LLP CONSULTANCY


Limited Liability Partnership is an organization which possess the attributes of both Partnership firms and a Limited Company. The members share limited liability to a corporation. However, there is a provision for at least one member with limitless liability. The designated LLP members share right to manage and maintain internal and external business affairs abiding by LLP agreements. In this organization every member share individual responsibilities and one is not responsible for the other person’s misconduct or negligence.

DIFFERENCE BETWEEN LLP, COMPANY AND PARTNERSHIP

   CompanyParnership FirmLLP
REGISTRATION Compulsory registration required with the ROC.   Certificate of Incorporation is conclusive evidence. Not compulsory. Unregistered   Partnership Firm will not have the   ability to sue. Compulsory registration required with the ROC
NAME Name of a public company to end with the word   “limited” and a private company with the words   “private limited”
 No guidelines. Name to end with “LLP” Limited Liability   Partnership”
CAPITAL CONTRIBUTION Private company should have a minimum paid up   capital of Rs. 1 lakh and Rs.5 lakhs for a public   company Not specified Not specified
LEGAL ENTITY STATUS is a separate legal entity Not a separate legal entity is a separate legal entity
LIABILITY Limited to the extent of unpaid capital. Unlimited, can extend to the   personal assets of the partners Limited to the extent of the contribution to the LLP.
NO. OF SHAREHOLDERS / PARTNERS Minimum of 2. In a private company, maximum of   50 shareholders 2-20 partners Minimum of 2. No Maximum
FOREIGN NATIONAL AS   SHAREHOLDER / PARTNER Foreign nationals can be shareholders Foreign nationals cannot form   partnership Foreign nationals can be partners
TAXABILITY The income is taxed at 30% + surcharges+cess The income is taxed at 30% + surcharges+cess Not yet notified
MEETINGS Quarterly Board of Directors meeting, annual   shareholding meeting is mandatory Not Required Not Required
ANNUAL RETURN  Annual Accounts and Annual Return to Filed with   ROC No Returns to be filed with   Registrar of Firms Annual statement of accounts and solvency &   Annual Return has to be filed with ROC
AUDIT Compulsory, irrespective of share capital and   turnover Compulsory Required, if the contribution is above Rs. 25 lakhs   or if annual turnover is above Rs. 40 lakhs
HOW DO THE BANKERS VIEW High creditworthiness, due to stringent   compliances and disclosures required Creditworthiness depends on   goodwill and credit worthiness of   the partners  Perception is higher compared to that of a   partnership but lesser than a company
DISSOLUTION Very procedural. Voluntary of by order of National   Company Law Tribunal By agreement of the partners,   insolvency or by Court Order            Less procedural compared to company. Voluntary   of by order of National Company Law Tribunal
WHISTLE BLOWING No such provision No such provision Protection provided to employees and partners   who provide useful information during the   investigation process
 

What Ishtar Traders and Consultants LLP Offers?

We offer consultancy services and are renowned as complete solution provider for LLP services in Delhi/NCR and provide the services under reasonable price and assure the completion of the order within short time period. Our services include:
• Name Reservation
• LLP Agreement Drafting
• Annual Filing
• Induction of New Partners and the modifications
• Conversion of firms/LLPs
• Conversion of LLP to company (under Part IX of the Companies Act,1956)
Reconstruction, Compromise and Agreement of Limited Liability Partnerships
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