LLP Registration in Coimbatore
LLP can be expanded as Limited Liability Partnership. LLP is a flexible, legal and tax entity. The partners can get benefit from economies of scale by working together. LLP registration in Coimbatore is important since it reduces the liability of the partners. We Smart Auditor have been nominated as the best consultant in the city which takes care of the LLP registration in a fine manner. Our reputed firm has extended its services in various places of Coimbatore like Townhall, Sowripalayam, Vilankurichi, Selvapuram, Thondamuthur and KK pudhur. Limited Liability states that if the partnership fails, the creditors do not go behind the personal assets of the partners. An important advantage of LLP is the addition of partners and the partners can be let out easily. There exists partnership agreement in LLP structure and the LLP is flown through the entity. Flow through entity denotes that the partners receive untaxed profit and pay the taxes themselves. The company in the form of LLP exists in various countries.
LLP registration in Coimbatore is done under the Limited Liability Partnership Act 2008. The LLP structure is always a hybrid between company and partnership into single form of the organization. It uses the professional knowledge and the skills that combine and operate in an innovative manner. The LLP is a body corporate that has perpetual succession and the LLP can own the asset in its name and can sue. The LLP requires minimum two partners and there is no limit. The partners can manage the business directly. The duties of the partners can be governed by the agreement between the partners. The LLP shall maintain annual accounts. A statement of account and solvency shall be filed by the LLP with Registrar of Companies (ROC). The LLP has no concept of the share capital, but the partners can contribute to the LLP as per the agreement. The LLP registration in Coimbatore is important since it raises the credibility of the business in our “Manchester of South India- Coimbatore”.
Documents required for LLP Registration
- Recent passport size photographs of all the partners
- PAN of the partners
- Identity proof of each partner (Aadhar card or passport)
- Address proof of all the partners (Bank statement, Passbook, electricity bill)
- Address proof of the office (electricity bill, rent agreement)
- Stamp paper for the LLP agreement
Benefits of LLP Registration
The LLP registration in Coimbatore has various advantages. They are
- It is a separate legal entity
- There is no audit requirement
- Transferability of the ownership
- There is no dividend tax
- There is only limited regulatory compliance.