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

Limited Liability Partnership is Maharashtra is such form of business where 2 or more people come together to form Partnership for doing a business. Limited Liability Partnership in Maharashtra is also popularly known as LLP and it also enjoy the benefit of separate legal identity which is not available in normal partnership. In this form of business, the liability of Partners is Limited, in other words Partners are liable to pay to the extent of the money they have contributed to start the LLP. Each Partner in LLP is responsible for their own act and cannot be made liable for the misconduct or negligence of other Partner.

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

• Convenient to Form : It is easy to start and register LLP online in Maharashtra and manage a business like entrepreneurs. LLP agreements are customized in according to meet the needs of partners concerned. There is fewer formalities in areas of legal compilation, annual meeting and resolution as compared to any other Private Limited Company.
• No Minimum Capital Requirement : New LLP registration in Maharashtra can done with the minimum amount of capital money. Capital may be in the form of tangible, movable asset like Land, machinery or intangible form.
• No Requirement of Audit : LLP is required to audit their account in the following situation: When the contributions of the LLP exceeds Rs. 25 Lakhs, or When annual turnover of the LLP exceeds Rs. 40 Lakhs
• Less Compliance : LLP have to face less compliance burden as they have to submit only two statements i.e. the Annual Return & Statement of Accounts and Solvency. Whereas in the case of private company, at Least 8 to 10 regulatory formalities and compliances are required to be duly completed

Disadvantages of LLP

• High Income Tax Rate : The income tax rate for a company with a turnover of up to Rs.250 crores is 25%. However, LLPs are taxed at a 30% rate irrespective of the turnover.
• Transfer of Ownership : Transferring the ownership right to someone else is a challenging and a tedious task. The Partners wishing to transfer/her rights will need written consent from all the partners. In case if some Partner raises an objection, the transfer process cannot proceed further.

• 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 for 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 formation process is managed fully online.
• Quick turnaround and affordable pricing
•   Thousands of Happy Customers
• Take advantage of offers like No Cost EMI / Referral Discounts