LLP refers to Limited liability partnership and is governed by Limited Liability Partnership Act 2008. Limited Liability partnership provides advantage of limited liability to its owners and at the same time requires minimal
maintenance. The directors of a private limited company have limited liability to creditors. In case of default, banks / creditors can only sell company’s assets and not personal assets of directors.
As per provisions of the LLP Act, 2008 in the absence of agreement as to any matter, the mutual rights and liabilities shall be as provided for under Schedule I to the Act. Therefore, in case any LLP proposes to exclude
provisions/requirements of Schedule I to the Act, it would have to enter into an LLP Agreement, specifically excluding applicability of any or all paragraphs of Schedule I.
LLP Registration can be done through Regal Corporate Solutions in Bengaluru, Chennai and all other Indian cities.
Only one member is required
Unaffected by death of member or change in ownership.
Easy to set up and maintain comparatively
Limits the liabilities of its members
Minimal Paperwork is required
Can act as Stockbroker or Sub-broker
Not many compliances
OPC or One Person Company is a new concept of Corporate Legal Entity perfectly suitable for the entrepreneurs who desire to have the advantages of being solely in charge and yet having a credible legal entity.The Registration and Compliance
of OPC / One Person Company are governed by the Ministry of Corporate Affairs as per the provisions of Companies Act, 2013 and the Companies Incorporation Rules, 2014.
PAN Card
Voter Id / Aadhaar Card
Driving License / Passport
Latest Bank Statement / Mobile Bill
Passport Size Photograph
Rental Agreement (In English)
No Objection Certificate
Electricity Bill
Sale Deed / Property Deed
Tax Paid Receipt ( In case of own property )
LLP PAN & TAN
DIN for Directors
LLP Agreement
LLP Incorporation Certificate
DSC (Digital signature Certificate)
A LLP is a legal entity and a juristic person
established under the Act. The partners are
distinct from the entity and both can sue each
other and get sued in the process.
A LLP has ‘perpetual succession’, that is continued
existence until it is brought on the terms of
the dissolution by mutual agreement within the partners. Partners may come and go, but an LLP goes on.
Entrepreneurs earning a turnover of less than 40 Lakhs
and capital contribution of less than 25 Lakh
need not get their accounts audited .Therefore,
LLPs are ideal for startups and small businesses
that are just
starting their operations and want to have minimal regulatory compliance related formalities.
The ownership of a LLP can be easily transferred to another person. All you need is to induct them as a Designated Partner of the LLP. LLP is a separate legal entity separate from its Managing Partners, so by changing the Managing
Partners, the ownership of the LLP can be changed.
An LLP being a juristic person, can acquire, own
and enjoy property in its own name. And this is
entirely distinct from its partners. No Partner can make any claim upon the property of the LLP so long as the
LLP is
a going concern.
The biggest advantage is Limited Liability,
which means the status of being legally responsible only to a limited amount for debts of a LLP. Unlike proprietorships
and partnerships, in a LLP the liability of the members in
respect of the LLP’s debts is limited. The personal
assets of the directors are safe if the company goes bankrupt.So it’s entirely a win –win situation for you
if you plan to step to head forward with a suffix
LLP.
Copyright 2019 @ Regal Corporate Solutions