Limited Liability Partnership (LLP) Registration

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Looking for LLP Registration in Ahmedabad?

A limited Liability Partnership allows a company to have a hybrid structure combining a private limited company and a partnership firm. The business will work on the corporate framework but it will be guided by the terms which are adopted in the partnership deed.

An LLP will be declared as a separate legal business entity that can provide the benefits of limited liability also it allows the board members of the company the flexibility to organize their own internal structure just like a traditional partnership. LLPs are majorly proposed for businesses that carry on a trade or service-based profession, and these firms are particularly planned to attract huge professional partnerships.

The best part of an LLP is, one partner can not be held not liable for another partner’s negligence or misconduct.

Some Frequently Asked Questions About LLP Registration in Ahmedabad

There are a lot of amazing advantages of an LLP some of them are: There is no limit on the number of owners of that business or firm. LLP helps in protecting individual partners from personal liability for any deed of other partners or employees that are not under their direct control. All the partners of the firm will have the authority to decide how much they want individually to contribute to the business operations. Also, the managerial duties can be divided based entirely on the experience of the partners.
The partners in an LLP are liable to pay their self employment taxes as well as personal income taxes for the Internal Revenue Service. Later the deductions and credits of the company is then divided among all the partners as per the amount of interest calculated for the company.
There are three mandatory compliance requirements to be followed by LLPs. Filing of Annual Return Filing of Statement of the Accounts or Financial Statements Filing of Income Tax Returns
As per Income Tax Act, LLP just like any other corporate firm has to close its financial year on 31st March every year. Also the firm has to file the returns with the Income Tax Department before this date. If an LLP has the annual turnover of more than Rs.60 Lakhs, the accounts have to be audited as per the Income Tax Act.
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