LLP REGISTRATION IN SALEM @ Rs 8500
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Get LLP registration in Salem @8500. LLP stands for Limited Liability Partnership. An LLP business setup in Salem is defined as a hybrid form of business because it offers more flexibility incase of a partnership, as well as the benefits of limited liability associated with the limited liability firm. An LLP registration in Salem is basically an independent legal entity. The Parliament of India passed the Limited Liability Partnership Act in 2008 to govern LLP registration in Salem and other parts of India. In the Reference to Section 2 of this law, an LLP is a partnership registered under the Act. An LLP Registration in Salem refers to a written agreement between an LLP’s partners or between the LLP itself and its partners. This agreement defines the rights, liabilities, duties, and powers of the partners. The procedure for forming an LLP is very easy.
LLP registration in Salem combines the merits of both the Company and Partnership in a single form of organization. The major difference between for that of other traditional partners is that a partner in LLP is not responsible for misconduct of another partner. All partners will enjoy the limited liability for the protection of each individual, which is similar to that of the shareholders of a corporation.
LLP enrollment is directed by the Ministry of Corporate Affairs (MCA) through the Office of the Registrar of Companies. The fuse procedure is completely electronic, like the organization enlistment process, for example applications and archives are recorded electronically and the Registrar gives a carefully marked Certificate of Incorporation (COI).
Limited Liability In Protecting Personal Assets Of Partners.
Mostly newly formed companies need to borrow funds and take products on credit. In case of traditional Partnership, Partners are personally liable to pay from the savings and their property would be at high risk in case the firm is not able to repay its liability. In case of a limited liability partenrship, only investment in the capital of the business is lost, personal savings and asset of the directors cum shareholders are safe.
The name of a Limited Liability Partnership will end with the words 'LLP' of 'Limited Liability Partnership'. Proposed LLP Name will conform to the LLP Name Availability Guidelines under Limited Liability Partnership Act 2008.
There are TWO different ways for reserving name for a LLP.
- RUN (Reserve Unique Name) is a simple and online application for reservation of a LLP Name. The name endorsed under RUN Process is substantial for a time of 90 days from the date of endorsement. In one application, TWO names can be submitted for endorsement under RUN process. On the off chance that the application is dismissed, the another Two additional names can be submitted once more. On the off chance that that likewise dismissed by ROC office, a new application to be recorded with crisp documenting charge.
- FiLLiP (Form for Incorporation of Limited Liability Partnership) LLP Incorporation Filing process is a coordinated single point application for Reservation of Name, Allotment of DIN for Designate Partners and Incorporation of a New LLP. Under FiLLiP application, just ONE name can be submitted for endorsement.
- PAN Card Copy
- Driving Licence or Voter id or Adhaar Card or Passport Copy.
- Passport Size Photo - 1
- Bank Statement or Telephone Bill or Mobile Bill or EB.
- Rental Agreement - If office is taken on Rent
- Electricity Bill Copy- If no EB Copy, Telephone bill or Mobile bill or GAS bill along with Tax Receipts to be submitted.
- NOC from the owner of the premises.
LLP is easy to manage and LLP is most opt for small and medium enterprises. Statutory audit is not required for Limited Liability Partnership having contribution less than Rs. 25 lakhs and turnover not exceeding Rs. 40 lakhs.
Perpetuality of Business
Limited Liability Partnership (LLP) is a mainstream and notable business structure on the planet. Corporate Customers, Vendors and Govt. Organizations like to manage LLP rather than ownership or typical associations.
Image and Credibility
LLP is most and well known business structure. Corporate Customers, Vendors and Govt. Agencies prefer to deal with LLP instead of normal partnerships.
Registering a LLP is simple process with Shoplegal. A minimum of 2 Partners are required to form the limited liability partnership. LLP keeps on existing past the presence of its Partners. This is preposterous in customary organization firms
Easy to Transfer
Limited Liability Partnerships are easy to transfer ownership, very less documentation and cost is involved in transferring the ownership of a LLP.
In LLP the Partners are limited to their shares paid. Therefore, if a LLP is in financial crises and had to close, Partners would not risk losing their Individual assets and properties. The liability is limited only to their capital paid.
FAQ on LLP Registration
How many people required for form LLP?To Incorporate a Limited Liability Partnership, at least two individuals are required. A Limited Liability Partnership must have at least two Partners and can have a limit of any number of Partners.
What is the basic requirement to become a partner in LLP?The Designated Partners should be more than 18 years old and must be a individual. There are no impediments as far as citizenship or residency. Accordingly, the LLP Act 2008 permits Foreign Nationals including Foreign Companies and LLPs to join a LLP in India gave in any event one assigned accomplice is inhabitant of India.
What is the minimum capital required to form a LLP?You can begin a Limited Liability Partnership with any measure of capital. There is no necessity to show confirmation of capital contributed during the formation period. Accomplice's commitment may comprise of both substantial and additionally elusive property and some other advantage to the LLP.
Is it possible to form LLP as Non Profit concern?No,one of the fundamental necessities for setting LLP is 'carrying on a legal business so as to benefit'. In this way, LLP can't be fused for undertaking "Not-For-Profit" exercises.
Is it mandatory for LLP to have a registered office?A location in India where the enlisted office of the LLP will be arranged is required. The premises can be a business/mechanical/private where correspondence from the MCA will be received.
What are the documents required to form a LLP?Personal evidence (PAN mandatory, Aadhar/ Driving license / Voter id / Passport – Any one.) and address proof (Bank statement / Telephone Bill / Electricity Bill / Mobile Bill – Any one.) is obligatory for all the proposed Designated Partners of the LLP. PAN Card is compulsory for Indian Nationals. Moreover, the landowner of the enlisted office premises must give a No Objection Certificate to having the enrolled office in his/her premises and should provide Electricity bill.
What the time frame for registering LLP and how quickly can we register?SHOPLEGAL.IN can form a Limited Liability Partnership in 10-15 days. The time taken for registering a LLP will rely upon accommodation of applicable by the customer and speed of Government Approvals. To guarantee rapid registration, it would be ideal if you pick a one of a unique name for your LLP and guarantee you have all the necessary documents before begin the registration procedure.
What is the validity period of the registration?Once a Limited Liability Partnership is registered, it will be dynamic and in-presence as long as the yearly compliances are met with normally. In the event that, yearly compliances are not agreed to, the LLP will turn into a Dormant and perhaps struck off from the register after a timeframe.
What are the yearly compliance requirement?LLPs are required to record Form 8 and Form 11 with the Registrar of company every year. on the off chance that the LLP has a turnover of under Rs.40 lakhs as well as has a capital of under Rs.25 lakhs, the fiscal reports don't need to be audited
Can a NRI /FOREIGNER be a Designated partner / Partner in LLP?Indeed, a NRI or Foreign National can be a Designated Partner in a Limited Liability Partnership in the wake of getting Designated Partner Identification Number. Be that as it may, atleast one Designated Partner in the LLP must be a Resident India.
Is foreign direct investment allowed in LLP?FDI is allowed in LLPs working in business exercises where 100% FDI is permitted through the automatic route . FDI in LLPs won't be permitted in areas, for example, agricultural/plantation activity, print media or real estate business.
Is it possible to convert existing partnership into LLP?Truly, a current organization firm or an organization that is unlisted can be changed over into LLP. There are numerous preferences of changing over afirm into a LLP; in any case, the equivalent doesn't have any significant bearing for the transformation of a Company to a LLP.