Our experts at ICI can help you register under profession tax, prepare profession tax workings and file returns through our easy to follow virtual processes.
There are various business structures to carry out a business activity. As an entrepreneur, you have to choose by analysing the benefits, requirements, disadvantages, compliance, etc. of the business structure. Talking about a partnership firm in India, one of the biggest drawbacks of this business structure is the unlimited liability of its partners. This feature leads the personal assets of the partners at risk.
To avoid such trouble, a new concept known as “Limited Liability Partnership or LLP” was introduced in India in April 2009 under the Limited Liability Partnership Act, 2008 featuring limited liabilities of the partners. It is a combination of both a partnership and a company. Thus, LLP is becoming popular as it has features of 2 business structures, i.e. A partnership and a company.
Identify the two designated partners (or more) and submit their documents as given below.
At ICI, LLP registration process becomes seamless along with your coordination. Just fulfil the checklist provided by our team along with the specified required documents. The registration procedure shall be completed in the following five steps:
An LLP agreement is made between the partners and the LLP regarding the relationship between the individual partners in the LLP. An LLP agreement usually consists of management policies, the inclusion of new partners, policy-making strategies, and so on.
Only an individual having a sound mind can become a designated partner in an LLP.
However, any individual, or any company or an LLP, can become a partner.
To incorporate an LLP, a minimum of two people are required. An LLP must have a minimum of two partners and can have a maximum of any number of partners.
Designated Partner Identification Number (DPIN) just like a Director Identification Number (DIN) is a unique identification number assigned to all existing and proposed designated partners of an LLP. It is mandatory for all present as well as proposed designated partners to have a DPIN. DPIN has life-long validity, and a person can have only one DPIN.