Requirements for LLP Registration

Ø   Minimum two Designated Partners

Ø   Minimum Capital Requirement

Ø   At least one Indian Resident as Designated Partner

Ø   DPIN/DIN for all Partners

Advantages of LLP

Minimum contribution not required:

 A LLP can be formed with least possible capital. As like private & public limited company Minimum Capital requirements are not necessary for LLP.

Low cost of Formation and compliances.

The expense of incorporating LLP is low when comparing to other forms of business entity in India. & the statuary compliance is very low when compared to private limited companies, Limited Liability Partnership is required to file, the Annual Return and Statement of Accounts and Solvency.

No compulsory Audit:

Every company, whether private or public limited companies are required to get their records reviewed.  In the case of LLP, there is no such compulsory necessity. A Limited Liability Partnership is required to have the audit only in following case.

1. If The contribution of the LLP above Rs. 25 Lakhs, or
2. IF The yearly turnover of the LLP above Rs. 40 Lakhs

 Legal Entity

 An LLP is a separate legal entity, . It has its existence separate from its partners. Corporate entity status enables LLP to be taken more seriously than a proprietorship/partnership status does.

On account of the independent existence, the creditors of the company can recover their money only from the company and the property of the company.

Taxation:

LLPs are taxed like general partnership firms. They are exempted from 10% surcharge. The LLP will be allowed to pay the up to 90% to the partners as remuneration. This means, the partners will have to pay tax on the amount paid to them. 

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