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LLP Registration in Bangalore

Get LLP Registration Within 10 Working Days

LLP REGISTRATION





    2,999 + GST + Govt. Fee
    Limited Time Period Only. No Hidden Charges

    Overview

    The legal existence of your organization in India mandates certain compliances on you (being principal officer of your organization) under various laws & regulations and some of them are given below.

    • Limited Liability Partnership Act 2008
    • Income tax Act 1961
    • Goods and Services Act(GST).
    • Employee related regulations like PF ,ESI ,Gratuity and professional tax .
    • RBI compliance for Foreign transactions.
    • SEZ compliances for units in SEZ.

    For any business , great start is a must and so is the case with regulatory compliance . Clean and clear compliance from the word go, brings high respect among various stake holders and clarity about where you stand in your business at any point of time. Legalsyne has a dedicated team to help you in your compliance journey and given below are the general milestones to be achieved in that journey.

    We believe this compliance calendar will help you meet all regulatory compliance on time and we wish you all the very best in your business and career.

    The Incorporation Process for One Person Company in India Are As Follows:

    Incorpotation Process Explained

    Incorpotation-process-explained

    Documents Required for OPC registration in Bangalore

    Minimum 1 person as Director.

    • Minimum 1 Nominee
    • PAN Card Copy of Director and Nominee
    • Proof Of Identity of Director and Nominee (Passport/Driving Licence/Voters ID)
    • Proof of Residence of Director and Nominee(Bank Statement/Electricity Bill/Telephone Bill/Mobile Bill)
    • Address proof of the proposed Registered Office (Electricity Bill/ Property Tax Receipt/Postpaid Mobile Bill, Gas bill)
    •  NOC from the person who owns the property mentioned above.
    • 2 passport size photos of proposed Director and Nominee.

    Other details required for OPC registration in Bangalore:

    • Main Objective of the Company- Proposed activities of the company
    • Proposed names for your company

    6 THINGS TO KNOW BEFORE REGISTERING YOUR STARTUP

    6-THINGS-TO-KNOW-BEFORE-REGISTERING-YOUR-STARTUP

    OPC vs Sole Proprietorship

    opcvssoleproprietorship_final1_small

    Compare Your Options before going for OPC registration

    Its hard to digest all if it is at one stretch. So an introduction about a business or start up formation options is vital for deciding the right form of business registration. The Companies Act, 2013 and Limited Liability Partnership Act, 2008 have brought more business formation choices for entrepreneurs. The key factors that influence the legal form of a business are nature of your business, customer’s profile (corporate, small businesses or individuals ), expected business turnover, scalability  of your business idea and future funding prospectus.

    Every entrepreneur/promoter should take the pain to know about the pros and cons of these legal forms before starting a one-person company in India or opting for Proprietorship registration in Bangalore.

