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Limited Liability Partnership

A key to unlock government tender

About Limited Liability Partnership

LLP is a Limited Liability Partnership is a company enterprise automobile that gives the advantages of confined legal responsibility of an organisation to its individuals and additionally lets in to manipulate their inner administration on the foundation of jointly arrived settlement as in case of a partnership firm. Partners have decrease liabilities to any debt which can also occur in future in jogging the business. It includes factors of each ‘a company structure’ as nicely as ‘a partnership association structure’ and is referred to as a hybrid between an employer and a partnership. The Partners are required to make contributions in the direction of the LLP as precise in the LLP Agreement. Their share can be in any shape i.e. tangible or intangible, movable or immovable property, monies and cash.

In phrases of legal responsibility below Limited Liability Partnership the Company is in charge for losses or money owed if occur in jogging the commercial enterprise where the character individuals of the LLP shall now not be accountable for such losses or debts. As for Example:- XYZ LLP has two companions J and K, XYZ takes a mortgage of Rs.20 lakhs and is unable to repay the loan. Its capital is Rs. 10 lakhs the place J is supposed to make a contribution Rs. 6 lakhs and K Rs. four lakhs however each the companions make a contribution s. 5 lakhs as J contributed Rs. three lakhs and K contributed Rs. two lakhs. In such a case LLP will be accountable for up to the quantity of Capital i.e. Rs. 10 lakhs and J and K will be responsible for Rs. 5 lakhs as per their share of contribution. The Creditors can't get better greater amounts, if such quantity is inadequate to clear the money owed of the LLP.

Eligibility

Eligibility For NSIC Registration

Features Of LLP

Liability of Partners

The liability of Partners is restricted to their contribution of share in the
business. A companion is responsible for his personal wrongful acts. One Partner is now not
accountable for the acts of others due to negligence or misconduct.

Legal entity

LLP is a physique integrated and a criminal entity separate from its companions having perpetual succession as per Section three of the Limited Liability Partnership Act, 2008.

Limit of Partners

A minimal of two companions are required to shape an LLP as per Section
6(1) of the Limited Liability Partnership Act, 2008. There is no most restriction on the quantity of partners.

Audit of Accounts

LLP shall preserve annual debts the place audit of the money owed is
required solely if the contribution exceeds Rs. 25 lakh or annual turnover exceeds Rs. forty lakh. A declaration of money owed and solvency shall be filed with the aid of each and every LLP with the Registrar of Companies (ROC) each and every year.

Admission or Retirement of Partner-

LLP can proceed its existence irrespective of modifications in partners.

Designated Partners

LLP shall have two folks as particular companions and one of them shall be resident of India.

Process of Registration of Limited Liability Partnership (LLP)

The procedure for registration is given below:
 Obtain Digital Signature Certificate (DSC)
 Apply for Director Identification Number (DIN)
 Name Approval
 Incorporation of LLP
 File LLP Agreement
1. To register LLP the first step is that the Designated Partners will follow for Digital signature
as all the archives are filed on-line which are required to be signed digitally.
2. The subsequent step is to acquire Directors Identification range of all the administrators in
the LLP.
3. Two proposed names for LLP can be filed after login to MCA professional website for identify
approval of the LLP which will be processed through Central Registration Certificate.
4. For Incorporation of LLP following archives shall be annexed:
a. PAN card and Aadhar Card of Partners and Designated Partners.
b. Proof of Registered workplace and for that Rent Agreement or Sale Deed can be attached.
c. Electicity/Telephone cutting-edge bill.
d. NOC of the proprietor if the premises is rental.
e. Details of LLP

Members in Limited Liability Partnership (LLP)

In each LLP there shall be two Designated Members as per Section 7 of the Limited Liability Partnership Act, 2008 who shall be the men and women the place one man or woman shall be a resident of India. LLPs are created between the individuals who act as companions and manipulate the things to do by using pooling assets to decrease down the charges of LLP through growing its ability for growth. The liabilities of Partners are restricted as they may also lose the property in partnership however no longer their non-public assets.

No Partner is in charge on account of the impartial or unauthorized moves of different partners, character companions are shielded from joint legal responsibility created via different partner’s due to incorrect selections or misconduct.

