Complete for Limited Liability Partnership Service Form
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Is it legal for a limited liability partnership (LLP) to raise money in India in the form of donations?Disclaimer : I'm not a lawyerAs long as I know, you can not use an LLP for not-for-profit activity. It has to be for-profit only. Donations generally mean that you are going ahead for not-profit which in this case would make it illegal. Make sure you prove your entity to be a commercial for-profit entity and then do business. For donations I may suggest you form a trust(making the LLP a trustee) to raise donations.You may want to go and talk to a lawyer before you proceed.
Is it legal for a limited liability partnership (LLP) to raise money in India in the form of investments?An LLP is a hybrid business structure which offers the operational flexibility of a partnership vis-à-vis the advantages of limited liability and separate identity of a company. Thus, an LLP is a blend of the advantages of both a general partnership as well as an incorporated company. The compliance requirements of an LLP, although is slightly more than that of a general partnership, is still much less than what is required for an LLC. An LLP is more suited to small businesses that are not looking forward to getting burdened by the tax compliance requirements of a corporation.An LLP, much like a corporation can continue to exist despite the outgo and incoming of any partner. In that, an LLP has perpetual succession like a company. An LLP has a legal entity separate from its partners and is liable to the full extent of its assets. However, unlike a general partnership, any liability of the partnership in case of an LLP cannot signNow its hands to the throats of the partners to any more than the extent to which the partners have agreed to contribute in the LLP. Thus, in case of an LLP, partners have what may be looked upon as some kind of protection, unlike in general partnerships where partners are personally liable and creditors can have claim to even the personal assets of the partners.Reasons Why VCs Don’t Invest in LLPsNew WatersInvestors like to invest in business structures which are tried and tested. While the corporation has been there for decades, the Limited Liability Partnership structure is one which is of recent origin. Even in India, the act that governs LLPs, the Limited Liability Partnership Act, 2008 was only notified on March 30, 2009. Hence, because investors have spent relatively much lesser time with this structure, they tend to go with more trusted business structures and end up favoring the corporation over anything else most of the time. As we know, it takes a lot of time and effort to make a decision regarding whether or not to invest in a particular venture, after analyzing its growth potential, associated risks etc. Thus, no investor would like their position and money to be put on stake by enhancing the risks by investing in an unknown business structure.Particular VentureIt is a fact that LLPs are governed by their LLP agreements. This makes it possible and possible for LLPs to bring in clauses in the agreement order to fix time limits for the duration of the business. Thus, if there is such a provision in the agreement that allows an LLP to come to an end, LLPs can choose to get wound up or have their names struck off from the name of the LLPs after the fixed time limit in the agreement has elapsed or the purpose or objective with which the LLP was formed has been realized. Since gaining returns on an investment can be a lengthy and time taking thing, investors are more often particular to not invest in ventures which might cease to exist soon.Limited Legal RecourseIt is known for a fact that in LLPs, unlike general partnerships, any claim on the venture cannot signNow its hand on the partners’ neck beyond what they have agreed to contribute in the business. For instance, if a partner has agreed to contribute Rs. 10 lakhs and has paid Rs. 7 lakhs, on a claim on the LLP, the partner cannot be compelled to pay a penny beyond Rs. 3 lakhs (the remaining amount). And if the claimant’s claim is still not satisfied, he cannot compel the partner to pay beyond the remaining amount. The immediate implication of this fact is that there is less security of the money invested by a VC in an LLP because the money that they will be investing might up end in the managing partner’s own pockets and the investors shall not be left with much legal recourse to contest. For this reason too, VCs prefer private limited companies where the only mechanisms to extract capital from a company is either dividend or liquidation of the company and in each case, an approval from the Board of Directors is required. And it is a known fact that investors usually have much control on the Board, so this means that there is sufficient security for their money.ScalabilityInvestors do not only invest for quick money making. They are interested in seeing the business grow over the years while maintaining a stake in the same. On the other hand, LLPs are known to be a model unsuited for large businesses and is rather advised for professional service providers such as lawyers, accountants etc. Companies that have high growth potentials such as those working in the fields of technology or life sciences etc. are expected to be organized and structured as corporations and not as LLPs. Since such opportunities are capable of providing the financial returns VCs look forward to, they like to invest in corporations and not in LLPs. Businesses structured as LLPs can be a little disadvantageous for an investor who wants to see the business grow.No concept of shares like corporationsLLPs do not have any concept of shares, unlike the corporations. Investors usually like to look at an employee stock pool before they invest. While VCs are not forbidden from investing in LLPs and can secure an interest in the same, the