CA Anurag Sharma
Quick Summary
LLP - Limited Liability Partnership was Introduced in 2008 in India.However, with increasing compliances in registration and regulations relating to Private Limited Companies, LLPs are gaining momentum in India. These are economical while registering as well as while fulfilling ROC compliances. T
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FAQ :
An LLP, or Limited Liability Partnership, was introduced in India in 2008. It's a business structure that combines elements of both a partnership and a company.
Unlike a partnership firm, an LLP is a separate legal entity, meaning it can own assets and is distinct from its partners. Partners in an LLP have limited liability, and the LLP has perpetual succession, continuing even if partners change.
You need a minimum of two partners to register an LLP, with no maximum limit. The process involves registering the LLP's name on the MCA portal, filling out the FiLLiP form with required documents, and uploading it with the necessary fees.
Key documents include proof of the place of business (like an electricity bill with NOC), KYC of designated partners (e.g., voter card, driving license), and a subscribers' sheet with form 9 and consent on stamp paper.
After registration, LLPs must file Form 8, which includes financial details like the Profit and Loss statement and Balance Sheet, and Form 11, which is an annual statement.
An audit is required for LLPs whose turnover exceeds Rs. 40 Lakhs or whose contributions exceed Rs. 25 Lakhs.
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