Limited Liability Partnership

"Limited Liability Partnership Firm’s Formation, Management & Compliance- A Comprehensive Guide"

A LLPs is a different type of business organization that combines features of both partnerships and corporations. Thus, it offers a unique blend of flexibility and protection. LLPs was introduced in India in the year 2008. It is governed by Limited Liability Partnership Act 2008 & Limited Liability Partnership rule 2009. The LLPs rule contains the detailed description about administrative provisions of formation, management, reconstruction and winding up.

In a LLPs firm partners have limited liability while having operational facilities unlike the partnership firm. LLPs & its partners are separate entities whereas in partnership firms governed by Indian Partnership Act 1932, partners & their business is a single entity. Moreover, partners of the firms in LLPs are not personally liable for the debts of the partnership firm whereas in traditional partnership firm partners have to pay debts of the firm even by selling their own personal assets.

Meta Future Consultants are available to support you in establishing and managing LLPs. Our comprehensive suite of services covers every aspect of LLP formation and maintenance. In addition, we ensure that clients can operate smoothly and remain compliant with regulatory requirements.

Features of LLPs

LLPs have some unique features as compared to partnership firms. Its features are a blend of both partnerships and corporations. In LLPs, a minimum of 2 members are required to commence the business. There is no maximum partner limit. The decision of designated partners is taken by all partners via mutual concern. Designated partners are not different from other partners instead they have to perform extra. Here are some salient features of the LLPs firm:

Separate Legal Entity
Flexible Structure
Defined Agreement
At least 2 Minimum Partners
Customizable Involvement
Limited Liability
Stable Membership
Profits taxed on partners whereas individual returns.

LLP Registration

Have a look on the below given steps involved in LLP formation::

Registration process of LLP begins with the application of DPIN. At least two partner’s DPIN is needed.
Then application of digital signatures for two designated partners is submitted.
Thereafter seek approval for company name from registrar of Companies..
Now, submit the Incorporation Documents & Subscription statement.
Then obtain the official Certificate of Incorporation for the LLP.
Prepare the LLP agreement and submit it to the registrar of the company.
Get the approval for the LLP agreement and secure PAN and TAN for the LLP.

Services Offered by Meta Future

Drafting of LLP Agreement

LLP Agreement contains the description of rights, responsibilities, and obligations of each partner. It is a very crucial document for a LLP firm. Moreover, it serves as a foundation and contains all the significant information such as profit sharing, decision-making processes, and partner contributions. We can help you in drafting this agreement. Our experts are available who have years of experience in drafting LLP agreements.

Getting Registration of LLP in India

Registration of a firm means handling all necessary paperwork and procedures. It can be complex for an ordinary person, who doesn’t have experience. MetaFuture experts can do all the paperwork and procedures with the Ministry of Corporate Affairs (MCA). Therefore, you need not to do anything, we will handle all preparations and submissions of the required forms and documents to officially establish the LLP.

Getting Approval from RBI for Registration/Formation of LLP with Foreign Nationals/Entities

We’ll also help you in obtaining the necessary approvals from the Reserve bank of India, in case any foreign nationals/ entities are involved in LLP. Seeking necessary approval is very crucial for compliance with foreign investments. In addition, we ensure that your firm meets all legal requirements.

Opening of bank account for LLP

We’ll be backing you with the account opening process in the bank for LLP. Our service includes, preparation of the documents as well as linking with banks. Furthermore, we ensure a smooth account opening process without any hessel.

Maintaining Books of Accounts for LLP

We also offer bookkeeping services. Thus, you can opt us as your bookkeeping and accounting partner for proper maintenance of books of accounts.

Payroll Processing for LLP

With us you will get payroll processing service as well. We will process calculations of salaries, deductions, and compliance with labor laws. Additionally, this service will ensure accurate and timely payment to the employees.

Other services We Offer

At Meta Future Consultants, we offer all the above mentioned services. By choosing us as your partner for formation, management, reconstruction and winding up LLP, you will get expert assistance. Moreover, we ensure to provide ongoing support. You can connect with our support team anytime. Call or email us, in case you need our support.

Limited Liability Partnership