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LLP Company registration including Government Fee and Incorporation kit with share certificates.
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Frequently Asked Questions
What is LLP Company
- 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. It is capable of entering into contracts and holding property in its own name.
- The LLP is a separate legal entity, is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP.
- Further, no partner is liable on account of the independent or un-authorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s wrongful business decisions or misconduct.
- Mutual rights and duties of the partners within a LLP are governed by an agreement between the partners or between the partners and the LLP as the case may be. The LLP, however, is not relieved of the liability for its other obligations as a separate entity
- Since LLP contains elements of both ‘a corporate structure’ as well as ‘a partnership firm structure’ LLP is called a hybrid between a company and a partnership.
Who are eligible for LLP?
Limited Liability Partnerships (LLPs) are a suitable business structure for certain types of professionals and entrepreneurs. The following individuals or entities are eligible to form an LLP:
Individuals: Any individual, including Indian residents and non-residents, can become a partner in an LLP. Professionals such as lawyers, accountants, consultants, architects, engineers, and other service providers often opt for LLPs.
Companies: Another LLP, a company incorporated under the Companies Act, or a foreign company can become a partner in an LLP. This allows for flexibility in the formation and structure of business entities.
Foreign Nationals: Foreign nationals or entities can also participate in an LLP subject to compliance with the Foreign Exchange Management Act (FEMA) and other relevant regulations.
Professionals and Entrepreneurs: LLPs are commonly chosen by professionals and entrepreneurs who want the benefit of limited liability protection while operating as a partnership. This structure allows partners to combine their skills, expertise, and resources to run a business while enjoying the flexibility and simplicity of a partnership.
Is GST required for LLP?
LLPs engaged in providing taxable goods or services with an annual turnover exceeding the prescribed threshold are required to register for GST. As of my knowledge cutoff in September 2021, the threshold for GST registration was an annual turnover of Rs. 20 lakh for most states in India. However, certain states had a lower threshold of Rs. 10 lakh for registration.
Once an LLP is registered for GST, it becomes liable to collect and remit GST on the taxable supplies it makes. The LLP is also eligible to claim input tax credits on the GST paid on its purchases and expenses related to its business activities.
It is important for LLPs to comply with the GST regulations, including timely filing of GST returns, maintaining proper records, and adhering to the GST rates and rules applicable to their specific business activities. It is recommended to consult with a tax professional or seek guidance from the GST authorities to ensure compliance with the latest GST regulations and requirements.
Is commercial space necessary to start a company?
No, having commercial space is not always a requirement to start a company. The need for commercial space depends on the nature of your business. Here are a few options to consider:
Home-based business: Many businesses, especially those in the service or online sectors, can be operated from a home office.
Co-working spaces: These shared office spaces offer flexible arrangements where you can rent a desk or workspace in a communal office environment. Co-working spaces provide amenities like internet access, meeting rooms, and a collaborative atmosphere.
Can NRIs/ Foreign Nationals be designated partners in LLP?
Yes, NRIs (Non-Resident Indians) and foreign nationals are allowed to be designated partners in a Limited Liability Partnership (LLP) in India. The LLP Act, 2008 does not impose any restrictions on the nationality or residency of designated partners.
However, there are certain considerations and requirements to keep in mind:
Designated Partner: At least two individuals must be designated partners in an LLP, and at least one of them must be a resident of India. This means that at least one designated partner must be a person who has stayed in India for a total period of not less than 182 days in the previous calendar year.
Regulatory Compliance: NRIs and foreign nationals acting as designated partners in an LLP need to comply with the applicable regulations, including those related to taxation, foreign exchange, and any other relevant laws.
RBI Approval: In some cases, if the business activities of the LLP fall under certain sectors that require prior approval from the Reserve Bank of India (RBI), such as defense, telecommunications, or aviation, then RBI approval may be necessary for the participation of NRIs or foreign nationals.
Can the office address of a company be changed after incorporation?
In general, the steps to change the office address involve notifying the appropriate authorities, such as the Registrar of Companies or similar regulatory bodies, and updating the company’s official records.
List the countries where this form is available ?
The LLP structure is available in countries like United Kingdom, United States of America, various Gulf countries, Australia and Singapore. On the advice of experts who have studied LLP legislations in various countries, the LLP Act is broadly based on UK LLP Act 2000 and Singapore LLP Act 2005. Both these Acts allow creation of LLPs in a body corporate form i.e. as a separate legal entity, separate from its partners/members.
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