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LLP Registration in Kolkata

People prefer LLP Registration in Kolkata to forming a Private Limited Company for a variety of reasons. Limited Liability Partnerships (LLPs) are more accessible to form and more flexible than other types of businesses. Entrepreneurs prefer LLPs since the creation process is simple and the day-to-day operations are simple.

 

What are the benefits of forming an LLP in Kolkata?

Low Cost of Registration: The cost of forming an LLP in Kolkata is less than that of creating a Private Limited Company or a Public Limited Company. LLP registration can be done quickly and easily online at SattvaCFO.

No minimum capital required: LLP registration in Kolkata can be done with the smallest amount of money available. There is no minimum capital requirement for creating an LLP.

There is no upper restriction on the number of partners in an LLP: An LLP requires a minimum of two partners, but there is no higher limit on the number of partners in an LLP. However, in other formations, such as the Privat Limited Company, there are restrictions on members exceeding 200.

The compulsory audit is not required: Regardless of their share capital, a Public or Private Limited Company is required to have their accounts audited. However, there is no such need for LLPs, and this is considered one of the most essential compliances that benefit the LLP creation. Only in two instances could a limited liability partnership’s account be audited.

When an LLP’s contribution exceeds Rs.25 lakhs or the LLP’s yearly turnover exceeds Rs.40 lakhs.

Taxation: LLPs are responsible for paying income tax, although the Partner’s share is exempt from taxation. As a result, no dividend distribution tax is due (DDT).

 

What are the LLPs’ post-incorporation obligations?

 

We assist LLPs in managing their compliances in addition to LLP registration in Kolkata.

 

The ITR 5 is required to be filed by LLPs registered in Kolkata. The Digital Signature Certificate can be used to file Form ITR 5 online.

MCA annual return: LLPs must file the LLP form 11 by the 30th of May each year. The LLP form 11 contains all of the partners’ details and a summary. Along with this, Form 8 must be filed with the prescribed fees within 30 days of the end of the respective financial year’s six months.

 

FAQ

Can an LLP registered in Kolkata raise funds?

An LLP incorporated in Kolkata cannot raise cash from its partners; only the partners’ capital can be contributed. In addition, the partners’ responsibility is restricted to the amount of capital they provide.

What are the post-incorporation compliances an LLP needs to comply with?

In Kolkata, LLPs must file yearly returns in Form 11 and statements of accounts and solvency and income tax returns.