LLP Registration in Bangalore
Looking for reasonable LLP registration in Bangalore? Smartcorp provides expert solutions with over 10 years of legal registration experience. Serving various Bangalore areas like Sarjapur, HSR Layout, M.G. Road, Electronic City, our team offers comprehensive services, allowing partners to draft their agreement or abide by the Act's guidelines if none is formulated.
Limited Liability Partnership (LLP) combines partnership flexibility with limited liability privileges akin to corporations. Recognized as a body corporate under Section 3 of the LLP Act 2008, it stands as a separate legal entity, distinct from its partners. The LLP Agreement, outlining partner rights and obligations, forms the basis of the firm.
LLP registration in Bangalore exempts auditing unless annual turnover exceeds Rs. 40 lakh or contribution surpasses Rs. 25 lakh. Partner rights and duties are governed by agreements, subject to the LLP Act 2008. LLPs with LLP registration are accountable for maintaining annual accounts that portray a true reflection of their state of affairs, filing a statement of accounts annually.
Benefits of LLP registration in Bangalore
Advantages of LLP Registration in Bangalore:
- Limited liability shields members' personal assets from business liabilities.
- Profit distribution is determined by a written contract among members.
- LLP registration in Bangalore entails minimal compliance requirements.
- LLP registration online involves few formalities, making it a straightforward process.
- Taxation is notably lower compared to a 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 (for NRIs)
- Proof of Registered Office Address is necessary for LLP registration process.
Features of Limited liability partnership
- Separate entity status
- Requires minimum of two partners
- No initial capital contribution needed
- Limited liability protection
- No principal-agency relationship