LLP Registration in Chandigarh

Introduction

A Limited Liability Partnership is easy to set up and manage in India. An LLP may have up to an unlimited number of partners; however, two partners are required in order to register. The LLP agreement specifies the rights and obligations of the partners. Creating an LLP rather than a Private Limited Company is always preferred, despite the fact that both entities offer almost the same features. It is less expensive to create an LLP than a Private Limited Company. The owner of the LLP also controls and is the manager of the Company. The LLP has fewer compliances than a Private Limited Company.

Gross State Domestic Product (GSDP) for Chandigarh increased by 10.52% between 2015–16 and 2018–19 to reach ₹ 436,743.4 million in 2019–20. The Net State Domestic Product (NSDP) for Chandigarh in 2019–20 was ₹ 3,917,275.0 million. The projected GDP of Chandigarh in 2022-23 is unclear however Punjab's expected Gross State Domestic Product (GSDP) for 2022–2023 (at current prices) is ₹6,29,834 billion. In Chandigarh, there are numerous factories producing engineering goods, basic metal & alloys, tyres & tubes, agricultural equipment, and auto parts. Several pharmaceutical businesses are also located in the city's industrial region.

Documents for LLP Registration in Chandigarh

Here is a list of all the documents required for LLP registration in Chandigarh. Please note that if there are any issues with the documents submitted, the process will get delayed. However, the legal experts at Vakilsearch are there to assist you.

• Pan Card of all the partners
• Photograph of all the partners
• ID Proof of all the partners (Driving License/Passport/Voter ID)
• Electricity Bill or any other utility bill for the address proof of the registered office

Income Tax Rates for LLP in Chandigarh

For LLPs registered in India, the appropriate income tax rate is 30% of the entire income. A surcharge of the tax payable at the rate of 12% is added to the income tax when the total income exceeds ₹ 1 crore.

Minimum Alternate Tax (MAT) for LLP

Like a company, LLP is required to pay a modest alternate tax. 18.5% of the total adjusted revenue is the minimum alternative tax that is applied to LLPs. The income tax an LLP must pay cannot be less than 18.5 percent due to the income tax surcharge, education cess (a cess is just a tax), and other variables.

Must Follow Compliances for LLP

Note that an LLP must be compliant with the 3 given below:

• LLP annual return by Filing Form 11
• Final statement of account and Solvency
• Return on income taxes

Process for LLP Registration in Chandigarh

Here are the 5 steps we have to follow for registering an LLP in Chandigarh:

• Gathering digital signatures from each prospective partner is the first step in Chandigarh
• The next step is to submit a request to the MCA to reserve the LLP's name.
• The incorporation documents are prepared by us, and they are delivered to the partners for signature. The documents must be scanned and uploaded to the Vakilsearch website, and our new company registration experts will provide you with the necessary information.
• The MCA must approve the signed copy of the documents before they are sent to our company.
• The final step in registering an LLP in MP is that our legal professionals confirm and submit the LLP deed which has to be signed by all the partners

Why Vakilsearch?

Vakilsearch offers the best services from the best legal experts in India to assist you with LLP registration in Chandigarh. Under the given time frame, we assure you to submit the LLP deed at your convenience. 100% online and hassle-free services, which makes legal services comprehensive for our 500k+ trusted customers! Also, every minute we set up 9 business setups! So, we are India’s largest legal service provider.