What is an LLP?
A hybrid between partnership and company offering limited liability with operational flexibility.
Advantages
- For consulting & early-stage ventures, Professional Service Providers etc
- Flexible operations
- Lower compliance than company
- No mandatory board meetings
Promoters are called
- Partners
- Designated Partners
Structure Requirements
- Minimum Partners: 2
- Maximum Partners: No limit
- Minimum Designated Partners: 2
- Capital: No minimum requirement
NRI / Foreign Participation
- Allowed subject to FEMA
- At least one resident designated partner required
Meetings
- No mandatory board/shareholder meetings.
Remuneration
- Partners can draw remuneration as per LLP agreement.
Statutory Compliance
- Maintain books of Accounts
- File Form 8 & Form 11 annually
- Statutory, GST and Tax Audits mandatory if turnover exceeds threshold
Income Tax
- Taxed at 30%
- No dividend distribution tax
Formation of Limited Liability Partnership
Core Services
- Name Approval
- DSC for all Designated Partners
- Partnership Agreement Drafting
- DPIN for Designated Partners
- Application Preparation
- Attestation by Professionals (CA/CS/CMA)
- PAN & TAN & Certificate of Incorporation (CIN)
Optional Services
- GST Registration
- Bank Account Opening Assistance
- Initial Compliance Filings
- Training on Compliance
- Accounting
- GST Filing
- Monthly Compliances
- Annual Income Tax Filing
- Annual MCA Filing
- Audit Facilitation
- Virtual CFO Services
- Office Space/Co-Working Facility