What is an LLP?
A hybrid between partnership and company offering limited liability with operational flexibility.
Advantages
- For consulting & early-stage ventures, Professional Service Providers etc
- Flexible operations
- Lower compliance than company
- No mandatory board meetings
Promoters are called
- Partners
- Designated Partners
Structure Requirements
- Minimum Partners: 2
- Maximum Partners: No limit
- Minimum Designated Partners: 2
- Capital: No minimum requirement
NRI / Foreign Participation
- Allowed subject to FEMA
- At least one resident designated partner required
Meetings
- No mandatory board/shareholder meetings.
Remuneration
- Partners can draw remuneration as per LLP agreement.
Statutory Compliance
- Maintain books of Accounts
- File Form 8 & Form 11 annually
- Statutory, GST and Tax Audits mandatory if turnover exceeds threshold
Income Tax
- Taxed at 30%
- No dividend distribution tax
Formation of Limited Liability Partnership
Core Services
- ●
Name Approval - ●
DSC for all Designated Partners - ●
Partnership Agreement Drafting - ●
DPIN for Designated Partners - ●
Application Preparation - ●
Attestation by Professionals (CA/CS/CMA) - ●
PAN & TAN & Certificate of Incorporation (CIN)
Optional Services
- ●
GST Registration - ●
Bank Account Opening Assistance - ●
Initial Compliance Filings - ●
Training on Compliance - ●
Accounting - ●
GST Filing - ●
Monthly Compliances - ●
Annual Income Tax Filing - ●
Annual MCA Filing - ●
Audit Facilitation - ●
Virtual CFO Services - ●
Office Space/Co-Working Facility