Looking to form a Limited Liability Partnership (LLP) in Chandigarh?

Limited Liability Partnership in Chandigarh is such type of business, which is formed when 2 or more individuals come together for Partnership for business purposes. Limited Liability Partnership in Chandigarh is also known as LLP, which enjoys the advantage of being recognized as a distinct legal entity, just like Partnership is not recognized. In such type of business, liability of Partners is Limited, which is to say Partners would be liable only for the extent to which they contribute towards the formation of partners. In such type of business, Partners hold liability for their personal act, not for the act of other partners.

Limited Liability Partnership in Chandigarh thereby has the features of both Partnership Firm as well as a Company thereby making it one of the attractive entity option for many businesses.

A Limited Liability Partnership in Chandigarh has 2 types of Partners – Designated Partners and Partners.

• Convenient to Form : It is quite easy to start and register LLP online in Chandigarh, and it is quite easy to manage such business, like entrepreneurs. The partnership deeds of LLP are tailored as per their requirements. There is less formality related to legal compilation, meeting, and resolution in comparison to any other private limited company.
• No Minimum Capital Requirement : In Chandigarh, a new LLP formation could be possible with a minimum amount of capital. The capital could be fixed in the form of tangible or moveable assets such as 'Land' or 'Machines' or could be intangible.
• No Requirement of Audit : Audit of account is to be made compulsory in case LLP if, the contributions of the LLP exceed Rs. 25 Lakhs, or Annual turnover of the LLP exceeds Rs. 40 Lakhs
  
• Less Compliance : An LLP is required to face fewer compliance requirements as they are required to file only two documents i.e. Annual Return & Statement of Accounts and Solvency. Whereas in the case of a private company, at least 8 to 10 regulatory compliances are required to be completed.

Disadvantages of LLP

• High Income Tax Rate : The tax rate on income in a company having a turnover of not exceeding Rs.250 crores is 25%. But in the case of an LLP, the tax rate remains at 30% under all circumstances.
  
• Transfer of Ownership : The transfer of ownership right to another party is a difficult and lengthy process. The Partners who wish to transfer/her rights would require consent from all the partners. If there is an objection from some of the Partners, it will be impossible to continue with the transfer.

• Step 1 : The first step would be to acquire the DSC for the Designated Partners of the LLP.
• Step 2 : The availability for the name of the LLP must be checked, by making an application for the same in RUN-LLP.
• Step 3 : The forms FiLLiP along with DIN application are to be duly filled and submitted while making an online application.
• Step 4 : An application must be made for PAN (Permanent Account Number) and TAN (Tax Deduction Account Number) mandatorily to get the LLP registered. 
• Step 5 : The registrar verifies the documents and if it is satisfactory, the certificate of incorporation (COI) is awarded along with the PAN and TAN.
• Step 6 : Draft LLP Agreement and submit LLP agreement in Form 3 within 30 days of incorporation of LLP.

For Designated Partners

• PAN Mandatory- Indian National / Passport – Foreign National
• Proof of Identity – Voter Id/Passport/Driving License – Any 1
• Proof of Address (Electricity Bill/Bank Statement/Telephone Bill/Mobile Bill not older than 2 months) – Any 1

1. All documents pertaining to Indian National – To be Self Attested
2. All documents of Foreign National – To be self-attested & apostilled

For Registered Office

• Proof of Ownership – Sale Deed / Rent Agreement duly signed copy
• Copy of Utility Bill – Electricity Bill / Telephone Bill / Gas Bill – Any 1

·        Skilled Team of CA, CS, and Lawyers, and On-Call Support

·        Dedicated Relationship Manager

·        Limited Liability Partnership Registration process is managed fully online.

·        Quick turnaround and affordable pricing

·        Thousands of Happy Customers

·        Take advantage of offers like No Cost EMI / Referral Discounts