safety as well as the return of their investment can be cleanly scoped out in the form of shares the concept of which only exists for corporations and not for LLPs.Shareholders are PartnersIn an LLP it is a must for all shareholders to be partners, while the same does not hold good in case of corporations. The outlook of VCs towards investment is usually that against the money they put in, they would like to have more control in the venture rather than getting burdened with more responsibilities. In an LLP, since every shareholder must be a partner, for a VC it means that they too will have to be a partner if they are willing to hold interests in the LLP. On the other hand, this is not a requirement in case of corporations where shareholders exercise much control on the Board of Directors and don’t have to essentially get burdened with responsibilities. In case of companies, VCs have more a sort of commanding position without much responsibility and this affects their interests in the long run.Rights of PartnersIt is possible to structure an LLP in a manner where one partner has more rights than another. Thus, unlike in corporations, the one vote per share system does not exist in case of LLPs. This means that despite having a majority share in an LLP, the position of the VCs can be compromised if they have less rights than the other partners.Exit OptionWhile a VC can buy an interest in an LLP, the fact remains that LLPs cannot be listed on a stock exchange for the mere reason that they are not the same as public companies. What this means for VCs is one of their exit routs is cut off, condemning any deal with an LLP of any size. Companies are capable of providing successful exit events within the required time frame which VCs expect. Since VCs usually want to have a planned exit event (usually in the form of an IPO or an acquisition) within three to seven years, LLPs are not what they prefer.
How much will it cost to register a new company in India?Majorly, there are 5 types of companies that can be registered while starting up a new business:Sole ProprietorshipPartnership FirmOne Person CompanyLimited Liability PartnershipPrivate Limited Company“““““““““““““““““““““““““`Sole ProprietorshipA sole proprietorship is a business that is owned and managed by a single person. It is very popular among the unorganised sector, particularly small traders and merchants. There is no such thing called registration, Proprietorship recognised by other registration. Liability of the proprietor is unlimited and the firm cannot have continuous existence. It should ideally only be considered by small merchants and tradersImportant registrations:Sales Tax registrationService Tax registration“““““““““““““““““““““““““`Partnership FirmA simple partnership firm is similar to sole proprietorship for all practical purposes. A partnership firm also requires all the registrations required by sole proprietorship firms. Partnership firms can be either registered with registrar or remain unregistered. A pan card has to be obtained for the firm and the liability of the partners is unlimited whereas the firm cannot have continuous existence.Important registrations:Sales Tax registrationService Tax registration“““““““““““““““““““““““““`One Person Company (OPC)OPC is a recently introduced improvement on sole proprietorship firm registration. This gives the promoter an invaluable advantage of limited liability & the company can have continuous existence. OPC has to be incorporated through Ministry of Corporate Affairs. Not even an audited annual returns need to be submitted to MCA. The company can nominate any other person as director without executive powers. The service charge for this service ranges from Rs. 5000/- to Rs 12000/-“““““““““““““““““““““““““`Limited Liability Partnership (LLP)LLP introduced in 2008, which is an improvement over general partnership. This gives promoters an invaluable advantage of limited liability & the company can have continuous existence. Company has to be incorporated through Ministry of Corporate Affairs. Not even an audited annual returns need to be submitted to MCA. The service charge for this service ranges from Rs. 6000/- to Rs 14000/-“““““““““““““““““““““““““`Private Limited CompanyIt is the most popular legal structure for business and allows outside funding and also employee stock options. More stringent compliance measures to be followed, hence more credibility. The company need to appoint an auditor and the audited financial statements are to be submitted to MCA annually. The company is eligible to issue debentures and convertible debentures. The service charge ranges from Rs.7000/- to Rs.15500/-Company incorporation is streamlined with the introduction of INC-29From May-2015, company incorporation can be divided to 2 broad stepsObtaining Digital Signature CertificatePreparing and submitting INC-29Government Fees for various types of companiesOne Person Company – Rs.6850/-Limited Liability Partnership – Rs.3167/-Private Limited Company – Rs.7800/-Documents Required for INC-29Director Identification Number (DIN)Memorandum of Association (MOA)Articles of Association (AOA)Affidavit and declaration by first Subscribers and Directors.Proof for Registered Office Address. – Rental Agreement / Sale Deed.Copies of utility bill of the registered office address that are not older than 2 months.If the proposed company name is a filed or registered trademark, then NOC from the trademark applicant or owner must be attachedSo, now that you are aware of the nuances of a company registration, go ahead and get your startup registered with http://Wazzeer.com, orStart-up process entails complex procedures and many bureaucratic hurdles, entrepreneurs are better off using professional services. Hiring a virtual lawyer and virtual accountant can save time and help ensure that the process goes smoothly.For any Legal and Accounting support, Happy to help you, let us talk at Wazzeer.
