LLP Registration in Punjab

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!

Punjab's predicted Gross State Domestic Product (GSDP) for 2022–2023 (at current prices) is ₹6,29,834 crore. Food processing, agricultural products, bicycles and bicycle parts, sports goods, light engineering goods, metal and alloys, chemical products, textiles, IT, and pharmaceuticals are some of Punjab's major sectors. For more than a century, the city of Sialkot in Punjab has served as a premier centre for the manufacture of athletic products. Cricket bats, hockey sticks, polo sticks, and other sports equipment were produced in Sialkot for the first time as early as 1883.

Documents for LLP Registration in Punjab

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

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

LLP 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 Punjab

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

• Gathering digital signatures from each prospective partner is the first step in Punjab.
• The next step is to submit a request to the MCA to reserve the LLP's name.
• The company 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 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 Punjab 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 Punjab. 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.