP Annual Filing), a penalty of Rs.100 per day, per form is applicable. There is no cap on the penalty and it could run into lakhs if an LLP has not filed its annual return for a few years.
Documents required:
- Photographs and PAN card of all Partners
- ID Proof – Driving License / Voter ID / Passport (anyone) of all Partners
- Address Proof – Bank Statement / Telephone or Mobile or Electricity Bill (not more than 30 days old) of all Partners
- Email ID and Mobile Numbers of all Partners
- Aadhar card ( Optional ).
- Proposed Company Registered Office Address Proof – Telephone or Mobile or Electricity Bill (not more than 30 days old) + NOC from property owner
- DIN ( Optional – In case any proposed partners/Designated partners already have Active DIN)
Our Services:
- Certificate of Incorporation of LLP
- LLP Agreement
- PAN card
- Digital Signatures (Class 2)
- Directors Identification Number (DIN)
