LLP is taxed @ 30 % on profit. No slab benefit available.
In traditional firm, liability of partners is unlimited. But In LLP, liability of partners is limited.
Any property may be purchased in name of LLP but not in case of traditional partnership.
Registration of LLP is compulsory whereas registration of partnership firm is optional.
Minimum 2 Designated Partners are required to form an LLP. They can be even family members or relatives or friends. But partners should not be minors.
Every LLP should have at least 2 designated partners. Both should be individuals. One Designated partner can
be foreigner but not both. In case, LLP has 2 body corporates as partners then in that case, either partners
of LLP or nominee of body corporate can become designated partners.
Yes, provided the other designated partner is resident in India.
No limit. Can be started with even Rs 10,000
Firstly, Apply for Digital signature of all Partners, Secondly apply for DIN of all Partners
Thirdly apply for name approval/reservation, then file MOA, AOA and apply for incorporation. Finally get the
certificate of LLP Registration India.
You need to apply for PAN and TAN no. of LLP, thereafter open current account in bank and deposit paid up share capital
money
Normally, LLP has to do following compliances:
Accounting or Book keeping [On daily basis]
GST returns to be filed online monthly
TDS returns of Salary paid and vendor payment is to be filed quarterly, if applicable
Tax audit has to be done by CA and audit report needs to be collected in case annual turnover is more than Rs. 1 crore in case of trading
business or Rs 50 lakh in case of professional business.
Balance sheet and Profit and Loss account and other financials need to be prepared and maintained.
Income tax return of LLP needs to be filed online annually before 30th September
ROC returns (approx. 2 in nos.) needs to be filed annually
Other need based compliances
Advance tax needs to be paid periodically
Yes, you need to file NIL returns, prepare balance sheet and profit and loss account even in case of none or less transactions