LLP Registration in Lakshadweep

Introduction

A business entity known as an LLP, or limited liability partnership, combines the benefits of a private limited company with the operational flexibility of a partnership firm. If you are unsure of the type of entity that best fits your type of business plan, consulting a legal professional will help and Vakilsearch could be the best option! The GDP growth of Lakshadweep in general is not clear. But, one of the few industries that can significantly contribute to the creation of income, jobs, and general island growth in Lakshadweep is tourism. Lakshadweep received ₹ 9.5 crore in the Budget 2022–23 for the development of tourism in the union territory.

Documents for LLP Registration in Lakshadweep

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

LLP Name Rules To Follow

Anywhere you are planning to start an LLP, these are the rules you must follow while naming:

• Usage of language that offends any group of people.
• The suggested names should not be similar to or the same as those of another LLP.
• It uses both Sahakari and the word cooperative.
• It denotes the involvement of the Central or State Government, which is permitted under certain conditions.
• 'British India' appears in the suggested name.
• The suggested name suggests affiliation or connection with any Embassy, Consulate, Municipality, Panchayat, Zila Parishad, or other organisation linked to the Union or Central Government.
• It contains the name of a trademark that is registered, and its lawful owner has not given permission to use it.
• For a period of five years, it is the same as the firm name that is dismissed.
• Without the regulatory authority's approval, it uses terms like a bank, insurance, banking, venture capital, mutual fund, etc.
• The names of any foreign nations are included. If the company can demonstrate any ties to or cooperation with the specific country, it may be listed.
• Without receiving proper clearance from the Council overseeing that profession or any other designated authority, the proposed name is indicative of a profession.

Income Tax Audits

If an LLP's annual turnover or contribution in any financial year exceeds Rs. 40 lakh, the LLP must have the accounts audited by a licenced chartered accountant . The LLP accounts must include a declaration from the partners stating that they accept responsibility for adhering to the rules governing accounting and the preparation of financial statements in order to qualify for audit exemption.

Process for LLP Registration in Lakshadweep

Here are the 5 stages we have to follow to register an LLP in Lakshadweep:

• The initial stage in Lakshadweep is to collect digital signatures from each potential partner.
• The next step is to ask the MCA to reserve the name of the LLP.
• We collect and check the LLP incorporation documents, which are then given to the partners for signature. Our professionals will give you the information you need to scan the documents and upload them to the Vakilsearch website.
• Before the signed copies of the paperwork are given to our company, the MCA must approve them.
• Our legal experts confirm and submit the LLP deed, which must be signed by all of the partners, as the last stage in creating an LLP in Lakshadweep.

Why Vakilsearch?

Vakilsearch offers the best services from the best legal experts in India to assist you with LLP registration in Lakshadweep. 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.