LLP: What Is It?
LLPs are hybrids of limited liability companies and partnerships. They integrate the advantages of both types of business structures. The LLP can continue even if the partners decide to leave. Even an LLP can own property and enter into contracts on its own behalf.
Due to the fact that it is a separate legal entity with full liability for its assets, partners’ liability can be limited to their agreed contribution to the LLP. Furthermore, no partner is liable for the independent or unapproved behavior of other partners, so partners are not held accountable for illegal business decisions or malfeasance.
In summary, because of its flexibility in structure and operation, an LLP is an excellent vehicle for securing venture capital.
Describe GST registration.
GST is a multi-stage tax imposed at every point of sale. In addition to service tax, value-added tax, central sales tax, excise duty, and extra customs charges, it has replaced a number of other indirect taxes. The Goods and Services Tax was implemented as part of the Goods and Services Act, which went into effect on July 1, 2017.
Although not all firms are expected to participate, there are several benefits to doing so. Those with turnovers exceeding a certain threshold must register, however.
The GST Act initially required LLPs with yearly revenue exceeding ₹20 lakhs to register as taxable entities. LLPs dealing in goods will have their limit raised to ₹40 lakhs as of April 1, 2019. LLPs providing services, however, have a threshold level of ₹20 lakhs.
Minimum Documents Required for the GST Registration and LLP
|Proof of Constitution of Business||Copy of Certificate of Incorporation of LLP|
|Photo of Stakeholder (Promoter / Partner)||Photo of the Partner|
|Photo of the Authorised Signatory||Photo|
|Proof of Appointment of Authorised Signatory (anyone)||
|Proof of Principal Place of business (if self-owned) (anyone)||
|Proof of Principal Place of business (If rented)||
Any one of the following –
Vakilsearch can assist you in GST compliance for your LLP.
- To determine your LLP‘s GST requirements, you should consult Vakilsearch’s GST experts.
- In addition, our GST experts will make sure all of your paperwork and documentation are in order so you can enroll in GST with no hassle.
- We will then walk you through the GST registration process on your LLP’s behalf, allowing you to get your LLP’s ARN and GSTIN as quickly as possible.
- During the registration process, Vakilsearch will also assist with compliance and physical verification issues if they arise.