Winning Tactics about Limited Liability Partnership Registration in Bangalore

Limited Liability Partnership in India was introduced to provide the entrepreneur with the benefits of both Partnerships as well Company. LLP combined the feature of both entities and is governed under the Limited Liability Partnership Act 2008.

Feature of LLP is the combination of both Partnership as well as Company such as:

• Separate Legal Entity
• Limited Liability
• Can be or can sue on its name
• Minimal compliance
• No minimum capital contribution

LLP is preferred due to reasons such as it is easy to register and can be managed with ease besides minimal compliance costs and requirements. However, an entrepreneur who is planning to raise equity funds from angel investors or private equity funds should not incorporate LLP as they are prohibited from issuing share capital.

Following is the simple step to LLP Registration Process online through the Ministry of Corporate Affairs such as:

• Apply for the name of LLP which shall not be resembled any name already registered. File LLP-RUN, a web service available on MCA services for applying the name
• Once the name approval is received, get DSC of a designated partner from Certifying Authority.
• Apply online through MCA for LLP registration in form FiLLiP which can be downloaded from MCA. Submit the form to ROC along with online fees.
• Once the form is filed ROC shall issue Certificate of Incorporation of LLP after which the applicant needs to file an LLP agreement in Form 3 to ROC.
• LLP agreement contains the details such as terms and responsibility of each designated partner

Following is the Documents Required for LLP Registartion:

• PAN and Aadhar of designated partners
• Identity proof and address proof of all designated partners
• LLP Agreement containing the terms and conditions of the LLP
• Registered Office address proof

Once the LLP is registered, it shall comply with several few provisions such as:

• LLPs have to file Income Tax Return annually in Form 5 which is filed online on official Income Tax Website
• Form 11 is filed every half-year on or before 30^th May for the months of October-March every year.
• Similarly, Form 8 is filed for another half year April-September on or before 30^th October every year. 
• Other than this, GST Compliances and TDS return must be filed by LLP annually on or before necessary due dates.

The average time taken for Complete Registration of LLP is about 10 to 15 days that varies depending upon the ROC verification and processing time. Our team of experts will help you in maintaining basic accounts along with necessary, timely compliance. Contact us to get a Full Registration Package inclusive of compliance and necessary return filing.