How to Form a LLP Company in India


How to Form a LLP Company in India

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An LLP is a type of partnership where the owners' personal assets are not at risk in case the business runs into trouble. This gives the partners a peace of mind and a sense of security, making this structure a popular choice for professionals like lawyers, doctors, architects, and more. However, this doesn't mean that the partners don't have to take any responsibility — the law is clear that they must follow all the regulations and maintain compliance.

The process of registering an LLP is relatively straightforward and can be completed online. The first step is to apply for a DIN (Director Identification Number) for the proposed partners of the new LLP. Then, the applicants must submit a proof of address and a photograph of each partner.

Once all the requirements have been met, an LLP must file its registration application to the state registrar through an integrated online filing system. The registrar will then review the documents and issue a Certificate of Incorporation.

Once an LLP is registered, it must also register for taxation purposes with the Income Tax Department. The LLP will not pay Corporation Tax, but the individual members are liable to pay income tax on any taxable profits they earn from the company. This could be in the form of salary or dividends. In addition, a four percent health and education cess must be paid on the income tax.

 

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