LLP Registration in Bangalore
How to get LLP registration in Bangalore at reasonable cost? Smartcorp provides solution. It is done by our expert team who are having 10+ years of experience in the legal registration services. There are lot of LLP Companies emerging in Bangalore - among that, we stand unique and we are serving in all areas of Bangalore including Sarjapur, HSR Layout, M.G.Road, Electronic City, etc. We provide enormous services to our customers. Also the partners can draft the agreement on their choice. If an agreement as such has not made, then the Act governs the mutual rights and duties of the partners
Limited Liability Partnership is an advanced version of partnership firm and it is a corporate setup that integrates the flexibility of a partnership and the privileges of limited liability of a company. LLP serves as body corporate. According to Section 3 of Limited Liability Partnership Act 2008, it acts as body corporate and it is incorporated under the Act. It is regarded as a legal entity and it is separated from its partners.The LLP Agreement serves the basis for forming the LLP firm. The agreement is between the partners who govern all the rights and duties of the partners
LLP registration in Bangalore does not have to get the accounts audited unless it satisfies the condition that its annual turnover exceeds Rs.40 lakh or if the contribution exceeds Rs.25 lakh. The mutual rights and duties of the partners of the LLP are governed by the parties or by agreement between the LLP and the partners, subject to the provisions of the LLP Act, 2008. They are responsible for maintaining annual accounts that reflect a true and fair view of the state of its affairs. Each LLP must file a statement of accounts by each year.
Benefits of LLP registration in Bangalore
- Limited liability protects the Members personal assets from the liabilities of the business.
- The distribution of profits is decided by written contract between the members.
- The number of Compliance is very less in LLP registration in Bangalore.
- LLP registration does not have much formalities; so it is easy to form an LLP company.
- Taxation is very low as compared to private limited company.
Documents needed for LLP registration in Bangalore
- PAN Card or ID Proof of the Partners
- Address Proof of the partners
- Residence Proof of Partners
- Photograph of Partners
- Passport is needed if the person is an NRI.
- Proof of Registered Office Address.
Features of Limited liability partnership
- The LLP has a separate single entity
- Minimum two partners should be there
- No requirement for initial capital contribution
- Limited liability
- There is no principal- agency relationship