Name: LLP Registration
Brand: Vakilsearch
SKU: 26
Price: 399 INR
Availability: InStock
Rating: 4.9 (11662 reviews)

Question 1

What is an LLP Agreement?

Accepted Answer

The LLP Agreement is a legal document that outlines the rights, responsibilities, and obligations of partners in a Limited Liability Partnership (LLP). It governs the internal operations, profit sharing, decision-making, and dispute resolution within the LLP.

Question 2

What is the income tax rate in LLP?

Accepted Answer

The income tax rate for an LLP is 30% of the total income. Additionally, a surcharge and health and education cess may apply based on the LLP's annual income and the prevailing tax regulations.

Question 3

What is LLP compliance as per Companies Act 2013?

Accepted Answer

LLP compliance under the Companies Act of 2013 refers to the statutory obligations that LLPs must fulfil. This includes filing annual returns, maintaining proper books of accounts, conducting audits, complying with tax regulations, and adhering to other legal requirements.

Question 4

How do you remove a partner from an LLP?

Accepted Answer

A partner can be removed from an LLP by following the procedures specified in the LLP Agreement. Generally, this involves obtaining the consent of other partners, executing necessary documentation, updating the LLP agreement, and notifying the concerned authorities.

Question 5

What is the LLP registration fee?

Accepted Answer

The LLP registration fee varies based on the authorised capital of the LLP. It is advisable to check the latest regulations or consult our legal experts.

Question 6

How are LLPs registered?

Accepted Answer

LLP Registration Online is done  with the Registrar of Companies (ROC) in the respective state. The registration process is simplified through Vakilsearch. It involves filing the necessary documents, including LLP incorporation forms.

Question 7

What is the taxability of an LLP?

Accepted Answer

LLPs are treated as separate legal entities for tax purposes. The LLP itself is not taxed, but its partners are individually taxed on their share of profits from the LLP. The tax liability of partners depends on their personal income tax slab rates.

Question 8

What is the difference between LLP and LLC?

Accepted Answer

An LLC is a business entity that combines the features of a corporation and a partnership. It is privately owned and managed by its directors. On the other hand, an LLP is a partnership where the liability of the participants is limited to the amount they invest in the business. In an LLP, the directors are also the owners of the firm.

Question 9

Who is eligible for LLP?

Accepted Answer

Any two or more individuals or entities, including foreigners/NRIs, can form an LLP. Professionals such as accountants, lawyers, consultants, and others often choose to form LLPs to combine their expertise and limit their liability.

Question 10

Does LLP need to file a tax return?

Accepted Answer

Yes, LLPs are required to file their annual income tax return irrespective of profit or loss. The LLP's income tax return (ITR) must be filed electronically using the prescribed forms and within the due dates specified by the tax authorities.

Question 11

What is the minimum capital required for LLP registration?

Accepted Answer

There is no minimum capital requirement for LLP registration online. LLPs can be registered with any amount of capital as decided by the partners. The partners contribute capital in the form of money, property, or other tangible/intangible assets.

Question 12

Which is better, LLP or Pvt Ltd?

Accepted Answer

The choice between an LLP and a Private Limited Company (Pvt Ltd) depends on various factors like the nature of business, long-term goals, funding requirements, tax implications, compliance preferences, and more. It is advisable to consult a professional to determine the best option for specific circumstances.

Question 13

What is the tax rate for LLP?

Accepted Answer

The tax rate for an LLP is 30% of the total income. However, a surcharge and health and education cess may apply based on the LLP's annual income and the prevailing tax regulations. It's essential to consider the latest tax laws and consult a tax professional.

Question 14

What are the tax benefits of LLP?

Accepted Answer

LLPs offer certain tax benefits, such as the ability to pass through profits directly to partners, avoiding double taxation at the entity level. Additionally, partners can claim deductions for expenses related to the LLP's business, subject to applicable tax laws.

Question 15

Is LLP registration mandatory?

Accepted Answer

Yes, LLP registration is mandatory for businesses intending to operate as an LLP. It provides the LLP with a legal identity, limited liability protection to partners, and facilitates compliance with tax and regulatory requirements.

Question 16

Does LLP require MoA and AoA?

Accepted Answer

No, LLPs do not require a Memorandum of Association (MoA) and Articles of Association (AoA) like companies. Instead, the rights, duties, and other aspects of the LLP's operations are governed by the LLP agreement executed between the partners.

Question 17

Is LLP registered with ROC?

Accepted Answer

Yes, LLPs are registered with the Registrar of Companies (ROC) in the respective state where the LLP's registered office is located. The ROC maintains the official records and documents related to the LLP's incorporation, compliance, and changes in its structure.

Question 18

Under which Act is LLP registered?

Accepted Answer

LLPs are registered under the Limited Liability Partnership Act, 2008. This Act provides the legal framework for the formation, operation, and regulation of LLPs in India.

Question 19

Is an audit compulsory for LLP?

Accepted Answer

LLPs are required to have their accounts audited if they meet certain financial thresholds. According to Section 34(4) of the LLP Act 2008 and Rule 24 of LLP Rules 2009, if an LLP's turnover exceeds ₹40 lakh or its contribution exceeds ₹25 lakh in any financial year, it must get its accounts audited.

Question 20

What is an LLP annual return?

Accepted Answer

It contains all the information about the LLP, its partners, capital, profit sharing, and other relevant details. It must be filed with the ROC within 60 days from the end of the financial year to comply with the LLP's reporting obligations.

Question 21

Does LLP come under the Companies Act?

Accepted Answer

LLPs are separate legal entities and are governed by the Limited Liability Partnership Act, 2008. While they share some similarities with companies, LLPs have their own distinct regulations and compliance requirements, separate from the Companies Act of 2013.

Limited Liability Partnership (LLP) Registration

Rachna Pathania

Adetee Agarwaal

Ram Kewal Beldar

Saiteja Dasoju

Rachna Pathania

Adetee Agarwaal

Ram Kewal Beldar

Saiteja Dasoju

Rachna Pathania

Rachna Pathania

Adetee Agarwaal

Ram Kewal Beldar

Saiteja Dasoju

Rachna Pathania

Adetee Agarwaal

Ram Kewal Beldar

Saiteja Dasoju

Rachna Pathania

Limited Liability Partnership Registration Process

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