PRIVATE LIMITED COMPANY AND LLP

Limited liability Partnerships are growing in number since their introduction in 2008, because the LLP offers nearly all the benefits of a private limited company  with none of the downside of a partnership firm. Both Private limited Company and LLP  are similar with some differences in the documents and forms being  filed for incorporation.
Private limited company
DSC- Obtaining Digital Signature Certificate for the proposed Directors
DIN - Obtaining Director Identification  Number for the Proposed Directors
Obtaining name from  Approval from MCA
Filing for Incorporation
Limited Liability Partnerships
DSC – Obtaining  Digital Signature Certificate for the proposed Partners
DPIN – Obtaining  Designated Partner identification Number for the proposed Partners.
Obtaining Name approval from MCA
Filing for incorporation

Both are registered  with the Ministry of Corporate Affairs and are issued a certificate of incorporation. The processing time taking  for incorporation  average about 20 days. A private limited company costs at least Rs. 15,000 to start. But once this is done , you need to shell out at least Rs.15000 a year to comply with the MCA’s rules and regulations. An LLP is much cheaper. It costs just around Rs.11,000 to register and around Rs.4000 to comply with MCA regulations. Also the number of documents that have to be printed on Non Judicial Stamp Paper and Notarized is less for LLP than private limited company registration. In LLP if the annual turn over is less than 40 lakhs and the capital contribution is less than 25 lakhs then no need to be audited.

In LLP Partners hold ownership of the LLP and also hold powers to mange LLP. But  the ownership of a private limited company is determined by its share holding and the shareholder  do not directly  participated in the management of the company, there is a clear distinction in a private limited company between the owners of share and the management.

The penalty for non –compliance o late filing of documents  with MCA are higher for LLP and also 100 per day is levied when the non –compliance continues with no cap the liability. So LLP should be aware of the due dates and file the required documents with the registrar on time.

         Private limited company offers its promoters a better image than that of LLP. LLPs are not as recognized in India as a private limited company, since it is a relatively new concept.

This article is about Limited Liability Partnership Registration and Limited Liability Partnership For More information Please visit here : https://efilingportal.in/

Now Register your LLP in the easiest way ever!

One of the most recent types of business in our country, Limited Liability Partnership (LLP) is gaining reputation with time. The main reason behind its lovability is its being a commercial business which offers twin advantages, both the benefits of a company and flexibility of a partnership firm. Another reason which makes it popular is that it is considerably cheaper to start and maintain. There are several other benefits of LLPs like:

• On the subject of the number of partners in a LLP, the only specification is that it requires minimum 2 partners, no limit on maximum partners.
• As for the minimum capital requirements, no limit is set and a partner may contribute in terms of tangible, intangible, movable or immovable property or in the form of any other benefits to the LLP.
• The cost of getting a LLP registered is considerably lower as compared to that of incorporating a private limited company.
• A Limited Liability Partnership is required to get the audit done only if its contributions exceed Rs. 25 Lakhs, or if it’s annual turnover exceeds Rs. 40 Lakhs.
• Though the LLP or the firm has to pay income tax, the share of the partners in LLP does not come under taxation i.e., no tax is payable by the partner and thus the partners have an easy access to the profits.

In order to get a Limited Liability Partnership registered in India a few documents and certificates are to be obtained and certain steps are to be followed. Those are as follows:

• Digital Signature Certificate is required as it is essential for obtaining the Designated Partner Identification Number(DPIN).
• Designated Partner Identification Number. DPIN is further used with Director Identification Number (DIN) in the incorporation of a company.
  

• For getting the name of your company approved, you will have to file an application at the Ministry of Corporate Affairs.
• After getting the name approved, the Partners of the LLP can give in an application for incorporation of LLP to the Ministry of Corporate affairs, along with the mandatory documents.
• Further, the LLP Agreement has to be signed and filed by the Partners within 30 days of the incorporation of their LLP. If not done so, you may have to pay a huge amount of fine.

All the legal formalities involved in this process are undoubtedly tedious and require a lot of time and energy. It is not an easy task to get into all the complexities of legal matters as the risk of making a mistake and then paying high fines always stands. However, not everybody has to go through the stressful process as the eFilingportal.in has now made it possible for future businessmen anywhere in India to register their LLP online, sitting at their home.

So all those who want to enjoy the process of turning their dream business into reality can contact us at www.eFilingPortal.in to avail our exclusive facilities.

