How to Incorporate a New Limited Liability Partnership Registration India
A partnership firm is a form of business where two or more people work together. In the case of a partnership, the owners of the firm are not liable for any debts that the firm incurs. However, this is not the case with a Limited Liability Partnership (LLP) whose owners are only liable for the amount of money invested.
Incorporating a new LLP is quite a straightforward process. You have to fill up Form 2 and provide all the requisite documents to the Registrar ofCompanies. This includes the subscribers' sheet including consent of all the partners. You will also need to submit proof of address of the registered office of the LLP and a photograph of all the partners. The process can take up to 14 days.
Once the application is approved, you will be allotted a unique LLP Identification Number (DPIN). You will need to file an LLP agreement that defines the rights and duties of the partners. This has to be printed on Stamp Paper of a value set by the state.
If you are planning to start a new business, then a LLP is an excellent option for you. It offers various benefits such as tax-deductible expenses, flexible profit sharing options, and the ability to easily withdraw profits. In addition, LLPs have less compliance requirements than companies and have a more streamlined management structure. However, registering a LLP in India can be a bit cumbersome and time-consuming. You can seek the help of experts to ease the process.
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