LLP Registration in Jammu Kashmir

Introduction

In India, forming and running a Limited Liability Partnership is relatively simple. There is no maximum number of partners that can be in an LLP; two partners are the minimum needed for registration. The partners' obligations and rights are laid down in the LLP agreement. One partner in an LLP is not liable for the misconduct of the other partner. Each LLP agreement's requirements must be followed strictly by the partners. LLP is definitely a better option for all those who wish to start a business!

The GSDP of Jammu Kashmir is ₹3917 crores up to February 2022 compared to 2921 crores up to February 2021 representing a rise of 34.09% over the same time the previous year (2021). J&K is renowned for its domestic small-scale and cottage industries, which include those that produce pottery, copper and silverware, papier-mache, carpets, shawls, silks, baskets, and shawls.

Documents for LLP Registration in Jammu Kashmir

Here is a list of all the documents required for LLP registration in Jammu Kashmir. 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

There are income taxes for LLPs and for LLPs registered in India, the appropriate income tax rate is 30% of the entire income. The tax payable is at the rate of 12% when the total income exceeds ₹ 1 crore.

Minimum Alternate Tax (MAT) for LLP

Limited liability partnership must pay minimal alternate tax, just like a firm must pay income tax. For LLP, a minimum alternative tax of 18.5% of total adjusted income is applicable. Due to the income tax surcharge, education cess (Cess is nothing but the tax), and other factors, the income tax that LLP must pay cannot be less than 18.5 percent.

Compliances for LLP

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

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

Process for LLP Registration in Jammu Kashmir

Here are the 5 steps we have to follow for registering an LLP in J&K:

• Gathering digital signatures from each prospective partner is the first step in Kashmir
• 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 online 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 Kashmir 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 Jammu Kashmir. 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.