Highlighting The Main Aspects Of LLP Companies


When it comes to registering a business on papers, there are couples of options available that are widely popular among the entrepreneurs. One such option is LLP, or Limited Liability Partnership. The system of LLP registration is comparatively new in India. It was the year 2008 when LLP registration in India became a reality. Within a span of less than ten years, LLP company registration has turned out to be quite popular in this country.

Even though LLP is a new form of registration, but more and more entrepreneurs are opting for it. After all, there are numerous benefits associated with this option. For those who do not know, LLP registered companies feature a corporate system in which the partners of the firm cannot be held legally or personally responsible for the liabilities or debts associated with the company. So, it would not be wrong to say that LLP is basically a combination of the attributes that define a partnership and corporation.

Understanding the characteristics of LLP companies

Before you make up your mind for LLP company registration, it would be better to gain some more knowledge in this regard. Knowing about the features or characteristics of LLP based company registration will help you sync your needs with the attributes of LLP in a much better way.

The internal structure of LLP based companies can be set up quite easily. When compared to the internal structure of PLC, LLP is much simpler and does not require a lot of time for setting up the same. In this regard, you can hire a company that offers services related to LLP registration. For this purpose, you can definitely rely on the experience and expertise of Planify Solutions.

In the LLP system, the number of partners can be unlimited. If we take into consideration the same rule in the private limited company, the maximum number of partners or shareholders can be 200. So, if you are looking to add more than 200 shareholders to your company, LLP is definitely the right choice for your needs.

When it comes to raising funds and using the same, it completely depends on the will of the partners. In this regard, the Companies Act of 2013 comes into play. Funds can be purchased and used as per the rules stated in the above mentioned act.

LLP registered companies are exempted from DDT (Dividend Distribution Tax). Private limited companies have to pay DDT. So, it is one of the many benefits that LLP companies enjoy.

Owing to the simplicity associated with the structure, most of the professionals like lawyers, Chartered Accountants, engineers, doctors, and Company’s Secretary prefer the option of LLP for registering their company.

So, those were some of the key characteristics of LLP companies. If you do not want to come across any kind of hassle during your LLP company registration, you must avail the services of professional companies like Planify Solutions. All you have to do is provide the necessary documents. They are mentioned below-

  • PAN details of at least two partners.
  • Address proof of all partners. Aadhar card, driving license, voter ID, passport, and bank statement are the acceptable options.
  • Latest photos of all partners, of passport size.
  • Address proof of the registered office; in this case, you can furnish documents like rent agreement and electricity bill; or, NOC and ownership proof.
  • Address proof of each and every partner, which can be a telephone bill, mobile bill, electricity bill, or bank statement.
  • So, those were the basic details you need to keep in mind. Hire an experienced company and go ahead with the process.

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