Limited Liability Partnership (LLP) in Gurgaon | Tripathi & Arora Associates (+91 99713 29879)

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.

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Key Features of LLP

1. Limited Liability: Partners are not personally liable for the debts of the LLP, protecting their personal assets.


2. Separate Legal Entity: An LLP is a separate legal entity from its partners, allowing it to own property and enter contracts in its name.


3. Flexible Management: LLPs allow for flexible internal management, governed by an agreement between partners.


4. No Minimum Capital Requirement: There is no minimum capital requirement to establish an LLP in India.


5. Tax Benefits: LLPs are taxed similarly to partnerships, avoiding the double taxation faced by corporations.

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

1. Annual Filing: LLPs must file annual returns and financial statements with the MCA.


2. Tax Returns: LLPs are required to file income tax returns annually.


3. 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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