Limited Liability Partnership in Chennai
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Limited Liability Partnership Registration in Chennai
A Limited Liability Partnership in Chennai (LLP) is a business structure that provides a legal form of partnership to its members. It combines a partnership’s flexibility with a company’s limited liability, providing members with limited liability protection. It is a separate legal entity, formed and registered under the provisions of the Limited Liability Partnership Act, of 2008.
The LLP registration process is similar to that of a company but is simpler and faster. The process involves applying with the Registrar of Companies (RoC) along with the required documents. Once the application is approved, the Limited Liability Partnership in Chennai is registered and can start its operations. The LLP also needs to obtain a PAN (Permanent Account Number) and a TAN (Tax Deduction and Collection Account Number) from the Income Tax Department. It is also required to open a bank account in the name of the LLP.
Benefits of LLP Registration in Chennai
- Limited Liability: The most important benefit of a Limited Liability Partnership in Chennai (LLP) is that the partners are not personally liable for the debts and obligations of the LLP. This means that the partners are not responsible for any debts or obligations incurred by the LLP, and their personal assets are protected from any claims made against the LLP.
- Tax Benefits: Limited Liability Partnership in Chennai are eligible for certain tax benefits, such as lower corporate tax rates and exemptions from certain taxes. This can help to reduce the overall cost of running a business in Chennai.
- Flexibility: LLPs offer more flexibility than other business structures, such as corporations or sole proprietorships. Partners can decide how to divide profits and losses, and they can also decide how to manage the business.
- Easy to Set Up: Setting up an LLP in Chennai is relatively easy and straightforward. The process is much simpler than setting up a corporation or other business structure, and it can be done quickly and without too much paperwork.
- Professionalism: An Limited Liability Partnership in Chennai can help to give your business a more professional image, which can help to attract customers and investors. This can be especially beneficial for businesses that are looking to expand into new markets or attract new customers.
Documents required for Limited Liability Partnership Registration in Chennai
- Application for registration of LLP
- Copy of PAN card of all partners
- Copy of Aadhaar card/Voter ID/Passport of all partners
- Copy of address proof of all partners
- Copy of rent agreement (if applicable)
- Copy of electricity bill/water bill/telephone bill (any one)
- Copy of partnership deed
- Copy of bank statement/cancelled cheque
- NOC from the landlord (if applicable)
Checklist for Limited Liability Partnership Registration in Chennai
- Obtain Digital Signature Certificate (DSC) of all the Partners.
- Obtain Director Identification Number (DIN) of all the Partners.
- Obtain Name Approval from the Registrar of Companies (ROC).
- Draft and file LLP Agreement with the ROC.
- File Form 2 for registration of LLP with the ROC.
- Obtain Certificate of Incorporation from the ROC.
- Obtain PAN and TAN for the LLP from the Income Tax Department.
- Open a Current Bank Account in the name of LLP.
- Apply for GST Registration with the GST Department.
Procedure for Limited Liability Partnership Registration in Chennai
- Name of the LLP
- Address of the registered office of the LLP
- Email address and contact details of the partners
- PAN and Aadhar details of the partners
- A list of the proposed activities of the LLP
- A proposed LLP agreement
- Bank details of the LLP
- A copy of the LLP Incorporation Certificate
- A copy of the LLP Agreement
In addition to these documents, the promoters of the Limited Liability Partnership in Chennai must also submit a Declaration of Compliance and an application form to the Registrar of Companies. Once the registration process is complete, the LLP will receive a Certificate of Incorporation and will be able to operate as a legal entity.