09 November 2013
I had formed LLP and certificate of incorporation is received effective 21.10.13. The main object of LLP is takeover of running travel partnership firm and regular tours and travel business. As per LLP Act the partnership deed is to be efiled with form no.3 within 30 days of receipt of incorp. certificate. In my case, I have to file the partnership deed on or before 20.11.13.
Can I execute deed of partnership on stamp paper of Rs. 500/- in Maharashtra (old partnership firm & new LLP registered in Mumbai) on any date between 21.10.13 & 20.11.13? Kindly Confirm. Is there any other compliance to be made?
Yes you can execute the partnership deed between these dates. However, the stamp duty shall depend on the initial capital contributions and indemnity clauses in the LLP deed. In case there is no indemnity clause and contribution is less than Rs 50,000 then you are correct that Rs 500 stamp paper can be used.
10 November 2013
Thank you Nikhil Sir for the reply. But I don't follow the Indemnity clause part, could you throw more light on the same?
Further, can you give me the drafting of one clause of takeover of partnership firm which I have to incorporate in the new LLP deed.
Should I give the effect of takeover of existing running partnership firm from the date of execution of LLP deed or could I mention future date, i.e, say 1st Dec, 2013?. I believe since ROC will take some time for approval of Form 3 & as per LLP Act, the business can be commenced after completion of all formalities of formation of LLP. Thus, 1st Dec is safer date.
11 November 2013
if there is any indemnity clause in LLP deed, there is additional stamp duty.
the effective date of Incorporation is the date on which the certificate of Incorporation was issued by the ROC. You can start the business immediately. Start applying for PAN etc. So need not postpone the commencement date.
With regards to object clause, it would be better that you mention objects like any other travel company: to provide travel service etc...and then add a sub-clause stating: "To purchase shares of, make investment in ,takeover , companies, LLPs, and all other form of business concerns in order to increase the efficiency and effectiveness of the business"
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