    Formation One Person Company (OPC) Private Limited Company Limited Liability Partnership Partnership Sole Proprietorship
    Do I need a Registration? Yes, Ministry of Corporate Affairs registers One Person Companies under the Companies Act, 2013 Yes, Ministry of Corporate Affairs registers Private limited company under the Companies Act, 2013 Ministry of Corporate Affairs registers an LLP business under the Limited Liability Partnership Act, 2008. Yes. Register with Registration of Firms No legal requirement to do-so.
    What type of business names can I keep? Firstly, submit a set of names to Registrar of Companies, wait for approval from Registrar. Best practice is that the names submitted must be inoffensive, legal and not similar to any registered LLP’s or companies Firstly, submit a set of names to Registrar of Companies, wait for approval from Registrar. Best practice is that the names submitted must be inoffensive, legal and not similar to any registered LLP’s or companies Firstly, submit a set of names to Registrar of Companies, wait for approval from Registrar. Best practice is that the names submitted must be inoffensive, legal and not similar to any registered LLP’s or companies. Firm can use any name that he likes, but avoiding names already trademarked is advisable. Promoter can use any name that he likes, but avoiding names already trademarked is advisable.
    How risky is it for me? OPC is a separate legal person in the eyes of law. So, the share holder is not responsible for business liabilities. Private Limited Company is a separate legal person in the eyes of law, registered under Companies Act 2013. So, the shareholders are not responsible for business liabilities. “LLP” is a separate legal person in the eyes of law, registered under LLP Act 2008. So, the partners are not responsible for business’ liabilities. Partners will stand liable for the liabilities of the business. Promoter will stand liable for the liabilities of the business. Because the business is not considered as a separate legal person/entity.
    To what extent is each member of the business liable? Liability is limited to his/her share capital contribution. Liability is limited to his/her share capital contribution. Liable to the extent of their contribution (in money, in kind or in services extended) to the LLP. Unlimited liability. Unlimited liability.
    Tell me the minimum membership limit. 1 People 2 People 2 People 2 People 1 People
    Is foreign ownership allowed? NA Yes Yes No NA
    How much will I get taxed? Profits get taxed at 25% plus cess and surcharge is applicable if profit exceeds 1 Cr. Profits get taxed at 25% plus cess and surcharge is applicable if profit exceeds 1 Cr. Profits get taxed at 30% plus cess and surcharge is applicable if profit exceeds 1 Cr. Profits get taxed at 30% plus cess and surcharge is applicable if profit exceeds 1 Cr. Individual income tax slab of proprietor is the basis of taxation.
    What are my annual tax filing norms? Every financial year OPC must file Annual Accounts and Annual Return with the Registrar of Companies. Plus, Income Tax must be filed separately. Every financial year Private Limited Company must file Annual Accounts and Annual Return with the Registrar of Companies. Plus, Income Tax must be filed separately. Every financial year Annual Statement of Accounts & Solvency and Annual Return with the Registrar.Plus, Income Tax must be filed separately. Only Income Tax must be filed for the income of firm and partners. Only Income Tax must be filed on the basis on proprietor’s income.
    Is Annual Audit Required? Statutory audit is to be conducted irrespective of business transaction and turnover. Income tax audit is applicable if turnover exceeds 2 Crs Statutory audit is to be conducted irrespective of business transaction and turnover. Income tax audit is applicable if turnover exceeds 2 Crs Statutory audit is to be conducted if partners contribution exceeds 25 lakhs or turnover exceeds 40 lakhs. Income tax audit is applicable if turnover exceeds 2 Crs Only income tax audit is applicable if the turnover exceeds limit of 2 Cr Only income tax audit is applicable if the turnover exceeds limit of 2 Cr
    Can I convert my business into any other legal form?? OPC could be converted into any legal form. But, it depends on the number of promoters, business operations, funding requirements and other factors. Limited Liability Partnership or Private Company is preferred by promoters when seeking expansion of their OPC Yes, Private Limited Company can be converted into a Public Company or LLP. Even, Public Limited Company can be converted into a Private Limited Company. Yes, Private Limited Company can be converted into a Public Company or LLP. Even, Public Limited Company can be converted into a Private Limited Company. Yes, Partnership can be converted into a Private Limited Company or LLP. NO
    Compulsory Conversion to Private Limited Company Applicable? NO NO NO NO Yes. If turnover exceeds 2 cr

    Faq

    What are the documents required to incorporate an LLP?

    Scanned copy of following documents is required to incorporate a company;

    PAN Card

    Passport in case of Foreign Nationals / NRIs

    Voter’s ID/Passport/Driver’s License

    Bank Statement/Telephone or Electricity Bill, latest

    Passport-sized photograph

    Specimen signatures of Directors

    Rent Agreement or No-Objection Certificate from the owner of the premises

    Copy of Sale Deed, if owned.

    How much time is required to incorporate an LLP?

    Incorporation process is fully online now. After submission of scanned documents and approval of the name of the OPC, incorporation will take about 15 working days.

    Is it difficult to get a name of my choice for my company?

    Getting a name of your choice is easy if you follow few basic guidelines such as similar names of existing companies or similar sounding names  or those containing prohibited words such as Government, Bank, Exchange etc unless otherwise approved by the respective authorities. It is mandatory to mention “OPC” within brackets after the name of the company.

    Is it necessary for me to obtain a digital certificate?

    Since documents are filed electronically, Digital Certificate (DSC) is mandatory. Once obtained, you can use this DSC for various other purposes where a digital signature is required.

    Is it necessary to audit the books of accounts of a company?

    It is necessary to appoint an Auditor within 30 days of incorporation of a company. Non-appointment can also attract heavy penalty.





