Frequently Asked Question
Limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner's misconduct or negligence. A Limited Liability Partnership, popularly known as LLP combines the advantages of both the Company and Partnership into a single form of organization. Limited Liability Partnership is managed as per the LLP Agreement.
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The following types of Business entitles are available in India:
- Private Limited Company
- Public Limited Company
- One Person Company
- Producer Company
- Section 8 Company
- Limited Liability Partnership
- Partnership
- Sole Proprietorship
- Separate Legal Existence
- Limited Liability
- Flexibility of Ownership
- Separation of Ownership and Management
- Tax Planning
- Perpetual Succession
- Low cost of Formation
- Easy to establish
- Easy to manage & run
- No requirement of any minimum capital contribution
- No restrictions as to maximum number of partners
- Less Compliance level
- No exposure to personal assets of the partners except in case of fraud
- Borrowing Power
- Minimum 2 Designated Partners
- Minimum 2 Partners
- At least 1 of the designated partners shall be an Indian Resident
- If a body corporate is a partner, it has to nominate a natural person as its nominee
- The Designed Partner and Partner can be same
- DPIN (Designated Partner Identification Number for all Designed Partners)
- DSC (Digital Signature Certificate for all Designated Partners)
- There is no requirement of Minimum Contribution.
It is an unique Identification Number allotted to an individual who is an existing director of a company or intends to be appointed as director of a company pursuant to section 153 & 154 of the Companies Act, 2013.
Every individual, intending to be appointed as a director of the company, can file an application for allotment of DIN.
Central Government (Office of Regional Director (Northern Region), Ministry of Corporate Affairs) will allot the DIN.
Every individual, intending to be appointed as a director of the company, can file an application for allotment of DIN.
Central Government (Office of Regional Director (Northern Region), Ministry of Corporate Affairs) will allot the DIN.
Digital Signature Certificates (DSC) are the digital equivalent (that is electronic format) of physical or paper certificates. Digital certificate can be presented electronically to prove your identity, to access information or services on the Internet or to sign certain documents digitally.
Physical documents are signed manually, similarly, electronic documents, for example e-forms are required to be signed digitally using a Digital Signature Certificate.
Physical documents are signed manually, similarly, electronic documents, for example e-forms are required to be signed digitally using a Digital Signature Certificate.
Currently there is no regulation prohibiting LLP from carrying on activities related to NBFC but as a matter of precaution before initiating any such activitiy, it is advisable to contact Reserve Bank of India.
In reference to LLP, contribution can be termed as, What a partner is contributing towards the Limited Liability Partnership for running of his business.
Contribution in case of LLP is alike Share Capital in case of Company.
Contribution in case of LLP is alike Share Capital in case of Company.
A contribution of a partner may consist of tangible, movable or immovable or intangible property or other benefit to the limited liability partnership, including money, promissory notes, other agreements to contribute cash or property, and contracts for services performed or to be performed.
Yes, the Contribution of LLP would be provided under the LLP Agreement and the same can be increased by way of amendement in the LLP Agreement.
Well, it completely depends on what you want to do. If you are a single person doing business and are not going to raise any outside investment for at least 3 years then OPC suits you best. Or if you are planning to raise funds then go for Private Ltd registration.
A LLP is typically preferred by Lawyers, Doctors, Designers and other professionals.
A LLP is typically preferred by Lawyers, Doctors, Designers and other professionals.
No, the process is completely online these days and MCA does not issue a Printed copy. We can provide the printed copy.
Yes, but the terms and conditions for such withdrawal shall be provided in the LLP Agreement.
- PAN
- TAN
- Shop Act
- VAT
- Profession Tax
- Service Tax
- Provident Fund
- ESIC
As per the LLP Act 2008, the LLP Agreement will define the requirement related to contribution and therefore , the LLP Agreement may also provide for NIL contribution from the Partners. So, LLP can also be incorporated without any contribution from the partners but this scenario has its own practical problems.
Every LLP shall be under obligation to maintain annual accounts reflecting true and fair view of its state of affairs. A Statement of Accounts and Solvency shall be filed by every LLP with the Registrar of LLP every year.
The Designated Partners would be responsible for the doing of all acts, matters and things as are required to be done by the limited liability part¬nership in respect of compliance of the provisions of this Act.
Yes, the LLP Act 2008 allows Foreign Nationals including Foreign Companies & LLP to incorporate a LLP in India. But till date necessary guidelines in respect of foreign investment in LLP are not issued, they cannot incorporate the same.
| Particulars | One Person Company | Private Limited Company | Limited Liability Partnership |
|---|---|---|---|
| Recommended For | Solo promoters | Start-ups and growing companies | Professional services firms |
| Limited Liability Protection | Yes | Yes | Yes |
| Tax Advantages | Few benefits | Few benefits | Most Beneficial |
| Perpetual Existence | Yes | Yes | Yes |
| Statutory Compliances | High | High | Low |
| Registration Authority | Registrar of Companies (ROC) | Registrar of Companies (ROC) | Registrar of Companies (ROC) |
| Management | A single Director is required and a nominee as a successor | Minimum 2 Directors are required | Minimum 2 Partners are required |
| Board Meeting | 2 Board Meetings to be held in a year | 4 Board Meetings to be held in a year | No such requirement |
| Statutory Auditor | Mandatory appointment | Mandatory appointment | Mandatory Appointment if, capital contribution exceeds Rs.25 Lacs or Turnover Exceeds Rs.40 Lacs |
| Fines & Penalties | Limited | Limited | Unlimited |
| Creditworthiness | Medium | High | Medium |
| Conversion | Can be converted to Private Limited and Public Limited | Can be converted to Public Limited and LLP | No provision for Conversion |
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