Income Tax
We will provide income tax return preparation, Revised return, Responding to Department notices and solving other Income Tax related issues.
LLP Registration
Limited Liability Partnership (LLP), introduced only in 2008, has quickly become a popular legal structure for businesses. Its main improvement over the General Partnership is that, as the name indicates, it limits the liabilities of its partners to their contributions to the business and also offers each partner protection from the negligence, misdeeds or incompetence of the other partners.
Timeline - 10 to 15 Working days
Limited Liability Partnership (LLP)
What is
a limited liability partnership (LLP)?
LLP is an organization which combines the advantages of both a company and a partnership firm. It gives the partners the freedom of a partnership firm as well as the limited liability feature of a company so that the fault of one partner need not be borne by others. LLPs are governed by Limited Liability Partnership Act,2008.
Read More
Limited Liability Partnership (LLP)
Features
01.
No requirement of compulsory audit
Limited Liability partnership are not required to audit the accounts. Any other company (Public,Private) are mandated to get their account audited by the auditing firm. LLP is required to audit their account only when crosses the turnover as prescribed.
02.
No minimum capital requirement
Limited Liability Partnership can be started with the minimum amount of capital money. Capital may be in the form of tangible, movable asset like Land, machinery or intangible form.
03.
Less compliance level
There is no need to maintain any statutory records except books of accounts. Less government interventiion and less, compliance level are enforced on an LLP as compared to the restrictions enforced on other business entities.
04.
Lower Registration Cost
The cost of registration of Limited Liability Partnership is low as compared to any other company (Public or Private).
05.
Dividend Distribution Tax (DDT) not applicable
If the partners of Limited Liability partnership withdraw profits from the company, an additional tax liability in the form of DDT is not payable by partners.
06.
Easy Transferability
Being a separate legal entity, it’s easy to transfer the ownership of the LLP to another person by admitting them as a partner of the LLP.
07.
Partners cannot be used
Partners are not liable to be sued in the name of LLP, as a juristic legal person LLP can sue in its own name.
08.
No limit on owners of business
Limited Liability partnership may have partners varying from 2 to many. There is no limit for partners in Limited Liability partnership. An LLP requires a minimum 2 partners while there is no limit on the maximum number of partners in contrast to a private company wherein there is a restriction of not having more than 200 members.
Limited Liability Partnership (LLP)
Advantages
Separate Legal Identity
LLPs enjoy the status of separate legal identity hence making the partners and the business different persons.
No Audit
All the LLPs are not required to get their accounts audited unless their turnover / capital exceeds a specified limit.
Continuous Existence
LLPs enjoy perpetual existence and thus exist irrespective of the status of the partners of the LLP.
Limited Liability
Partners of LLP enjoy the limited liability feature of a company which enables the partners to free themselves from the faults committed by another partner.
Free Transferability of shares
Ownership of LLP can be easily transferred to others by making them designated partners.
Limited Liability Partnership (LLP)
Disadvantages
Cannot invite funds from public
LLPs enjoy the status of separate legal identity hence making the partners and the business different persons.
Restriction on transferability of shares
All the LLPs are not required to get their accounts audited unless their turnover / capital exceeds a specified limit.
Maximum 200 Shareholders
LLPs enjoy perpetual existence and thus exist irrespective of the status of the partners of the LLP.
Limited Liability Partnership
We Serve Everywhere
Thewealthbridge.in is web portal of the Virutchamwealth Bridge Private Limited is one stop business setup and consulting company, managed by specialized team of Business Analysts,Company Secretaries, Chartered Accountants, Corporate Lawyers and Financial Professionals company headquartered in Vellore,Tamilnadu, India. Having known for our quality of services, delivering the projects on time, we have clients spread across the globe
Business Licenses
Our Professionals Will help you in getting your business licenses and Business licenses necessary for smooth running of businesses
Financial Services
we will Provide Funds for both personal and Business. Our funding system gives a credit line facility, enabling you to expand your business to new heights
GST Returns
We will make your business to GST Compliance. Returns are required to be filed digitally online through a common portal to be provided by GSTN
What are the Documents required for Formation of Incorporation of LLP?
PAN Card of the Partners
Address Proof of the Partners
Utility Bill of the proposed Registered Office of the LLP
Bank Statement / Cancelled Cheque of the business
Rental Agreement Copy of the Business place
What Includes in this package?
Verification of Documents
Professional Fee Incorporation
Applying DSC,DIN,ROC & TAN.
Following until LLP Registration Certificate is alloted
Process
Application for DIN or DPIN
ll the partners are required to get DPIN(Designated Partner Identification Number). DIN can be used if a partners possesses DIN
Acquire/ Register DSC
Digital Signature Certificate should be obtained and should be registered with the LLP Application
Incorporate a LLP
Form1 to be filled for Name confirmation and form 2 should be filed for Incorporating an LLP after the Name is confirmed
File LLP Agreement
After incorporation of LLP, an initial LLP agreement is to be filed within 30 days of incorporation of LLP.
FAQ
Minimum of 2 persons are required to form an LLP. There is no limit on the maximum no. of partners an LLP can have.
There is no minimum amount of capital required to incorporate an LLP. A limited liability partnership can be started with any amount of capital.
Residence proof and ID proof are required for all the partners along with PAN card if the partner is an Indian national. No objection certificate along with ID and residence proof of the landlord of office premises is also required.
If the LLP has a turnover of Rs.40 lakhs or more and/or has a capital contribution of Rs.25 lakhs or more, the financial statements should be audited.
DIN is a unique identification number which is allotted to all the directors existing or proposed. DIN can be obtained by filing e-form DIN1 in MCA portal.
No. One of the requisite of an LLP is to carry on business for profit.
Filing of Income Tax Return, Service Tax/Sales Tax returns or both as may be. Payment of the above taxes and deduction of Income Tax at source may also be required in some cases.
Designated partner needs to be over 18 years of age. There is no restriction with respect to the nationality or citizenship. Designated partner needs to be over 18 years of age. There is no restriction with respect to the nationality or citizenship.
Digital signature is process to authenticate and validate records electronically. DSC is required for every director of the company as the Ministry of Corporate Affairs (MCA) mandates digital signature of directors on some documents.
Yes. An existing partnership firm can be converted into a limited liability partnership by following procedure laid down.
About Wealth Bridge
We Help You To Form Your Company In A Simple Way Wealth Bridge Will Making More Possibilities which aims at providing much-needed funds to businesses across the trading and service industry
Popular Links
Useful Links
Head Office
2nd Floor, #23, 8th East Main Road
Gandhinagar, Katpadi, Vellore
(+91) 416 2241199
(+91) 86677 53901
Branches
ARAKKONAM OFFICE
# 10/1, Thiruthani High Road ,
Upstairs to Central Bank ,Jothi Nagar,
Arakkonam , TamilNadu - 631003
Phone:+91 6381184522 , +91 8012747723.
RANIPET OFFICE
No 126, MBT Road, Mahaveer Complex,
First Floor, Muthukadai,
(NearDarling bakery) Ranipet - 632401
Phone : +91 417 2295006 +91 86675 42148