What Is an LLP? LLPs combine the benefits of a limited liability company and the flexibility of a partnership to create a hybrid corporate structure. They are able to continue even if the partners leave. In addition to entering contracts and owning property, an LLP can manage its operations.
Due to the fact that it is a separate legal entity, its assets are fully liable and the partners are only liable for their agreed contribution to the LLP. Additionally, no partner is responsible for the independent or unapproved activity of other partners, so partners are not held liable for the illegal business decisions or misbehavior of other partners.
LLPs are excellent vehicles for seeking venture capital investment because of their flexibility in structure and operation.
What is GST Registration?
Each point of sale is subject to GST, which is a multi-stage tax. It has replaced a number of indirect taxes, including service tax, value-added tax, central sales tax, excise duty, and extra customs duty. By virtue of the Goods and Services Act, which went into effect on July 1, 2017, GST was implemented.
Despite the fact that not all firms are expected to participate, there are several advantages to doing so. Those firms whose annual turnover exceeds a certain threshold must register.
LLPs with yearly revenue of more than ₹20 lakhs were initially required to register as taxable entities under the GST Act. LLPs that deal in goods have been able to transact up to ₹40 lakhs as of April 1, 2019. LLPs providing services in India, however, must maintain a threshold of 20 lakhs.
|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 –
Is your LLP GST compliant? How can Vakilsearch help?
- In order to determine your LLP’s GST obligations, contact Vakilsearch’s GST consultants.
- We will also ensure that your paperwork and documentation are in order, so you can enroll for GST without any hassles.
- You will be guided through the GST registration procedure by one of our legal experts who will complete it on the LLP’s behalf, granting you a fast and easy ARN and GSTIN for your LLP.
- Throughout the registration process, the Vakilsearch team will assist in managing any compliance or physical verification issues that may arise.