I. LLP Formation & Registration:

• Eligibility & Structuring Advice:
  • Determine suitability: Advise clients on whether an LLP is the best structure for their business needs and goals, considering factors like liability, taxation, and future growth plans.
  • Partner Agreement Guidance: Help partners understand the importance of a well-drafted LLP agreement and guide them on key clauses and considerations.
• Name Availability Check & Reservation:
  • Conduct name searches to ensure the desired LLP name is available and complies with MCA (Ministry of Corporate Affairs) guidelines.
  • File for name reservation with the ROC (Registrar of Companies).
• Digital Signature Certificates (DSC):
  • Assist designated partners in obtaining DSCs, essential for online filings and e-signatures.
• Designated Partner Identification Number (DPIN):
  • Guide partners through the process of obtaining DPINs, which are unique identification numbers for designated partners.
• LLP Agreement Drafting:
  • Draft a comprehensive and legally sound LLP agreement outlining:
    • Rights and responsibilities of partners
    • Profit-sharing and contribution ratios
    • Management structure and decision-making processes
    • Admission and exit of partners
    • Dispute resolution mechanisms
• Incorporation Filing:
  • Prepare and file all necessary incorporation documents with the ROC, including:
    • Form FiLLiP (for incorporation)
    • LLP agreement
    • Proof of registered office address
    • Subscriber statements
• Post-Incorporation Compliance:
  • Obtain the Certificate of Incorporation from the ROC.
  • Apply for PAN (Permanent Account Number) and TAN (Tax Deduction and Collection Account Number) for the LLP.
  • Assist with opening a bank account in the LLP’s name.

II. Ongoing LLP Compliance:

• Annual Compliance:
  • Prepare and file the LLP’s annual return (Form 8) with the MCA.
  • Assist with filing the Statement of Accounts & Solvency (Form 11).
  • Ensure compliance with all statutory filing deadlines.
• Changes in LLP Structure:
  • Help with filing necessary forms for changes in:
    • Designated Partners
    • Partners’ contributions
    • Registered office address
    • Business activities
• Meeting & Resolution Compliance:
  • Guide LLPs on conducting partner meetings, drafting resolutions, and maintaining proper records of decisions.
• Taxation & Accounting:
  • Advise on LLP taxation, including income tax and GST (Goods and Services Tax) compliance.
  • Assist with filing income tax returns and GST returns.

III. Additional Services:

• LLP Agreement Amendments: Help with drafting and filing amendments to the LLP agreement as needed.
• Winding Up & Dissolution: Guide LLPs through the legal process of winding up and dissolving the partnership.
• Dispute Resolution: Provide legal advice and representation to LLP partners in case of disputes.

FAQs: Limited Liability Partnerships (LLPs) in India – Your Questions Answered

1. What is a Limited Liability Partnership (LLP)?

An LLP is a hybrid business structure in India that combines the flexibility of a partnership firm with the limited liability protection of a company. It’s governed by the Limited Liability Partnership Act, 2008.

2. What are the key benefits of forming an LLP?

• Limited Liability: Partners’ personal assets are protected from business debts and liabilities.
• Separate Legal Entity: An LLP is a distinct legal entity from its partners, allowing it to enter contracts, own property, and sue or be sued in its own name.
• Flexibility: The LLP Agreement can be customized to define the roles, responsibilities, and profit-sharing arrangements of the partners.
• Perpetual Succession: The LLP continues to exist even if partners change or leave.
• Lower Compliance Burden: Compared to companies, LLPs have fewer compliance requirements and less stringent regulatory filings.
• Taxation: LLPs are taxed as partnerships, with profits and losses passed through to the partners, avoiding double taxation.

3. Who should consider forming an LLP?

LLPs are well-suited for:

• Professionals: Doctors, lawyers, chartered accountants, architects, consultants.
• Startups and Small Businesses: Seeking flexibility and limited liability.
• Joint Ventures: Collaborations between two or more entities.
• Service-Based Businesses: Where the partners’ skills and expertise are the primary assets.

4. How is an LLP different from a Private Limited Company?

Key differences include:

• Liability: LLP partners have limited liability, while company shareholders have limited liability.
• Management: LLPs are managed by designated partners, while companies are managed by a board of directors.
• Compliance: LLPs have fewer compliance requirements than companies.
• Taxation: LLPs are taxed as partnerships, while companies are taxed as separate entities.

5. How do I register an LLP in India?

The registration process involves:

• Name Reservation: Applying to the MCA (Ministry of Corporate Affairs) to reserve the desired LLP name.
• Obtaining DSC & DPIN: Designated partners must obtain Digital Signature Certificates (DSCs) and Designated Partner Identification Numbers (DPINs).
• Drafting the LLP Agreement: Creating a comprehensive legal agreement outlining the partnership terms.
• Filing for Incorporation: Submitting the incorporation documents (including the LLP agreement) to the Registrar of Companies (ROC).
• Obtaining the Certificate of Incorporation: Once approved, the ROC issues a certificate, marking the legal existence of the LLP.

6. What are the ongoing compliance requirements for an LLP?

Key compliance tasks include:

• Filing Annual Returns: Submitting an annual return (Form 8) with financial details to the MCA.
• Maintaining Statutory Registers: Keeping records of partners, designated partners, and other important details.
• Conducting Partner Meetings: Holding meetings as per the LLP Agreement and maintaining minutes.
• Filing Income Tax & GST Returns: Complying with tax regulations and filing returns on time.

7. What services doesThe CauseConnect Team offer for LLPs?

We provide comprehensive support, including:

• LLP Formation & Registration: Guiding you through every step of the registration process.
• LLP Agreement Drafting: Creating a tailored and legally sound agreement.
• Annual Compliance: Ensuring you meet all filing deadlines and regulatory requirements.
• Changes in LLP Structure: Handling amendments and changes to your LLP.
• Taxation & Accounting: Providing advice and support for tax compliance.
• Dispute Resolution: Assisting with resolving disputes among partners.

8. How much do your services cost?

Our fees are competitive and transparent. We offer various service packages tailored to your needs and budget. Contact us for a free consultation and a personalized quote.

11. How do I get started with The CauseConnect Team?

Contact us today!

Sincerely,

The CauseConnect Team
+91 8076222021

 WhatsApp: https://wa.me/918076222021
causeconnect@trustngoprojects.org
https://trustngoprojects.org/ngo-support/ 

https://trustngoprojects.org/professionals-support/
Trustngo Projects and Innovation
310, Wadhwa Business Center, D-288-289/10, Laxmi Nagar, Delhi – 110092 India