Frequently Asked Questions about LLP Partnership Registration
Q. Who can Become Partner in LLP REGISTRATION ?
A. Any person whether be it an individual or a body corporate can become a partner in LLP unless of unsound mind, declared or proceeding for insolvency is pending.
Q. Can NRI (Non Resident of India) Become Partner in LLP ?
A. Yes an NRI can be partner in LLP. Since 2015, LLPs can be formed with 100% foreign investments from NRIs and Foreign entities in areas where 100% FDI is allowed.
Q. What is LLP Agreement?
A. LLP agreement is the agreement which is signed and executed among the partners of LLP. The LLP agreement is to be submitted to roc for incorporating the same
Q. what is Minimum Number of Partners or Maximum Number of Partners in LLP ?
A. Min 2 and Max no limit
Q. Who is Prefer the LLP Registration by Small Startups ?
A.
Compliances are low
Easy to incorporate
Fee and expenses are less
Body corporate
Limited liability
Q. Is it cheaper LLP as compare to Private limited company ?
A. Yes incorporating a private limited company involves more cost and compliances to be followed under the companies act, 2013.
Q. What is Stamp Duty in LLP AGREEMENT?
A. The stamp duty depends upon the state in which you are executing the agreement. Like in Rajasthan it is 500
Q. Do I need Commercial Office for the LLP Registration Purpose ?
A. Not required, you can use your residential address as Registered office purpose for the same.
Q. Can i do it LLP Formation myself without any help of CA or online portal ?
A. No, it’s not possible because there is simply reason i.e its required the professional service to fill up the forms and as per the govt MCA Rules Chartered Accountant or CS or Lawyer DSC Authorisation is required on the EForm Filings.
Q. What is the Tax Rate for the LLP ?
A. LLP will be treated as Partnership firm for the purpose of tax and therefore will be taxed on the line of partnership firm. The effective tax rate is 30.90% on Profit. There will be no surcharge applicable on LLP.
Q. Can i include my family members in my LLP Formation ?
A. Yes you can include your any family member in your LLP as a Partner.
Q. What is the Minimum Share Capital in the LLP ?
A. You can start with any amount of the capital. still as a Professional advice we suggest you start atleast with the 10000 INR for the same.
Q. GST Registration still required after the LLP Registration ?
A. if your expected turnover cross 20 lakh rupees in a year then Yes its required but suggest you always go with the GST Registration after the incorporation of LLP. It’s helpful to claim the input tax credit.
Q. LLP Companies in india can have multiple business ?
A. Yes, you can run multiple business under one LLP Name, there is no issue in that.
Q. LLP Secure my Company name with the Logo ?
A. LLP Secures only the company name like XYZ Technologies LLP but its not secure your Brand or Logo. so if you want to launch any brand under your LLP name then you can go with the Trademark Registration for the same.
Q. What is criteria to become Partner in an LLP ?
A. Simply your age is minimum 18 year with the valid documents like pan card etc.
Q. Working Professional in any company can register an LLP in India ?
A. Yes if there is no particular terms & condition in your JOB Agreement.
Q. Physical presence or meeting with any govt officer required ?
A. No, it’s a completely online with the Raag Consultants which take care about all things.
Q. What are the mandatory annual compliance for an LLP ?
A. LLP Annual Return or Statement of Accounts are mandatory filing with the Income tax. Audit is not required in case of LLP till the 40 lakh rupees turnover.
Q. Can I Convert our LLP into the Private limited Company or other entity ?
A. Conversion from LLP to another entity is not practical or possible till the date. you can read here about CONVERT LLP TO PRIVATE LIMITED COMPANY.
Q. Apart from the LLP Registration do I need any other license ?
A. Yes, its all depend on your nature of business. you need GST Registration mainly, apart from this if you want to secure your brand then you can go with the Logo Registration. if you have food related business then you can go with the FSSAI Registration or if you want to do import export then you can go with the IEC Code Registration