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Limited Liability Partnership Overview
In India, LLPs are required to file their Annual Return within 60 days of the end of the fiscal year and their Statement of Account & Solvency within 30 days of the end of the six-month period after the end of the fiscal year. In contrast to corporations, LLPs are required by law to continue using the April 1 through March 31 fiscal year. As a result, each financial year's Statement of Account & Solvency is due on October 30 and the LLP annual return is due on May 30. LLPs are required to file income tax returns each year in addition to the MCA annual return.
Benefits of LLP Annual Return
- Members' personal assets are shielded from business liabilities by limited liability. LLPs are distinct from their members legally.
- Flexibility. Written agreements between the members govern the partnership's operations and profit distribution. Greater management flexibility may be possible as a result.
- It is assumed that the LLP is a legal entity. It has the ability to purchase, rent, lease, own property, hire personnel, enter into contracts, and, if necessary, be held accountable.
- Corporate acquisition. Two companies may be named as members of an LLP. At least one director of an LTD firm must be a real person.
- Members with and without designations. The LLP can be run at several levels of membership.
- Preserving the name of the partnership. You can stop another partnership or business from registering the same name by registering the LLP at Companies House.
FAQ
What are the Minimum Requirements for the Conversion of Partnership into LLP?
The number of partners in a partnership firm must match the number in the original partnership.
Is it compulsory for a Partnership Firm to have the same number of members at the time of Conversion?
Yes, it is required that a partnership firm at the time of conversion have the same number of partners.
How to Reserve a name for the LLP?
By submitting an online form, the partners of a company can reserve an LLP name. In order to reserve someone, partners are only allowed to provide a maximum of six names in a preferential order. The application could also be resubmitted with an alternative name, at the Registrar's request. The same is true if the given name does not meet the criteria for originality, relevance, etc.
What is the Minimum Capital Requirement for LLP Registration?
No, there isn't a set minimum required to set up an LLP.
What will be the treatment for the capital contributed by the partners?
An LLP Agreement will reveal how much each authorised partner has contributed.
Is DPIN required for LLP Registration?
Regarding the incorporation of LLP, the idea of a Designated Partner Identification Number (DPIN) is no longer relevant.
What are the Prerequisites to be a partner for LLP Incorporation?
An LLP's partners must all be over the age of 18 and legally capable of entering into a contract. Additionally, DIN is required for all proposed Designated Partners.
What is a Limited Liability Partnership Agreement?
An LLP Agreement is a contract that all of the partners sign after an LLP is incorporated. This contract details all business-related provisions, including the function, obligations, and rights of the partners.
Is there a need to file an LLP Agreement with the MCA?
A Certificate of Incorporation must be issued within thirty days of the filing of an LLP agreement. Failure will result in an extra fee of Rs 100 per day till the filing date, nevertheless.
Can the same name be used for the Newly Incorporated LLP?
Maintaining the brand identity in the market is the fundamental goal of any conversion. To incorporate an LLP under the original name, a legitimate proof must be attached. A document that supports the company's assertion that it has used the brand name in commerce is considered a valid proof.