General Clauses in LLP Agreement
1. Duration of LLP
2. Contribution via Partners whole contribution by using every companion in LLP, extra capital contribution if any by way of the Partner
3. Rights and Duties of Partner
4. Voting rights of every partner
5. Capital Contribution and Profit sharing ratio in case of Admission of new Partner
6. Retirement of Partner
7. Death of any Partner
8. Borrowings of LLP
9. Salary or Remuneration of Partners

Term of the Agreement
1. Essential Clauses In LLP Agreement
2. Competitive Clause
3. Vesting Clause
4. Interest on Capital and mortgage taken via Partners or the restriction of loan
5. Liability of LLP for the acts of Partners
6. Addendum/Amendment in LLP Agreement

Conversion of Partnership Firm into LLP

Partnership association that is inclined to get transformed in to Limited Liability Partnership can without difficulty convert by means of making use of Form 17 i.e. Application and Statement for the conversion of a company in to LLP alongside with Form two i.e. Incorporation file and Subscriber’s statement.

Conversion of Private/Unlisted Public Company into LLP

Any Private or Public Unlisted enterprise that is inclined to get transformed in Limited Liability Partnership can be transformed through making use of via Form 18 i.e. Application and Statement for the conversion of Private Company/unlisted Public Company into LLP. Form 18 wishes to be filed alongside
with Form two i.e. Incorporation file and Subscriber’s document.

Winding Up of LLP

a. Partner decides at the same time or with all the companions for the voluntary winding of LLP
b. By Tribunal

Conclusion

The notion of LLP is a mixture of Partnership which is advisable for each small and medium dimension firms. Each companion is accountable for his personal deeds or negligence. As additionally it is termed asan “alternative company commercial enterprise vehicle” as the functioning is identical as any different well-known partnership however it comes with a one-of-a-kind provision of the restrained legal responsibility rule.

Frequently Asked Questions (FAQs)

Yes, in the Public Procurement Order 2012 service industries are at par  with the manufacturing industry.

Investment in Plant & Machinery or equipment does not exceed one  crore rupees and turnover does not exceed five crore rupees. 

The Buying Agency can verify the GP Enlistment Certificate either from  NSIC website www.nsic.co.in OR www.nsicspronline.com 

SPRS Enlistment Certificate is valid for Two Years from the date of issue. 

NSIC do not register the traders. 

MSEs engaged in manufacturing of Ayurveda, Siddha, Unani &  Homeopathy (ASU&H) Drugs will be considered for enlistment under Single Point  Registration Scheme. 

Yes. NSIC issues Provisional Enlistment Certificate to those MSEs under  SPRS who have started the production but not having the audited Balance sheet for  the last one year.

In the year 2006 

Investment in Plant & Machinery or equipment does not exceed ten crore  rupees and turnover does not exceed fifty crore rupees. 

Packages

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5999 Monthly
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9999 Monthly
  • FSSAI Registration
  • ISO 22000
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12999 Monthly
  • FSSAI Registration
  • ISO 22000 + IAF

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Startup Registration

Private Limited Company or LLP is most popular and structured way to register your startup in India. Most of venture capital, angel investor and incubators like to invest in Private Limited Company or LLP besides of unstructured entity like partnership firm, sole proprietor. Lunis Associates helps you to get register your startup as Private Limited Company or LLP at very affordable price.

MSME/Udyam Registration

To get various benefits given by the government of India, entities need to get register under MSME/ Udyam Registration. Udyam Registration is 12-digit unique identification number provided by the Ministry of Mirco, Small and Medium Enterprises. The main objective of MSME/Udyam Registration is to promote and to safeguard interest of micro, small & medium enterprises.

FSSAI Registration

In India, FSSAI registration is mandatory to operate manufacturing, processing, storage, packaging, distribution, and sale of food products. FSSAI stands for Foods Safety and Standards Authority of India. Entities can apply for Basis Registration, State License & Central License depending upon size of your business. Having FSSAI Registration allows a business to enhance and improve your credibility. At Lunis Associates, our expert will guide you for registration.

Government Compliance

For smooth functioning, every entity needs to comply with various government rules and regulations. In case of non-compliance, entity have to pay heavy penalties in Income Tax, GST, MCA, etc. Lunis Associates help you to comply each and every rules and regulations.

Accounting

Maintaining up-to-date books of account is a biggest problem for early start-ups/businesses and it also eats productive time. Hiring professionals for accounting and bookkeeping also burn the liquidity of start-ups. In this situation, outsource accounting is best option for start-ups or SME’s. Outsourcing accounting and finance will eliminate the need to hire in-house professional staff, save productive time and money.

ISO Certification

In this highly competitive marketplace and to get tenders from government or large organizations, entities require International Organization for Standardization (ISO) Certificate. It increases your entity’s credibility and brings customer trust. Lunis Associates helps you to find right standards for your entity. Information Technology entity need ISO 27001, Medical device entity needs ISO 13485, Food related entity needs ISO 22000. Lunis Associates provide you various type of ISO standards like ISO 9001, ISO 14001, ISO 45001, ORGANIC, OHSAS 18001, HALAL, CE Marking, etc.  at affordable price.

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