Yes, Legally Permissible • LLP is a separate legal entity and can hold assets in its name • It can own movable and immovable property including land, vehicles, and shares • Ownership is independent of the individual partners’ personal names • Assets held by LLP are...
Legally Permissible • LLPs are legally allowed to engage in export-related activities • No restriction in the LLP Act, 2008 against doing international trade • LLP can be formed with export as its primary business objective • Activities must be lawful and declared in...
Mandatory Appointment Rule • Every LLP must have at least two designated partners at all times • At least one designated partner must be a resident in India • Designated partners are responsible for all legal and compliance duties • Failure to maintain this minimum is...
Separate Legal Framework • LLPs are governed by the Limited Liability Partnership Act, 2008 • The Companies Act, 2013 does not directly regulate LLPs • LLP Act is designed specifically for flexible business partnerships • Only certain procedural elements are inspired...
Based on Contribution Slab • LLPs with contribution up to ₹1 lakh pay ₹50 per form • Contribution between ₹1 lakh to ₹5 lakhs attracts ₹100 • For ₹5 lakhs to ₹10 lakhs the fee is ₹150 per form • Between ₹10 lakhs and ₹25 lakhs the fee is ₹200 • Above ₹25 lakhs...
No Minimum Turnover Required • LLP registration does not require any minimum turnover • It can be formed even without immediate business operations • Suitable for startups, professionals, and new ventures • Turnover is not a condition for incorporation approval • MCA...
Yes, Legally Permitted • LLP is a separate legal entity from its partners • Partners are agents of the LLP as per Section 26 of the LLP Act • They can enter into contracts binding the LLP within their authority • Such contracts must be for lawful business purposes of...
Yes, Permitted Under Law • LLPs are allowed to file belated returns under the LLP Act 2008 • Belated filing is possible for both Form 8 and Form 11 • Returns can be filed any time after the due date • Filing must be done through the MCA portal using valid credentials...
Applicability and Purpose • Internal audit is not mandatory under LLP Act by default • Required if mentioned in LLP agreement or partner resolution • Ensures financial transparency and internal control checks • Helps detect irregularities and improves operational...
Revival Possibility Under Law • Yes LLP can be revived after strike-off or dissolution • Revival is possible if done within prescribed legal time frame • Can apply under Rule 37 of LLP Rules 2009 to restore name • Dissolution due to non-filing can be reversed with...