      2,999 + GST + Govt. Fee
      Limited Time Period Only. No Hidden Charges

      Benefits of Limited Liability Partnership

      https://legalsyne.com/wp-content/uploads/2019/03/icon-service-01.png

      LLP Registration

      Personal liability of an individual partner arising from omissions, errors, negligence or incompetence limited to cash/kind contributions made by that partner.
      https://legalsyne.com/wp-content/uploads/2019/03/icon-service-03.png

      Reasonable Formation Costs

      The cost of LLP registration in Bangalore is lesser compared to a private or public company.
      https://legalsyne.com/wp-content/uploads/2019/03/icon-service-03.png

      Relaxed statutory compliances

      Entrepreneurs form LLP’s often make use of relaxed statutory compliances
      https://legalsyne.com/wp-content/uploads/2019/03/icon-service-02.png

      Relaxed auditing norms

      Limited Liability Partnerships are not required to audit their books of account where their annual turnover is less than INR 40 lakhs or if the contribution is less than INR 25 lakh
      https://legalsyne.com/wp-content/uploads/2019/03/icon-service-04.png

      No Minimum Capital Contribution Norms

      No specific requirement on the minimum capital contribution by partners.No restriction on a number of partners.There is no limit on the maximum number of partners in an LLP.
      https://legalsyne.com/wp-content/uploads/2019/03/icon-service-04.png

      Relaxed Government Regulations

      LLP has minimum compliances and government interventions. This makes its viable option first-time entrepreneurs looking for a good business form.

      LLP COMPLIANCE CALENDAR

      The legal existence of your organization in India mandates certain compliances on you (being principal officer of your organization) under various laws & regulations and some of them are given below.

      • Limited Liability Partnership Act 2008
      • Income tax Act 1961
      • Goods and Services Act(GST).
      • Employee related regulations like PF ,ESI ,Gratuity and professional tax .
      • RBI compliance for Foreign transactions.
      • SEZ compliances for units in SEZ.

      For any business , great start is a must and so is the case with regulatory compliance . Clean and clear compliance from the word go, brings high respect among various stake holders and clarity about where you stand in your business at any point of time. Legalsyne has a dedicated team to help you in your compliance journey and given below are the general milestones to be achieved in that journey.

      We believe this compliance calendar will help you meet all regulatory compliance on time and we wish you all the very best in your business and career.

      LLP Compliance as per Limited Liability Partnership Act 2008

      Compliances Due Date Penalty
      Filing of Annual return with
      Govt. authorities(Form LLP-11)
      On or before 30th May after financial
      year closing
      Rs.100. Per day from
      the date of default till
      the date of actual
      filing.
      Filing of Accounts with
      Government authorties
      (Form LLP-8)
      On or before 30th October after financial
      year closing

      Compliances for Limited Liability Partnerships as per Income tax Act 1961

      I. Filing of return of Income

      Compliances Due Date Penalty/Consequences
      Filing of Income tax return (For
      LLPs for which Audit is not
      applicable)
      On or before 31st July after
      financial year closing
      Loss cannot be carried
      forward and in case of tax
      payable Interest and
      penalty are applicable.
      Interest under 234A, 234B &
      234C @ 1% per month for
      each section and Penalty of
      5,000/- (even if tax payable is
      Nil)
      Filing of Income tax return
      (For LLPs for which Audit is
      applicable)
      On or before 30th
      September after financial year
      closing (Applicable only in case
      turn over
      exceeds 40 lakhs or
      contribution exceeds 25 lakhs)

      II. Deduction of tax at source

      Compliances Due Date Penalty/Consequences
      Deduction of tax on Salaries and
      other vendor payments if
      exceeds limit specified under
      Income Tax Act,1961
      Payment – 7th of succeeding
      month.
      Interest at rate of 1.5% per
      month on amount of tax till
      the date of actual payment

      Returns – Quarterly returns.

      Apr – June (31st July 2018),
      July – Sep (31st October 2018),
      Oct – Dec (31st January 2019),
      Jan – Feb` (31st May 2019)

      Rs.200 per day from the date
      of default to the date of filing
      of return.
      Maximum penalty is limited to
      amount of tax deducted.

      III. Advance tax

      Quarterly deposit of Advance tax based on estimated total taxable income.

