Limited Liability Partnership is the simple business structure for businesses who want to limit their liability and have a separate legal existence. LLP is one of the easiest forms of business to incorporate and manage.
Limited liability partnership was introduced in India by
way of the Limited liability partnership act, 2008. LLP is just an advanced form of partnership that comes up with the feature of limited liability towards the partners.
Unlike a partnership business, one partner is not responsible or liable for other partner misconduct or gross negligence. Thus every partner will have limited liability and having individual protection against the other partner in the LLP.
The partners themselves have to manage the business directly and they are called designated partners. A partner in LLP is not liable for errors, omissions, or negligence of LLP’s employees or agents of LLP.
Having the feature of a separate legal entity, the liability of partners would be limited to their agreed contribution in the LLP agreement. Further, no partner would be liable on account of the unauthorized actions of other partners, thus allowing individual partners to be shielded from joint liability created by other partner’s wrongful business decisions or misconduct.
What is included in the package?
· DSCof 2 partners
· Name approval of LLP
· DIN of 2 partners
· LLP agreement
· Incorporation certificate
· LLP PAN
· LLP TAN
· GST Registration
· Assistance in bank Current A/c opening in ICICI and Kotak Dedicated CA for LLP
Steps we follow :
1. Obtaining DSC : Digital Signature Certificate is mandatory for proposed partners which will be obtained within 1 day. At Infinity Tax Filing, we have a licensed DSC
partner with certified authorities approved by Government.
2. Name approval : Name approval for the name you have chosen for your LLP will be processed by MCA subject to name availability in 2 working days.
3. LLP Incorporation : The documents prepared by our team will be submitted to MCA for examining and the desired approval is obtained within 3 to 4 working days.
4. PAN, TAN and LLP Agreement : Application for PAN, TAN & LLP Agreement is once completed, the LLP incorporation certificate is received.