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The Limited Liability Partnership (LLP) Agreement is the charter of the LLP, similar to the Memorandum of Association and Articles of Association for a private limited company. It defines the scope and extent of the LLP's operations as well as the rights, duties, obligations of the partners. It specifies the contibution of each partner, the profit sharing and details of closure of LLP. Altering the agreement is straightforward. All you need to do is pass a resolution approving the revision in the LLP Agreement.
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Few points to make your
Distinct identity from its owners
Artificial independent person
Lesser fund requirement for running the business
Low cost of dissolution
Easy compliance as compared to other setup
Less government intervention
No Dividend Distribution tax
No double taxation
No need of compulsory audit
Audit of not mandatory unless contribution exceeds INR 25 lakh
Annual turnover exceeds INR 40 lakh
Continues to exist until wound up in ROC records
A small procedure for your
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How much stamp duty is required to be paid on LLP Agreement?
The stamp duty applicable for Partnership Agreements under the respective State Stamp Acts is payable on the LLP Agreement on the basis of contribution.
Whether name of LLP can end with words like Limited or Pvt. Limited?
No, name of the LLP shall end with either ‘Limited Liability Partnership’ or ‘LLP’. Word ‘limited’ shall be allowed in name only within ‘Limited Liability Partnership’.
Can LLP give any other address besides its registered office for the purpose of receiving communication from Registrar?
It has been provided in the Act that a document may be served on a LLP or a partner or designated partner by sending it by post or by any other mode (to be prescribed under Rules) at the registered office and any other address specifically declared by the LLP for the purpose in such form and manner as may be prescribed (in the rules). Thus, an LLP shall have option to declare one more address within the jurisdiction of same ROC (other than the registered office) for getting statutory notices/letters etc. from Registrar.
How can a person become partner of an LLP?
Persons, who subscribed to the “Incorporation Document” at the time of incorporation of LLP, shall be partners of LLP. Subsequent to incorporation, new partners can be admitted in the LLP as per conditions and requirements of LLP Agreement.
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