For any LLP one of the mandatory compliance under company law is filing statements of accounts and annual return with Ministry of corporate affairs every year. The partners of LLP are responsible for filing annual return of LLP every year. The team of CA/CS here will solely take care of your LLP compliance. The due date of filing statements of accounts is 30th May of each year and due date of filing annual return is 30th October of each year. Noncompliance with the LLP annual filing means you will face the penalty of Rs.100 each day of default. Contact us today for any LLP Annual filing matters at 7065818801
1. What is the difference between a partnership firm and LLP?
The major differences are:
LLP is governed by Company law, Partnership firm is governed by registrar of firms.
In LLP liability of partners is limited to amount invested in the company whereas in partnership firm partners are personally liable for unlimited liabilities of partnership.
Compliance in LLP is to file annual returns with LLP to Ministry of Corporate Affairs, There is no compliance in.
The cost of partnership is low in comparison to Limited Liability Partnership Firm.
2. What are the advantages of having a LLP?
Considered as a separate legal entity.
The right of owning property can be enjoyed by LLP in its own name. Also transfer becomes easy.
The life of LLP doesnot depends on partners. It has perpetual existence. It can be dissolved only by promoter.
Partners are not liable for any liabilitites of LLP, As LLP in itself is a separate legal entity. One partner is not liable for another partners misconduct.
Funding becomes easier as Bankls and financial institutions gives you loan easily if you have LLP.
3. What are the pre requisite of having a LLP?
Minimum two partners, Registered address with proof for the place of business.
4. How do I start with if I want to start a LLP and how long does it take to form a limited liability partnership company?
You should firstly select the right service provider. Caservicesonline has professionals such as CA/CS who are experts in incorporating all types of companies in India. You can reach out to us online or you could even have face to face discussion with our team. You are always welcome to our office from Monday to Saturday between 10 am to 6 pm. It takes 7 to 10 working days for the process to get completed.
5. What could be the disadvantage of LLP?
Companies with NRI’s and foreign nationals as promoters in order to bring FDI can do it with prior approval of RBI. As automated route is available only to the private limited companies.