What Process for Liability Partnership Registration in Chennai?
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Turning a Partnership Firm into an LLP in Chennai is considered as a smart business decision because it protects the rights of partners as well as minimises their liabilities. It also gives an advantage of being a more organised structure for running the business as compared to general partnerships.
To register a Limited LiabilityPartnership Consultant, a duly filled Form 3 along with the LLP Agreement is required to be filed with the RoC. This form needs to be e-signed by all the designated partners with their DINs/DPINs/PANs. It requires details like the name of the proposed LLP, its registered office address, proof of identity and address of all the partners (like passport size photographs, Aadhar Card/Voter ID) and addresses (as per the utility bills), the date of commencement of business, capital contribution by each partner and profit-sharing ratios among other things.
It is compulsory to file the declaration form that states that the LLP is carrying on business for at least 12 months from the date of its registration. The LLP has to mention its registration number in all the official correspondence. The LLP can also claim exemption from paying income tax for three years by filing an application with the RoC in which case the LLP has to submit a copy of its proof of address, identity and address documents, proof of the contribution made to the reserve fund, and an undertaking that the LLP will pay all the taxes as specified in the Act.
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