LLP

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How to Register LLP with New LLP Incorporation Procedure

Posted on by Fastlegal Team

MCA has recently introduced the new process for incorporation of LLP in India, this process was much awaited as company incorporation procedure with single e form and centralized processing with Central Registration Center (CRC)  was already in place. Now LLP incorporation will also be done through CRC. Once the LLP is Incorporated the LLP Jurisdiction will vest with respective Registrar of Companyies (ROC) office.

How the New Incorporation procedure will work:-

  • Name Approval Application in RUN-LLP (Reserve Unique Name – Limited Liability Partnership)-  RUN-LLP is a web based e form , through which name approval application can be filed to CRC, Maximum two Name can be applied for approval. Before applying the name of LLP applicant must ensure that same login id will be used for filing the LLP Incorporation form.
  •  Obtaining Digital Signature for Designated Partners of LLP: – Designated Partners are required to obtain DSC with Certifying Authority in India.
  • LLP Incorporation application in Form FiLLiP (Form for incorporation of
    Limited Liability Partnership) :- This LLP Incorporation form is for following services

    • a) Name reservation ( We can Directly Apply for Name Approval Application if we are sure to get the name, it is very much advisable to get the Name Approval first as the cost for Name Approval Application is Just Rs. 200/- , this will help us to file the Application confidently without worry of name approval.
      b) Allotment of Designated Partner Identification Number(DPIN/DIN).
      c) Incorporation of the LLP
  • Approval of LLP Incorporation form : Once the LLP Incorporation form get approved , LLP Incorporation Certificate will be issued by MCA and LLP is Registered.
  • Drafting, Signing and Filing of LLP Agreement:- LLP is required to File LLP Agreement, duly signed, Stamped and notarized within 30 days of registration of LLP. Filing of LLP Agreement is Mandatory and late filing of form will cost you Rs. 100 per day.
  • Application for PAN and TAN of LLP : PAN and TAN is  must for every LLP as LLP is required to file its Income Tax Return and TDS return and is also required to quote the PAN for various transitions as prescribed under Income Tax Act and Rules. Unlike Companies where SPICE form for incorporation has facility to get PAN and TAN along with Certificate of Incorporation, LLP Form FiLLiP (Form for ncorporation of Limited Liability Partnership) do not have such facility right now, so PAN and TAN application is required to be made separately as soon as LLP gets incorporated.

 

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LLP Closer Procedure – Fast Track Exit Scheme

Posted on by Fastlegal Team

LLP closer Procedure under Fast Track Exit Scheme, for that your LLP must meet certain conditions as par recent rules notified by Ministry of Corporate Affairs. Here are the details of  conditions required to be fulfilled by LLP

Step by Step Procedure for LLP Closer under Fast Track Exit Scheme :

  1. Make Sure that LLP has Nil Assets and Nil Liabilities
  2. Make Sure that the Limited Liability Partnership has not commenced business or where it commenced business, it ceased to carry on such business from a particular date.
  3. Make sure that the limited liability partnership has no liabilities and indemnifying any liability that may arise even after striking off its name from the Register
  4. A declaration that the Limited Liability Partnership has not opened any Bank Account and where it had opened, the said bank account has since been closed together with a certificate(s) or statement from the respective bank demonstrating closure of Bank Account.
  5. A declaration that the Limited Liability Partnership has not filed any Income-tax return where it has not carried on any business since its incorporation, if applicable.(c) a copy of the acknowledgment of the latest Income-tax return filed under the Income-tax Act,1961
  6. LLP is required to file form 24 with ROC.
  7. LLP is required file overdue returns in Form 8 and Form 11 up to the end of the financial year in which the limited liability partnership ceased to carry on its business or commercial operations before filing Form 24.

Explanation.—The date of cessation of commercial operation is the date from which the Limited Liability Partnership ceased to carry on its revenue-generating business and the transactions such as receipt of money from debtors or payment of money to creditors, subsequent to such cessation will not form part of revenue-generating business.”

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How to File LLP Annual Returns and Statement of Accounts Online with Fastlegal

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Annual Filing of LLP for 2018 Year

Posted on by Fastlegal Team

Every LLP (Limited Liability Partnership) is required to file its Annual Accounts (Statement of Accounts and Solvency ) , Annual Return and Income tax Return every year within the stipulated time, even LLP having nil turnover or LLP has not carried out any business operation during the reporting period.

Annual Filing requirements with Registrar of Companies for Financial Year 2018 :

Filing of Annual Return in Form 11 :

Every LLP is required to File its Annual Return to ROC by 30th May of Every Year, failure to file Annual Return will attract Additional Fee of Rs. 100 per day with no upper limit. ( Delay of 30 days will cost you Rs. 100*30= 3000)

Filing of Annual Accounts and Solvency in Form 8:

Every LLP is required to file its Annual Accounts with ROC by 30th Oct of every year, failure to file Annual Accounts will attract Additional Fee of Rs. 100 per day with no upper limit. ( Delay of 50 days will cost you Rs. 100*50= 5000) this is in addition to Additional fee to be paid for Form 11 , if not filed.

Filing Requirements with Income Tax Department :

The due date for filing income tax return in case of a company for A Y 2018-19 is 30th September 2018(whether audit of accounts is required or not). It is applicable for income earned from April 1st, 2017 to March 31st, 2018. For LLP due date is September 30th (where audit is required), November 30th(where there are foreign transaction or specified domestic transactions) and in other cases due date is July 31.


Fastlegal provides LLP Annual Filing Services all over India Online with its team of LLP Professionals, to avail Fastlegal Services Please Call/Whatsapp at +919782280098, Email at mail@fastlegal.in or Place your request in below form.