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accounting
LLP REGISTRATION
An LLP (Limited Liability Partnership) is a hybrid business structure that combines the advantages of a company and a partnership. In an LLP, partners have limited liability, and it allows the partners to manage the business directly.
Partners’ liabilities are limited to their contribution in the LLP. An LLP is a separate legal entity from its partners.
It provides the flexibility of a partnership while offering the benefits of limited liability.
An LLP does not require a minimum capital investment for registration.
Any two individuals or entities can form an LLP. There is no upper limit to the number of partners.
The partners must be natural persons (individuals) and one of them must be a resident of India. A company or body corporate can also be a partner in an LLP.
P Square Accounts
Types of LLP Registration
India has a Dual GST Model. Under this tax maybe levied simultaneously by both Central and State governments on certain taxable supplies. Such as on inter-state supplies, tax is levied by Central Government.
| Features | Central GST – CGST | State GST – SGST | Integrated GST – IGST |
|---|---|---|---|
| Tax Levied By | Central Government on Intra-State supplies of Goods and/or Services | State Government, on Intra-State supplies | Central Government, on Inter-State supplies |
| Applicability | Supplies inside a state | Supplies inside a state | Interstate supplies and import |
| Input Tax Credit | Against CGST and IGST | Against SGST and IGST | Against CGST, SGST, and IGST |
| Tax Revenue Sharing | Central Government | State Government | Shared between State and Central governments |
| Free Supplies | Applicable | Applicable | Applicable |
Who Must Get LLP Registration
All businesses involved in buying or selling goods or providing services, or both, should register for GST. But for below-listed persons, GST Registration is compulsory.
- Previous Law Converted Taxpayer – All individuals or companies registered under the Pre-GST tax laws like Service Tax or Excise or VAT, etc.
- Turnover for Goods Provider – If your sales or turnover of goods is crossing Rs. 40 lakh in a year then GST Registration is mandatory. For the Special Category Status, the limit is Rs. 20 lakh in a year.
- Turnover for Service Provider – If you are a service provider & sales or turnover is crossing Rs. 20 lakh in a year then GST Registration is mandatory. For the Special Category Status, the limit is Rs. 10 lakh in a year
- Casual Taxpayer – If you supply goods or services, in events/exhibitions, and not have a permanent place of doing business. In such cases, GST is charged based on an estimated turnover of 90 days. The validity of the Registration is also 90 days.
- Agents of Suppliers or Input Service Distributor (ISD) – All supplier agents and ISD, to earn benefits of Input Tax Credit, need GST Registration.
- NRI Taxable Person – If you are an NRI or handling the business of NRI in India.
- Reverse Charge Mechanism (RCM) – Businesses who need to pay taxes under the RCM also need to be GST registered.
- E-Commerce Portals & Sellers – Every e-commerce portal (such as Amazon or Flipkart) under which multiple vendors are selling their products. Or for all vendors. You need a GST Registration.
LLP Registration Process on Government Portal
To register for GST on the Government site, you need to follow the below steps. Cautiously & Accurately.
- Go to the Government GST Portal and look for Registration Tab.
- Fill PAN No., Mobile No., E-mail ID and State in Part-A of Form GST REG-01 of GST Registration.
- You will receive a temporary reference number on your Mobile and via E-mail after OTP verification.
- You will then need to fill Part-B of Form GST REG-01. To be duly signed (by DSC or EVC) and upload the required documents specified according to the business type.
- An acknowledgment will be generated in Form GST REG-02.
- In case any information is pending from your side. It will be sought from you by intimating you in Form GST REG-03. for this, you may be required to visit the department and clarify or produce the documents within 7 working days in Form GST REG-04.
- The office may also reject your application if they find any errors. You will be informed about this in Form GST REG-05.
- Finally, a certificate of registration in Finally, a certificate of registration will be issued to you by the department after verification and approval in Form GST REG-06.
Procedure for
llp Registration through P Square
Represents file uploading to the cloud.
Represents an invoice or document related to taxes.
Represents confirmation or task completion.
Represents a checklist, often used for task completion.
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What is included in our Package
LLP Structure
Liability
Registration Process
Taxation
Compliance & Filings
About
What is LLP Registration?
The information about bookkeeping you’ve provided outlines its importance for businesses, and it ties in well with LLP registration because maintaining proper accounts is a legal requirement for LLPs. Definition: Bookkeeping involves recording all financial transactions of a business systematically. Purpose: Helps businesses track income, expenses, taxes, and overall financial health. It aids in analyzing performance and cutting costs.
Why should you
Maintain Books of Accounts?
Both bookkeeping and LLP registration are crucial for the financial health and legal compliance of a business.
For LLPs, maintaining books of accounts is not just recommended but required by law, ensuring transparency and simplifying tax filings.
Below is a detailed
Frequently Asked Questions
LLP stands for Limited Liability Partnership, which is a business structure where the partners have limited liability, protecting their personal assets from the business’s debts. It combines features of a partnership and a corporation.
Limited Liability Protection: Partners’ personal assets are not at risk.
Flexible Management: LLPs offer flexible internal management as there is no requirement for a board of directors.
Less Compliance: Compared to a private limited company, an LLP has less strict compliance and regulatory requirements.
Minimum of Two Partners: You need at least two partners to form an LLP.
Individuals or Companies as Partners: Partners can be individuals or other companies.
No Maximum Limit: There is no limit on the maximum number of partners in an LLP.
Identity Proof (e.g., Aadhar card, passport) of all partners.
Address Proof of the registered office (e.g., utility bill, rent agreement).
Obtain Digital Signature Certificate (DSC).
Obtain Director Identification Number (DIN) for the designated partners.
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