A Limited Liability Partnership (LLP) combines the benefits of a partnership and a corporation, providing flexibility in management and limited liability for partners. This structure is popular among small and medium enterprises in Gurgaon.
Key Features of LLP
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Limited Liability: Partners are not personally liable for the debts of the LLP, protecting their personal assets.
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Separate Legal Entity: An LLP is a separate legal entity from its partners, allowing it to own property and enter contracts in its name.
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Flexible Management: LLPs allow for flexible internal management, governed by an agreement between partners.
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No Minimum Capital Requirement: There is no minimum capital requirement to establish an LLP in India.
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Tax Benefits: LLPs are taxed similarly to partnerships, avoiding the double taxation faced by corporations.
Limited Liability Partnership (LLP) in Delhi
Incorporation services in Delhi
Steps to Form an LLP in Gurgaon
1. Obtain Digital Signature Certificate (DSC)
- All designated partners must obtain a DSC for filing electronic documents.
2. Obtain Director Identification Number (DIN)
- Apply for a DIN for each designated partner.
3. Name Reservation
- Choose a unique name for your LLP and reserve it through the Ministry of Corporate Affairs (MCA) portal.
4. Drafting the LLP Agreement
- Create an LLP agreement outlining the rights, duties, and responsibilities of partners.
5. Filing Incorporation Documents
- Submit the incorporation documents, including the LLP agreement and forms, to the MCA.
6. Receive Certificate of Incorporation
- Upon approval, you will receive a Certificate of Incorporation, officially registering your LLP.
7. PAN and TAN Application
- Apply for a Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN).
Compliance Requirements
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Annual Filing: LLPs must file annual returns and financial statements with the MCA.
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Tax Returns: LLPs are required to file income tax returns annually.
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Audit: If the turnover exceeds a specified limit, an audit is mandatory.
Conclusion
Establishing a Limited Liability Partnership in Gurgaon offers numerous advantages, including limited liability and flexible management. By following the outlined steps, you can set up your LLP efficiently. For assistance, consider consulting a legal or financial expert familiar with the LLP registration process.
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