The limited liability partnership (LLP) Registration has become most preferable form of organization Among young entrepreneur due to its double benefit of Partnership firm and Company into one form of organization. LLP came into existence after January 2009. And Governed under Limited liability Partnership Act 2009. And the best part of LLP Registration is one partner is not responsible for misconduct of other partnership.
| S. No. | Factors of comparison | Private limited company | Limited liability partnership |
|---|---|---|---|
| 1. | Maximum number of members | 200 | None |
| 2. | Requirements for compliance | Annual return filling borad meetings and general meetings | Annual return filling and Statement of Account & Solvency. |
| 3. | Audit | compulsory | Only if contribution more than Rs. 25 lakhs or turnover exceeds Rs. 40 Lakhs |
| 4. | Lower cost of Formation | setupfilings.com charges – Rs. 4000 Legal charges – Rs. 12,000 |
setupfilings.com charges- Rs. 3000 Legal Charges- Rs. 7000 |
| 5. | Conversion | Can be converted to LLP | Cannot be converted into a company |
| 6. | Procedure | Obtain DSC (Digital Signature Certificate) Obtain DIN (Directors Identification Number) Name Approval Filing for Incorporation | Obtain DSC (Digital Signature Certificate) Obtain DPIN (Designated Partner Identification Number) Name Approval Filing for Incorporation File LLP Agreement |
| 7. | Time for registration | 15-20 days | 10-15 days |
| 8. | Dividend distribution tax | Apply | Not apply |
What is Limited Liability partnership (LLP) Registration ?
LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. • The LLP can continue its existence irrespective of changes in partners.
For registration of One person company (OPC) firm all the partner should provide their documents mentioned in prescribed form. All the Documents should be in clear copy & truly certified by their individual owners.
One of the most important benefit of Limited liability partnership (LLP) Registration is Liability of each partnership into partnership firm extent up to his/her capital contribution only and it is totally opposite to sole proprietorship firm where the individual Assets or proprietor is always at risk.
LLP Registration has separate existence from its partners. It means LLP has some of the same right in the law as person. LLP has right to enter into any contract, sue and can be sued by other, It can also own property.
LLP Can be formed with any minimum capital contribution as opposite to private limited company that has Requirement of minimum 1 Lakh Authorized capital contribution.
The Cost of formation for Limited Liability partnership (LLP) Registration is very minimum as compare to private limited company registration. And it can be formed easily with basic documents Requirement.
Limited liability partnership (LLP) Act 2008, Gives LLP the most Freedom to manage its own affairs. Partners by their mutual understanding can decide how they want to manage the LLP firm, it can also be mentioned in LLP Agreement.
Another best benefit of LLP registration is taxation part of LLP. Limited liability partnership (LLP) are taxed lower as compared to company. Even LLP are not subject to dividend distribution to tax as compared to company so there will not tax when you distribute profits among partners.
If the partner wants to transfer his or her ownership right then he/she can transfer the ownership right by obtaining consent of all partners. An Supplementary agreement can be made to complete the entire process.
Disclosing the details of LLP Company publically through filings Annual statement of accounts & solvency and annual return with registrar each year make the data publically available for other to see and download just by paying nominal amount. Income tax return for LLP Company should be also filled to income tax department every financial year.
For Registering Limited Liability Partnership (LLP) must have at least two partners. If any one partner chooses to leave the LLP then it has to be dissolved or any other partner should be added in the LLP firm.
Overseas Indian/Foreign national who wish to incorporate a Limited liability partnership (LLP) In India shall have at least one partner who is an India citizen. Wherein two foreigners partnership cannot incorporate limited liability partnership (LLP) without having one resident Indian partner along with them.
Limited liability partnership (LLP) are limited by specific state government regulation due to which they are not given due to recognition in every state as a business structure.
The cost of Non-compliance of forms, such as e-forms is very high which would lead to high penalty which increases day by day until e-forms doesn’t get filled.
| BASIC | STANDARD | PREMIUM |
|---|---|---|
| 1 DSC Token | 1 DSC Token | 1 DSC Token |
| 2 DIN Number for Director | 2 DIN Number for Director | 2 DIN Number for Director |
| Name Approval for company | Name Approval for company | Name Approval for company |
| Capital Contribution 50 K | Capital Contribution 50 K | Capital Contribution 50 K |
| Incorporation fees | Incorporation fees | Incorporation fees |
| PAN And TAN of Company | PAN And TAN of Company | PAN And TAN of Company |
| Incorporation KIT | Incorporation KIT | Incorporation KIT |
| Goods And Service Tax (GST) | Goods And Service Tax (GST) | |
| Udyam Registration | Udyam Registration | |
| Import Export code (IEC) | ||
| ISO Certification 3 Years Validity | ||
| Rs. 5999 | Rs. 8499 | Rs. 9999 |
Answer: One person companies (OPC) is company Registered Under companies Act 2013.
Answer: Name should be unique;
OPC Company name should be in the formation
Name + Object + Entity
Eg: XYZ Pharma OPC Limited
Answer: Certificate of incorporation, MOA And AOA, KYC of Director and signature on board Resolution for Account opening.
<p><strong>Answer: One Person Company is incorporated with single director and single member, at the same time same member and act as director and member at the time of one person company registration, An OPC can have maximum 15 directors and minimum 1 director and allowed in one person company during.</strong></p>
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