Register my LLP (Limited Liability Partnership)

Business Compliances
17

Hey @Nandana

Annual return of LLP is to be filed in e-Form 11. Fill in the details regarding LLP and Designated Partners like their contribution, etc. Details of LLP and or company in which Partner/Designated Partner are a Director/Partner is mandatory to attach with the form.

Hope this helps!

18

Hey Aishwarya,

I have a question regarding two things with LLP FORM 11

  1. I have recently incorporated my LLP on 07-11-2020, What should be the START OF FINANCIAL YEAR DATE in the 2. Option?
  2. What should be the mandatory Attachment to be attached with the Form 11, if the partners in the LLP DOES NOT have any other directorship or interest in any of the LLP or Company.
19

Hey @Ujvin_Nevatia

  1. As per LLP Act, Financial Year means the period starting 1st of April and ending 31st March of the following year. However, since your LLP has been incorporated after 1st April, your financial year will start from the date of incorporation, i.e., 07/11/2020.

  2. Details of Designated Partners is a mandatory attachment for Form-11 even if the Designated Partners are not Directors/ Designated Partners in any other entity. You can mention “NIL” in the field where you are supposed to mention the name of LLP/Company against the DPIN or each Designated Partner.

You can download the format of details of designated partners here

Hope this helps!

20

What is meaning of the field: Total contribution received by all the partners?
Is it the profit received from the firm or the capital contribution by the partners?

21

Hey @SlickNick

The field ‘Total contribution received by all the partners’ indicates the capital contribution brought in by the partners of the LLP and not the profit.

Hope this helps!

22

Yes, thank you for your prompt reply

23

I have a query, what are the details required of partners who are also directors of companies abroad

24

Hey @farheen_feroz

The documents required of the designated partners of the proposed LLP do not change even if they are a director in a foreign company. Hence, the documents required are as under:

  1. Self attested copy of PAN and Aadhaar card
  2. Self-attested copy of proof of identity and proof of residential address
  3. Consent to act a partner of LLP in Form-9
  4. Passport-sized photograph
  5. Other basic details like email ID, mobile number, educational qualification, etc.

You can learn more about the details required to file the forms here

Hope this helps!

25

Whether it is mandatory to attach Balance Sheet and Profit and Loss if LLP does not cross 40 lakh and 25 lakh limits?

26

Hello @Heer_Mandaliya

It is only mandatory to attach a disclosure under Micro, Small and Medium Enterprises Development Act, 2006 and in case the contingent liabilities exist, Statement of contingent liabilities is to be attached.

Any LLP, whose turnover does not exceed, in any financial year, forty lakh rupees, or whose contribution does not exceed twenty five lakh rupees, is not required to get its accounts audited.

You can read more about LLP Form 8: Statement of Account & Solvency here

You can also read about procedure to file LLP Form 8 here

Hope this helps!

27

Can I incorporate a new LLP just for the purpose of proprietary trading in listed securities (stocks, derivatives, currency, commodity, bonds, mf etc.) using own funds of only 2 designated partners with no external funding or money raising?

I will be doing prop trading by opening account with broker and not as alpha member.

If yes, what will be its business activity and code to be mentioned during the filing of incorporation form?

@TeamQuicko

28

It would be of much help if someone from @TeamQuicko could provide some info regarding this. I have tried many places but most local CA don’t have any idea regarding this. And many other forums are also of no help as I got no clear info.

@TeamQuicko @Nireka

29

@Aishwarya_Shah @Kaushal_Soni @Saad_C can you help with this?

30

Hello there!

We are 3 members planning to form a business. Please guide how shall we begin? Registering with LLP or Partnership firm? Initially starting with 10 Lakhs.

Big question is, let’s say, profits earned around 9 lakhs per annul. How Income tax levied ? 30% on total profits earned through company.

Or 9 lakhs divided to 3 partners which is 3 lakhs on each partner? How tax division works?

31

@Anar_Desai, can you take a look into this.

32

Hey @shashidhar_redd ,

There are some basic differences between LLP and Partnership Firm. LLP has separate legal entity whereas a partnership firm has no separate legal status apart from his partners. The LLP is required to maintain and audit books of accounts if turnover and capital contribution overreaches 40 lakhs and 25 lakhs respectively under the LLP Act. You may read more about it here.

Further, Income Tax at a flat rate of 30% is levied on Partnership Firms and LLP’s. The share of the partners in the total income of the firm is exempt in the hands of the partners. Losses of the firm are carried forward and not allowed to be allocated to the partners.

So, if 9 lakhs are earned, then the entity will pay the tax and then the amount will be distributed among partners.

LLPs cannot claim benefit of 44AD by using presumptive taxation. Partnership Firms can claim this benefit.

Hope it helps.

2 Likes
33

Hi,
I’m partner in LLP . I need to provide details about LLP under “Schedule IF”. How do I do that in Quicko?

34

Hey, currently we do not support income from LLP on our platform. However, it is in our pipeline and we will keep you posted regarding the same

35

Ah… ok. how can I complete my return filling process then? Can you help me on this?

36

Hey, you can prepare your ITR on Quicko and download the JSON. You can then make changes to it through utility. Hope this helps