How should one fill out the DAF form for the UPSC civil services?1) Things to keep in mind while filling your DAF1. DAF is not like your resume, the more achievements the more you will score.Here DAF is only a way to know about you so that they can ask questions.2. Please do not try to fake or write for the sake of writing. If there is no achievement, then don’t create one, no hobby then don’t write fake one .3. Be specific. For you music might be a hobby (listening in free time), but they will expect you to know about music in detail. . You might like cooking but they will ask you anything related to cooking ( about preservatives, masalas, cooking recepies, types of cuisines etc).So better to avoid writing such open ended things. Write specific things which you know you can prepare.a4. Writing something and not able to answer basic questions related to those things sends a very wrong impression. When you are filling DAF ensure you write less but meaningful things you are confident about.2) Service Preference ListImportant : These are my personal views which can be biased. Detail about each service, growth opportunities can be found here http://persmin.gov.in/AIS1/Welco...Brief about Services1. IASGood work, Good Infrastructure and highly respectable. Issue is interference and work pressure. If you want a very peaceful life and tension free life then think about it.2. IFSWork as diplomats. Good services, especially for people who like to travel, pursue intellectual hobbies. You will have alternate terms in foreign country and India. Yes do give a consideration from family perspective and secondly from perspective that if you want paraphernalia you will not get it.3. IPSMostly work is in law and order domain. Lot of power, infra and Paraphernalia. However IPS is a very tough job and not everyone is made for it. It needs lot of patience, sacrifice in personal life and has maximum interference. So choose accordingly.4. IRS IT and CustomsMy personal advice would be to choose IT over customs ( stable cadre, timely promotions , decent infra and good places of postings) However work can appear to be boring due to a desk job restricted to taxation. Customs on the other hand is having more variety.5. IRTS vs IAASIRTS is IAS of railways. Lot of manpower under you. Good infra and facilities. However issue is very hectic life especially if you are in operations side as you have to manage timely running of trains. So don't opt it if you want a peaceful and tension free life.IAAS on the other hand is a totally different service. It audits almost everything in government. Remember it is not just auditing of accounts here but a larger purview. Also stable posting, normal working hours, postings in state capital and Delhi plus lot of foreign visits and yes timely promotions. Plus everyone fears an auditor. However you won't enjoy executive powers and perks like IRTS. So decide what kind of life you want.6. Accounting ServicesIRASBest among accounting services. Total financial power in railways. Good infrastructure, work life balance and good postings. Plus lot of opportunities for deputation due to finance.IDASThis is also a good service. Lot of financial power in defence sector. Good infrastructure, work life balance and good postings. Plus lot of opportunities for deputation due to financeICASThis is more of an accounting service. It has the responsibility to consolidate accounts of all the Dept except few. Posting in Delhi. However housing, car can be an issue.IPTAFSThis service has lost lot of ground due to BSNL and MTNL separating from DoT. So major work is collecting spectrum allocation and licence fee. Infrastructure issues are also there.7. Railway servicesRailway services have good infrastructure and facilities. Housing, car and manpower is not an issue.IRTS - IRAS - IRPSIRPSNot much work, dealing with unions and personnel management .RPFI would suggest to fill it among the bottom 5 services. Its like paramilitary force (Railway Protection Force)8. IPoSGood service. Administration of all post offices. Good infra and facilities. Plus post office's are getting modernized so new work is coming up.9. IDeSThis is a service where you work as CEO of cantonments/defence estates. There is huge infrastructure at your disposal, very good facilities. However growth is stagnant, work is not dynamic. Also you will not always be working in cantonments, HQ postings and other postings are there as well.10. ICLS and ITSBoth are new age services with postings in Capital cities and Delhi. ICLS are regulators of corporate sector. They implement company law and are involved in Registration, M&A, and Liquidation etc. Service seems to have a promising future but as of now it is not much preferred. Reasons include Infrastructure problem, desk work and stagnation as the top level.IT on the other hand deals with trade policy implementation. Officers working closely with traders and exporters. Also working in SEZ, policy work and some