LLP Registration In Patiala
Due to several reasons, people opt for LLP Registration in Patiala over the incorporation of a Private Limited Company. Limited Liability Partnerships are easier to set up and they are more flexible as compared to other forms of business. Entrepreneurs prefer registering LLPs as the formation is hassle-free and the day-to-day operations are easy.
What are the benefits of Registering LLP in Patiala?
Low Registration Cost: The cost of registering an LLP in Patiala is comparatively lower than the cost of registering a Private Limited Company or a Public Limited Company. At IndiaFilinhs LLP registration can be done easily online at just Rs.7899.
No minimum capital requirement: LLP registration in Patiala can be done with the least possible capital there is no minimum requirement of the capital for incorporating an LLP.
No limits on the owner of the business: An LLP requires a minimum of 2 partners but there is no such upper limit non the maximum number of partners. But in other entities like the Privat Limited Company, there are restrictions on the limit the number of members by 200.
No requirement of compulsory audit: Irrespective of their share capital the Public or a Private Limited Company is expected to get the account audited. But in the case of the LLPs, there is no minimum requirement as such and this is considered to be one of the significant compliances that is benefitting the LLP formation. A limited liability partnership is supposed to get the account audited only in two cases
When the contribution of the LLPs is exceeding over Rs.25 lakhs or When the annual turnover of the LLP is exceeding over Rs.40 lakhs.
Taxation: The LLPs are liable for the payment of Income-tax and the share of the Partner is not liable to taxation. Thus no dividend distribution tax is payable (DDT).
What are the post-incorporation compliances for the LLPs?
Along with LLP registration in Patiala, we also help the LLPs to manage the compliances of the LLPs.
Income Tax Return: LLPs registered in Patiala are required to file the ITR 5. Form ITR 5 can be filed online through IndiaFilings using the Digital Signature Certificate.
MCA annual return: The LLPs are required to file the LLP form 11 due on the 30th of May each year, LLP form 11 contains all the details and the summary of the partners. Along with this form 8 is also to be filed within 30 days from the end of the 6 months of the respective financial year with the prescribed fees. Hence, LLP form 8 is filed before the 30th of October of each financial year.
We at IndiaFilings help people in obtaining LLP registration in Patiala, all you need to do is get in touch with our experts today or visit www.indiafilings.com.