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Limited Liability Partnership is the most preferable form of business for entrepreneurs as it includes both the qualities of a Company and a Partnership firm in a single form of organization. To start a business as a Limited Liability Partnership, then it must get Limited liability partnership registration Hyderabad under LLP Act 2008. The LLP can continue its existence irrespective of the change in partners. It is capable of entering into contracts in its own name. Furthermore, every partner is shielded from the liability of other partners for the wrongful business or misconduct. The winding up may be done voluntary or by the tribunal establishes under Companies Act,1956. The Indian Partnership Act,1932 is not applicable on LLP. Some features of LLP are:
1. It is a separate legal entity like companies.
2. No concept of minimum capital contribution.
3. ere are less compliance and regulations.
4. The liability of each partner is limited to the contribution.
5. The cost of forming LLP is low.
6. The minimum number of partners required to form an LLP is 2.There should be 2 designated partners who shall be individuals, and one must be an Indian between them.
7.No maximum limit of members is mentioned in the Act.
Hyderabad along with its old ancient and antique rich culture is equally modern and developed and is growing significantly. It also is the home for Asia's biggest and one of the world's biggest convention center called as HICC Hyderabad international convention center and one the most technologically advanced convention center of India.
The following are the reason for LLP registration HYDERABAD:
1. An LLP is a legal entity and a juristic person. A partner has no liability to the creditors of an LLP FOR THE DEBTS.
2. An LLP has a perpetual succession that is continued existence until it is legally dissolved.
3.LLP doesn’t require any audits if it has less than 40 lakh of turnover and 25lakh of capital contribution.LLPs are good for small businesses and start-ups that have minimal regulatory compliance.
4. The ownership can easily be transferred to another person by including them as a partner.
5. An Limited liability partnership Hyderabad, being an artificial person can acquire, own and sell property in its own name.
The following are the need for LLP registration in Hyderabad:
Limited Liability Partnership is a newly introduced concept for medium and small sized businesses. It provides many of the benefits of a Private Limited Company. The Limited liability partnership registration in Hyderabad fee is low and easy to maintain an LLP. Its procedure of formation is very much similar to the procedure of a Private Limited Company. LLP Registration Hyderabad is what vests such personality upon the legal entity. It is done by the registrar of the Company.
The procedure of LLP registration in Hyderabad is mentioned as in hereafter:
1. Before going into the process of LLP, one must apply for Digital Signature because all the documents for Limited liability partnership Hyderabad are filed online and they require Digital Signature. So, they must obtain Digital Signature from the certifying agency.
2. Digital Identification Number(DIN) must be applied for all the designated partners of the proposed LLP. Earlier these partners have to apply for DPIN(Designated Partner identification) and now DIN is required. For this scanned copy of Aadhar Card is attached to the form. The form must be signed by Company Secretary, Chartered Accountant, or Advocate.
3. Now there is reservation of name. The name is searched through search facility or on Ministry Of Corporate Affairs.Inform-1 6 preferences of the name are to be written. The registrar will approve the name only if it is not resembling with the other name and is not undesirable in the opinion of Central Government.
4. Form 2 is the application form for the incorporation of an LLP. All the details must be filled in a correct manner as the name of the designated partners and each partner’s contributions, etc. Fees are submitted by the contributions of partners. The form must be digitally signed by a person who is a designated partner having DIN. Also, it has to signed by the Chartered Accountant, Advocate, etc. It takes 15-20 days for the registration of LLP subject to government.
5.LLP agreement governs the mutual rights and duties of the designated partner. In Form 3 LLP agreement is filed. Form 3 for LLP agreement has to be filled within 30 days of the incorporation. Then the agreement has to be printed on Stamp Paper.
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The pre-requisite for the formation of LLP registration in Hyderabad are:
1.Minimum of 2 partners(they can be Body Corporate and an Individual).
2. Minimum of 2 Designated Partners whoa re individual and one of them must be an Indian.
3. There should be a Digital Signature Certificate.
4.Limited liability partnership Hyderabad name must be there.
5.LLP agreement must be there.
6. There must be a registered office.
7. An LLP registered outside India can establish an office in India but the condition is that it must comply with all the provisions of the LLP Act,2008.
Here is the list of documents required for LLP registration in Hyderabad:
Documents of Partners:
-PAN Card/ID proof.
-Passport size Photography on white Background.
-Passport(In case of foreign nationals/NRIs).
Documents of LLP:
-Proof of Registered Office Address.
-Digital Signature Certificate.
The following are the benefits of LLP registration Hyderabad:
1. It is easier to organize an LLP rather than a Company.
2. There is no maximum limit for the members in the formation of LLP.
3.LLP is exempt from the Dividend Distribution Tax. (DDT).Likewise, Company has to pay this tax.
4. The professionals like Advocate, Chartered Accountant, Company Secretary, etc like to form an LLP.
6. Company funds can be bought and sold as per norms listed under Companies Act,2013.
7. There is less cost of formation of an LLP as compared to Company.
8. In LLP registration Hyderabad, partners are not liable for the acts of other partners.
Ans: Designated partner are those partners in an LLP firm whose liability is limited up to the amount of capital employed. They are solely responsible for management of the firm.
Ans: Minimum number of Designated partner is 2.
Ans: No, LLP doesn't have shares, shareholders or directors.
Ans: LLP combines the features of partnership as well as a corporate entity. It has the form of a partnership firm with limited liability.
Ans: Yes, every designated partner of LLP is required to have a DIN.
Ans: The nature of liability of partners in an LLP is limited.
Ans: LLPs are to be treated just like a partnership firm for matters related to tax
Ans: LLP agreement is necessary as it lays down the terms and conditions which is to be followed within the firm.
Ans: Yes, a body corporate or an individual can be a member of LLP.
Ans: Yes, as per LLP Act, 2008 they can convert themselves into LLP