International exposure. So work is interesting and promising.Issue with both the services is similar. These are comparatively new service & do not have a huge infrastructure compared to postal, defence and railways. So Car, housing, other facilities might be a little problem. Also at senior level stagnation issue.11. IoFSNot much of an idea but their scope is more or less related to management of ordinance factories. Infra won’t be much of an issue. But usually filled among bottom few services12. Danics & DanipsThese are like State civil services(UT civil service) with a difference that promotions are better compared to most of the states. Many people prefer them at the bottom due to Group B. However in terms of power, work, infra these are better than many group A central services.13. Indian Information ServiceThis is like a PR Job. Most IIS officers work in various media units which are under Ministry of Information and Broadcasting such as DD News, All India Radio, Press Information Bureau etc. Even posted with various Ministries as spokespersons to handle the Ministry's information and communication needs and help in policy formulation. So work wise this is a nice service, plus majorly you stay in Delhi. Infrastructure, car housing is again an issue.14. AFHQ + Pondicherry civil serviceBottom services to be filled.Now how to fill service preference listSee this is a totally personal choice depending on what you want from your life. What matters to you : balanced life ? Quality work ? Power & Infrastructure? Delhi Posting? Decide accordingly. Here are some hints based on common choice1. Most preferred services (IAS – IFS –IPS – IRS IT –IRS Customs – IRTS /IAAS) .2. Less preffered services ( AFHQ , Pondicherry civil services , RPF, IoFS, IPTAFS ,ICLS )3. Middle Category ( IRAS, IDAS, ICAS, IPOS,IDES,ITS,IIS,IRPS)As per meIRTS >IRAS>IRPSIRAS>IDAS>ICASIPOS>IDESIDAS>IDESICAS, IIS, ITS (one is accounts, other is media/PR and one relates to Trade. Usual preference is ICAS – IIS-ITS)4. Adjust DANICS & DANIPS as per your convenience. Some people prefer them after Railway, Defence and Postal while majority put it at the end. Decide as per your own choice.Delhi Posting : ICAS , IISServices where Infrastructure won’t be an issue (Apart from Most preferred services ): IRAS,IRPS,IPOS,IDES,IDAS . I think infra will not be an issue even in IOFS and RPF.3) CADRE PreferenceP.S : Totally personal views. For details you can refer here http://www.iascoachingindelhi.or...UP: great work opportunities and infrastructure. But if you don't want an exciting and challenging life, it should not be high on your list.Bihar: Mostly like UP but more backward.MP, Rajasthan, Haryana: Good cadres. Balanced ones. Usually preferred by people.Punjab: Mixed reviews about the cadre.Jharkhand and Chattisgarh, Odisha: People carry lot of misconceptions. These are nice cadres to work plus good infra. Naxal problem is prevalent only in certain areas. Other issue is these are little backward areas. But I think these are highly underrated cadres .Uttarakhand and Himachal : Decent cadres to work but terrain issues. Not everyone likes hill posting so keep that in mind.Northeast cadres : Mostly people fill them lower in their preference due to factors like distance, culture, hills, personal life etc. Assam-Megahalya is the most preferred choice among north east cadres.J&K : considered a tough posting. Hills + security concerns etc.West Bengal and Kerala : Work wise normal but their political setup is different so many people don't prefer these cadres. So decide accordingly .Andra and Telangana : Good cadres to work. North Indians prefer them most among southern states.Karnataka: fineTamil Nadu : state services is very strong here so at times they hold important posts in the district .Maharashtra : Good cadreGujarat : Mixed reviews.Agmut: mixed reviews. Good thing is you get to stay for long in Delhi.Making choicesI can’t tell you what to opt. But I can share what people preferably fill at lower preference. Again as per my knowledge.- North eastern States- J&K- Kerala and WB ( some people prefer to fill them low)Also sharing some favoured cadres due to different reasons:- Rajasthan, Haryana, MP (Delhi proximity and balanced cadres )- UP & Bihar (Strong power centres for IAS)- AGMUT (Delhi posting, but not for those who like UP , Bihar work culture )- Sorry but I am not able to comment on south Indian cadres due to lack of in depth knowledgeCadres considered bad but are actually not- Chhattisgarh and JharkhandThat is all from my side. Hopefully this post can help you to some extent. All the best
