Incorporating a Business

We at My Office Account offer a highly professional service covering the entire gamut of legal and non legal processes involved in company formations. From choosing an appropriate name, registration, company's articles of association to directors, share capital information, we handle the services in totality whether it's for a proprietor firm or a private limited firm.

Limited Liability Partnership

A Limited Liability Partnership (LLP) is a corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner, providing benefits of limited liability while allowing its members the flexibility for organizing their internal structure as a partnership.

The most impressive and enticing features of an LLP include simplicity and ease of formation and registration; no prescribed minimum capital requirement for each partner; lavish benefits of the property of limited liability and tax concessions like an incorporated limited corporation along with the great operational flexibility of a partnership firm; least regulatory compliances; perpetual existence and international recognition; direct and conveniently flexible business management for the acts ( mistakes, misconducts, negligence, or incompetence, etc) of the other partners of the LLP.

 

When you want to register an LLP anywhere in India you need to consider the following:

  • Two Partners, one of them must be resident of India. No constraints to the maximal number of partners in an LLP in India.
  • Two designated partners with proper DPIN ( Designated Partner Identification Number)
  • At least one designated partner must have DSC ( Digital Signature Certificate)
  • The DPIN is obtainable through filing an application in Form-7, with the portal of the Ministry of Corporate Affairs (MCA). Government of India.
  • Approval to the proposed names of the LLP is obtained through filing Form-1
  • Form-2 ( It shows the location of the main or registered office of the LLP, details of the partners, statements, etc)
  • Form-4 ( It contains information about the appointments of the designated partners, and their consents)
  • LLP Agreement (Form -3) - This is the main and most significant administrative and managerial documents of an LLP, and corresponds to the MOA and AOA of any incorporated corporation. This LLP Agreement is to be drafted as per the rules and provisions given in the Indian LLP Act of 2008. However, if no any such agreement document is forwarded by the designated partners to the registering authority, then the rules and provisions provided in the Schedule I of this Act shall be applicable for administration and management of the LLP.

When you want to register an LLP anywhere in India you need to consider the following:

  • Contributions made by both the designated partners
  • Agreed ratio of sharing the profits and losses
  • Aims and objectives of the LLP
  • Rights and Duties of the partners and designated partners
  • Provisions for withdrawal or cessation of any existing partner
  • Extent of the liabilities of the LLP

Annual Compliances by LLPs

Like all other forms of legal entity, LLPs are also essentially required to maintain proper and accurate books of accounts.

We at My Office Accountant, provide all the above mentioned services to the best satisfaction of our clients.