This article is about Limited Liability Partnership Registration  and Limited Liability Partnership For More information Please visit here : https://efilingportal.in/

Registering your Private Limited Company was never this easy before

In the dynamic Indian business set-up Private Limited Company has always been a well accepted and admired business type. It is special because it extends limited liability on its shareholders and also offers greater amount of flexibility while expanding, making way for easier access to bank loans and private equity. These features make it less complex and burdensome for entrepreneurs.

However, one thing often obstructs the way of our potential entrepreneurs. Those interested in setting up a private limited company in India are required to go through a lot of legal procedures. It may prove confusing and tedious to many as one needs to obtain DIN (Director Identification Number), Digital Signature Certificate, get the Company name approved for filing the registration application. Subscribing the Private Limited Company and filling forms for Declaration, Details of Directors and Details of Registered Office of the company can also be a tiresome and dreadful process. For this reason a lot of potential entrepreneurs hesitate in taking their initial steps.

As a step towards extending a helping hand to all our potential business leaders’ the eFilingportal.in has introduced its online services all over India, along with operating through offices in Gurgaon and Bengaluru. The portal intends to make the business making process easier and simpler for entrepreneurs by providing assistance in setting up the businesses and managing them.
With eFilingportal.in it has now become possible for future businessmen anywhere in India to register their company online, sitting at your home. This facility takes away all the complicated paper work and twisted legal formalities. All you need to do is provide the required details and documents to the portal and relax. The process of turning your dream into reality will be taken care of by the portal.

Also, the portal not only has good news for people interested in establishing a Private Limited Company. Through the portal one can get various kinds of companies registered like Limited Company, OPC Private Limited Company, Limited Liability Partnership, Partnership Firm, Proprietorship Business and avail services like Service Tax Registration, TIN VAT CST Registration, Import Export Code Registration etc.

If you wish to set up your dream business or would like to avail any other service, you are welcome to contact us at www.eFilingportal.in. We also have our offices in Gurgaon and Bengaluru now.  Send in your details without any delay to begin the journey towards your dream today!   

This article is about Private Limited Company Registration and Limited Liability Partnership for more information Please visit our website:https://efilingportal.in

Why should you choose Limited Liability Partnership over Private limited Company

Private Limited Company is a very deep rooted and well-liked business type in India. It is also relied upon since a very long time. However this article talks about one of the newest business forms, the Limited Liability Partnership (LLP).
It is a commercial business, offering dual advantages, the benefits of a company and flexibility of a partnership firm, such as limited liability, advantages in taxes, and is also considerably cheaper to begin and sustain.
So if you are still confused over your choice of business, you are at the right place.
In this article we bring to you the benefits of LLP over private limited company from the Grass Root level:

1. Number of owners.

A private limited company restricts the maximum number of directors to 200, while the only specification in a LLP is that it requires minimum 2 designated partners.
There is no limit on maximum designated partners.

2. Contribution.

Contrasting the norms of a company the LLPs have no minimum capital requirements.
An LLP is this easy to form.
Adding to the amazement is that the contribution of a partner may be in terms of tangible, intangible, movable or immovable property or in the form of any other benefits to the LLP.

3. Lower cost of Formation

The cost of registering LLP is significantly lower as compared to that of incorporating a private limited company.
At the initial stage of business, it is not always possible to have large amount of money.
Thus the LLPs keep their registration cost as low as possible to make it convenient for the budding entrepreneurs.

4. No requirement of compulsory Audit

Getting the accounts audited is a major and mandatory practice in all the companies be it public or private company.
However, the case is not so with LLP.
A Limited Liability Partnership is required to get the audit done only if its contributions exceed Rs. 25 Lakhs, or if it’s annual turnover exceeds Rs. 40 Lakhs.

5. Taxation Aspect on LLP

LLPs and Partnership firms sail in the same boat in the case of income tax.
Thus, LLP has to pay income tax, though the share of the partners in LLP is not liable to tax.
Which means, in case of a company, if the directors withdraw the profits, an added tax in the form of DDT is payable by company.
However, no such tax is payable in the case of LLP and thus the partners have an easy access to the profits.
Also the provision of 'deemed dividend' under income tax law, is not applicable to LLP.
If you have any doubts or question after reading the article, feel free to contact us at eFilingPortal.inYour service is our motive.

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For more Details visit here : Limited Liability Partnership