Limited_Liability_Partnership


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LIMITED LIABILITY PARTNERSHIP (LLP)

A Limited Liability Partnership (LLP) is formed and registered under the Act known as the Limited Liability Partnership Act, 2008. A Limited Liability Partnership is a hybrid of Partnership Firm and a Company, which means it has features or characteristics of both partnership firm and company. Every LLP shall have at least two partners for carrying lawful business with a view to earning profit and there is no limit on the maximum number of partners. LLP is governed by an agreement between the designated partners Only a natural person who is an Indian Citizen and resident in India can incorporate LLP.

The advantages of a Limited Liability Partnership (LLP) include:

LLP shall be a body corporate.
LLP has a separate legal entity from its partners.
LLP shall have perpetual succession. Any change in the partners of LLP shall not affect the existence, rights or liabilities of the LLP.
The liability of the partners is limited to their agreed contribution in the LLP.

Disadvantages

Difficulty in transfer of ownership.
Admission of new partner
Offenses and penalties
Assets of LLP

Minimum requirements for LLP incorporation:

1. Minimum two Persons as Designated Partners
2. Digital Signature of Designated Partner
3. Self-attested copies of KYC documents of Designated Partners (PAN, Aadhar& Bank Statement (Not older than 2 months)
4. Latest one colour photograph of both Designated Partners
5. Proof of Registered Office Address (Electricity Bill / Phone Bill / Water Bill) (Not older than 2 months)
6. NOC from the owner of the premises
7. Consent from the Designated Partners in Form No. 9
8. Subscribers Contribution Sheet
9. LLP Agreement

Common Registrations for Limited Liability Partnership (LLP)

PAN/TAN Registration: PAN and TAN registration are required to be taken from the Income Tax Department for filing of Income Tax returns and deduction of tax at source (TDS) and filing of returns of TDS respectively.
GST Registration: GST registration is mandatory if aggregate turnover in a financial year exceeds Rs. 20 lakhs or 40 lakhs in case of a supplier who is engaged exclusively in the supply of goods or 20 lakhs for special category states.
Udyam Registration: Udyam or MSME or Udyog Aadhaar registration can be obtained in the name of the business using Aadhar number of anyone designated partner to establish that business is registered under the Ministry of Micro, Small and Medium Enterprises.
FSSAI Registration: In case LLP is going to operate any business in which FSSAI registration is required then designated partners must obtain FSSAI registration from Food Safety and Standard Authority of India.
Shop and Establishment Registration: LLP is compulsorily required to register their business under the Shop and Establishment Act of respective State. The Shops & Establishment registration is a state-based labour license legislation enacted under the respective state in which the shop or establishment has been set-up.
Import Export Code: In case LLP thinking to export/import its product then Partners must obtain the Import Export Code (IEC) registration from Director General of Foreign Trade (DGFT).
Trademark: For the protection of Logo / Brand name / Trademark, LLP can register his Logo / Brand name / Trademark under Trademark Act, 1999 by filing a Trademark application to Trademark Authority. After registration of Logo / Brand name / Trademark, we protect our Intellectual Property Rights so that no other person can use/copy it.

Compliance required by an LLP

GST Return: Every registered person shall furnish the details of outward supplies and inward supplies of goods or services or both during a tax period on or before the due date as specified by the government on the common portal.

Accounting: Every LLP shall prepare and maintain proper books of accounts and other relevant books and papers and financial statement for every financial year which give a true and fair view of the state of the affairs of the LLP. Accounting is necessary for the statutory audit, Annual filing, GST Return, IT return, Tax audit, GST Annual Return, GST audit, and other information or documentation. which is mandatory once you start your LLP. These books of accounts shall be audited by the auditor appointed by the LLP.

Income Tax Return: Income Tax Return is the form in which assessee files information about his Income, expenses, deduction, capital contribution, profit sharing ratio, partners remuneration or other information and tax thereon to Income Tax Department. LLP firm file income tax return of every financial year on or before the due date in forms ITR 5.

ROC Compliance: All LLPs registered under Limited Liability Act, 2008 have to file annually two forms i.e. Form 8 & Form 11. Form 11 is to be submitted within 60 days of closure of the financial year i.e. 30th May and Form 8 (Accounts & Solvency) is to be submitted within 30 days from the expiry of the six months from the closure of the financial year i.e. 30th October.

LLP Audit: Limited Liability Partnerships whose turnover is more than INR 40 lakh or whose contribution has exceeded INR 25 Lakh have to get the books of account audited by practicing Chartered Accountants.

Income Tax Audit:

A person carrying on business, if his total sales, turnover or gross receipts in business for the year exceeds Rs. 1 crore. This provision is? not applicable to the person, who opts for presumptive taxation scheme under section 44AD and his total sales or turnover doesn't exceed Rs. 2 crores.

Note: w.e.f. Assessment Year 2020-21, the threshold limit, for a person carrying on business, is increased from Rs. 1 Crore to Rs. 5 Crore in the case when cash receipt and payment made during the year does not exceed 5% of total receipt or payment. In other words, more than 95% of the business transactions should be done through banking channels.

A person carrying on profession, if his gross receipts in profession for the year exceed Rs. 50 lakhs.

The tax audit reports conducted by a registered chartered accountant are to be presented in a prescribed format. Under section 44AB of the IT Act, the form that is prescribed for the audit report is Form No. 3CB and the prescribed particulars are to be reported in Form No. 3CD.