As one of the cofounders of a multi-member LLC taxed as a partnership, how do I pay myself for work I am doing as a contractor for the company? What forms do I need to fill out?First, the LLC operates as tax partnership (“TP”) as the default tax status if no election has been made as noted in Treasury Regulation Section 301.7701-3(b)(i). For legal purposes, we have a LLC. For tax purposes we have a tax partnership. Since we are discussing a tax issue here, we will discuss the issue from the perspective of a TP.A partner cannot under any circumstances be an employee of the TP as Revenue Ruling 69-184 dictated such. And, the 2016 preamble to Temporary Treasury Regulation Section 301.7701-2T notes the Treasury still supports this revenue ruling.Though a partner can engage in a transaction with the TP in a non partner capacity (Section 707a(a)).A partner receiving a 707(a) payment from the partnership receives the payment as any stranger receives a payment from the TP for services rendered. This partner gets treated for this transaction as if he/she were not a member of the TP (Treasury Regulation Section 1.707-1(a).As an example, a partner owns and operates a law firm specializing in contract law. The TP requires advice on terms and creation for new contracts the TP uses in its business with clients. This partner provides a bid for this unique job and the TP accepts it. Here, the partner bills the TP as it would any other client, and the partner reports the income from the TP client job as he/she would for any other client. The TP records the job as an expense and pays the partner as it would any other vendor. Here, I am assuming the law contract job represents an expense versus a capital item. Of course, the partner may have a law corporation though the same principle applies.Further, a TP can make fixed payments to a partner for services or capital — called guaranteed payments as noted in subsection (c).A 707(c) guaranteed payment shows up in the membership agreement drawn up by the business attorney. This payment provides a service partner with a guaranteed payment regardless of the TP’s income for the year as noted in Treasury Regulation Section 1.707-1(c).As an example, the TP operates an exclusive restaurant. Several partners contribute capital for the venture. The TP’s key service partner is the chef for the restaurant. And, the whole restaurant concept centers on this chef’s experience and creativity. The TP’s operating agreement provides the chef receives a certain % profit interest but as a minimum receives yearly a fixed $X guaranteed payment regardless of TP’s income level. In the first year of operations the TP has low profits as expected. The chef receives the guaranteed $X payment as provided in the membership agreement.The TP allocates the guaranteed payment to the capital interest partners on their TP k-1s as business expense. And, the TP includes the full $X guaranteed payment as income on the chef’s K-1. Here, the membership agreement demonstrates the chef only shares in profits not losses. So, the TP only allocates the guaranteed expense to those partners responsible for making up losses (the capital partners) as noted in Treasury Regulation Section 707-1(c) Example 3. The chef gets no allocation for the guaranteed expense as he/she does not participate in losses.If we change the situation slightly, we may change the tax results. If the membership agreement says the chef shares in losses, we then allocate a portion of the guaranteed expense back to the chef following the above treasury regulation.As a final note, a TP return requires knowledge of primary tax law if the TP desires filing a completed an accurate partnership tax return.I have completed the above tax analysis based on primary partnership tax law. If the situation changes in any manner, the tax outcome may change considerably. www.rst.tax
How much does it cost to pay the stamp duty in Maharashtra for registering a limited liability partnership firm?The party to the agreement shall pay the stamp Duty as per the rates and contribution of the capital in the LLP. However, as per the query about the cost for paying the stamp duty, there is no other cost for making the payment of the stamp duty on any agreement to Government.In addition to above, The Stamp Duty payable for LLP Agreement is a State subject and same shall be paid as per the State Stamp Act. Till the time specific Stamp Duty is prescribed in respective Stamp Act, the Stamp duty on LLP Agreement may be paid as per the stamp duty payable on partnership agreement in view of the Finance Bill, 2009.According to the Maharashtra Stamp duty Act, 2015, the same will depend on the contribution of the capital in the LLP and the most important is that stamp duty should be levied on an instrument, not on a transaction. Below mentioned is the table including stamp duty and the percentage of the same on the amount of contribution:AS PER MAHARASHTRA STAMP ACT, 2015Capital up to 1 lakh (in Rs.) - Rs. 1000/- (Minimum of Rs. 500/-)Capital up to 1 to 5 lakh (in Rs.) - 1% of CapitalCapital up to 5 to 10 lakh (in Rs.) - 1% of CapitalCapital up to 10 lakh and above (in Rs.) - Rs. 15,000/- (1% of capital)Experienced experts at LegalWiz.in (www.legalwiz.in) can help you with incorporation of LLP at affordable prices in simple and transparent manner.