LLP Registration Formation Services in Mumbai Thane
About LLP Registration Formation
What is the difference between a Private Limited Company and a LLP?
What is our Role in LLP Formation or Registration in Mumbai?
Statements of Accounts and Solvency
Filing and Audit Requirement under Income Tax Act
Documents Required for LLP Annual Filing
Do I Need to Do LLP Annual Filing Even in Case of No Transaction?
LLP (LIMITED LIABILITY PARTNERSHIP.) Frequently Asked Questions
LLP Registration Formation
In India, Limited Liability Partnerships became popular after the enactment of the Limited Liability Partnership Act in the year 2008. Many start-ups and small businesses chose this form of partnership over the traditional form of partnership and company as it offers the advantages of both the partnership and company. Though LLPs have fewer compliances than a company, one must know that it attracts heavy penalties in case of non-compliance. LLP registration is mandatory as per the governing laws, and for this, we at Aga & Associates make sure that our clients stay relieved of the burden of compliances and never bears the strain of late fees.
For LLP registration in India, Aga & Associates is the most reliable and cost-effective service provider. We can help you register your LLP if you seek the best LLP formation services in INDIA.
The leading edge of an LLP is one partner is not responsible for the other partner's wrongdoing or negligence. Professionals, Micro and Small enterprises prefer to form LLP for their business. LLP offers the benefit of limited liability towards owners and, at the same time, needs minimum maintenance. An LLP also provides limited liability safeguards for the partners from the liabilities of the LLP.
Benefits of Forming an LLP
There are many benefits to run a business by constituting as an LLP which is outlined below:
- Dual advantages- Partnership with features of a company.
- No partner can be responsible for another partner's misconduct.
- Less expensive to incorporate than a private limited company.
- Limits the liabilities of its partners.
- Can raise funds from partners, banks and NBFCs.
- Flexible agreement.
What is the difference between a Private Limited Company and a LLP?
The difference can be drawn considering the following important aspects:
- Cost: The cost for the incorporation of a private limited company or an LLP is the same.
- Features: Both LLP and Private Limited Company offers more of the less the same features. LLP and Private Limited Company are both separate legal entities and have assets and liabilities that are separate from that of the promoters.
What is our Role in LLP Formation or Registration in Mumbai?
Aga & Associates will reach out to you for the collection of the necessary information or documents for registration of LLP. The data can be submitted online through our website.
Further the process for obtaining the Digital Signature Certificate tokens for the Partners of the LLP would be initiated. On submission of the digital signature application, the applicant would have to complete OTP verification and a video KYC check. Simultaneous to the digital signature application process, we also file a request with the MCA for reserving the name of the LLP that you had selected.
On obtaining the name approval and the digital signatures, we would draft all the incorporation documents for the registration of the LLP and sent it to the Partners for signature.
In continuation to the above we take up several other step and reach out for MCA approval and finalizing the registration process. In addition Aga & Associates provides Post incorporation services like maintaining the basic accounting and compliance for your LLP. Also we at our desk of experts and trained personnel will undertake filing of Income Tax Returns for LLPs as well as MCA Annual Return filings too.
Get call us for LLP Registration fees in Mumbai. We are here with expert team to help you in this.
FORM 8 LLP
Form 8 LLP is an Annual Statement of Accounts and Solvency to be filed with the Registrar of Companies annually by October 30 every year. It comprises the information related to the assets and liabilities and income and expenditure of the LLP. Form 8 LLP is filed within thirty days from the end of six months of the current financial year.
FORM 11 LLP
Form 11 LLP provides details regarding the annual return and a summary of the management affairs of LLP. It also comprises details of all the partners, their contributions to the LLP annual filing, and the business as a whole. Form 11 LLP is to be filed within sixty days from the end of the financial year, i.e., on or before May 30 every year.
Statements of Accounts and Solvency
All Limited Liability Partnerships are required to maintain proper books of accounts at the time of MCA annual filing. This statement contains profits or losses and other financial data with respect to business. Form 8 LLP must be attested along with the digital signatures of the designated partners. The Form has to be certified by a Chartered Accountant or a Company Secretary. The penalty for non-compliance in filing Form 8 within the specified date is Rs 100 per day.
Filing and Audit Requirement under Income Tax Act
As mentioned earlier, all Limited Liability Partnerships whose turnover is more than Rs 40 lakhs or whose obligations have exceeded the threshold limit of Rs 25 lakhs, are required to get their books audited by practising Chartered Accountants under Limited Liability Partnership Act, 2008.
lease note that the threshold limit of Rs.1 crore for a tax audit is now increased to Rs.5 crore with effect from AY 2021-22 in case
- the taxpayer’s cash receipts are limited to 5% of the gross receipts, and
- if the taxpayer’s cash payments are limited to 5% of the aggregate payments under the Income Tax Act, 1961.
LLPs are required to do Income Tax Return filing in the Form ITR-5. This form can be filed online with the help of partners’ DSC. The due date for ITR filing of LLP is 31st July if the books are not required to be audited, and 30th September, if books need to be audited as per LLP Act, 2008.
Besides this, every LLP must mandatorily file TDS return every quarter (if there are any tax deductions for payments of Salary in 24Q form, and payments for services in Form 26Q).
Documents Required for LLP Annual Filing
Following are the documents required for LLP annual filing:
- PAN Card of the designated partners
- Certificate of Incorporation of LLP
- LLP Agreement
- Financial Statements (Statements of Accounts and Solvency) duly signed by the partners
- DSC (Digital Signature Certificate) of the Partners
Do I Need to Do LLP Annual Filing Even in Case of No Transaction?
Yes, you should do LLP annual filing even when there is no turnover. This is done so as to maintain the ‘Active’ status of LLP with the Ministry of Corporate Affairs. Non-filing will declare your status as inactive and reduce your business’s credibility. Moreover, it leads to an addition in the penalty unnecessarily.
Closure of Financial Year
All Limited Liability Partnerships which have been incorporated after October of a year are given the option to choose their financial year between the immediate March and the next March. This means that an LLP that has been incorporated and registered on October 2021 can close its financial year on March 2022 or March 2023 according to its will. However, as per the Income Tax Act, an LLP can not extend its financial year beyond a period of 15 months. Thus, it is preferred to choose the upcoming March to avoid discrepancies.
Why Aga & Associates?
Aga & Associates provides a comprehensive LLP compliance service that includes annual filing and LLP income return tax filing at a very affordable price point. In addition to this, we do the following for you:
- Filing of various e-forms (Form 8 LLP and Form 11 LLP) for your LLP
- Preparation of Annual Return
- Dedicated Assistance
- Drafting necessary documents
- Documents certification by Chartered Accountants
We are just one call away.
Contact us:
Email Us: info@agaassociate.com
Contact Number: +91 8655 808020
LLP FAQ
The full form LLP is LIMITED LIABILITY PARTNERSHIP.
Minimum two partners are required to form a LLP.
There are annual filling in LLP. Annually Form 8 and Form 11 is to be filled online after finalizing books of accounts.