      Advance tax to be deposited Due Date Consequenses
      15% of total estimated tax 15th of June 2018 Interest under section 234B &
      234C as follows:234B – 1% per month or part
      of month from April of next
      year till the date of payment.234C – 1% per month or part
      of month on short fall of
      advance tax for 3 months
      45% of total estimated tax 15th of September 2018
      75% of total estimated tax 15th of December 2018
      100% of total estimated tax 15th of March 2019

      Compliances for Limited Liability Partnerships under GST

      I. Registration

      Required to be registered if taxable turnover of goods or services or both exceed 20 lakhs.However, following
      are liable to register irrespective of turnover.
      i. Making interstate taxable supplies (Not applicable for service providers)
      ii. Every electronic commerce operator
      iii. Persons who make taxable supply of goods or services or both on behalf of other taxable persons
      whether as an agent or otherwise

      II. Returns

      a) Aggregate turnover is less than or equal to 1.5 Crore

      Return Due Date Consequenses
      GSTR – 1 Apr – June 31st July 2018
      July – Sep 31st October 2018
      Oct – Dec 31st January 2019
      Jan – Mar 30th June 2019
      In case of NIL returns
      Rs.20 / day
      Others
      Rs.50 /day
      GSTR – 3B 20th of succeeding month

      b) Aggregate turnover is less than or equal to 1.5 Crore

      Return Due Date Consequenses
      GSTR – 1 10th of succeeding month In case of NIL returns
      Rs.20 / day
      Others
      Rs.50 /day
      GSTR – 3B 20th of succeeding month

      *Due dates of GST returns are based on law as on 01-04-2018

      Labour Law Compliances and registration matters(Depends up on the industry in which you are engaged)

      I. Professional tax

      Requirements Penalty/Consequences

      Registration:

      Employer/owner of the business has to take registration within
      30 days from commencement of profession or trade.There are
      two types of registration.

      “E.C. : Enrollment Certificate” other than a person earning
      salary
      “R.C. : Registration Certificate” For every employer

      Time limit for payment of PT:

      Within 20 days from end of the month in which PT is deducted

      Post registration compliances:

      “Employees who are not covered”

      Employees whose salary or wage (gross) for a month is less
      than Rs.15,000/

      “Additional fee for branch”

      Every branch of a firm, company, corporation or other
      corporate body, any society, club or association is
      treated as a separate person for the purpose of tax liability.
      “Payment of PT by professionals and establishments”
      other than employees, all other class of persons such as
      professionals, companies, and societies shall pay tax once in
      a year on or before 30th of April of respective year

      Penalties under the Act includes (a)
      Rs.1000 for non-registration in case
      of employer and Rs.500 in case of
      others (b) Rs.250 for non-filing of
      returns and (c) for non-payment of
      tax by enrolled person and
      registered employer with interest at
      rate of 1.25% per month and Penalty
      not exceeding 50% of the taxamount
      due.Delay in obtaining Professional
      Tax RegistrationRs. 5/- per dayNon/late payment of profession tax10% of the amount of tax.Late filing of returnsRs. 250 per return

      II. Karnataka Shops & Establishment License

      Requirements Penalty/Consequences

      Registration:

      Anyone having a shop or commercial establishment in karnataka has to
      take a registration, within 30 days from commencement of work/services

      Post registration compliances:

      A certificate issued by the labour inspector should be disclosed in the office
      premises.Govt. has prescribed certain registers to be maintained for leave,
      employee list, attendance list etc. Such registers are to be maitained and
      every year annual return to be submitted within 31st January of subsequent
      year

      Labour inspector may
      visit your office and issue
      the notices for
      non-registration. penalty
      can vary from Rs.1000 to
      Rs.2000.

      III. Employee’s State Insurance (ESI)

      Requirements Penalty/Consequences
      Registration:
      All establishments employing over 10 employees at any point of the year Rs.5000/-
      has to get registered under ESI Act, provided the salary payable to at least
      one employee is less than Rs.21,000.Time Limit:
      Within 15 days from the date of its applicabilityContribution:
      Employees contribution 1.75% of wages
      Employer’s contribution 4.75% of wages.Post registration compliance:
      Filing of ESI returns – Half yearlyPayment:
      Payment on or benefit 15th of every succeeding month
      Penalty under ESI Act of
      Rs.5000/-

      IV. Employee’s Provident Fund (EPF)

      Requirements Penalty/Consequences
      Registration:
      Any organization having 20 or more permanent (on-roll)
      employees, should register with the EPFO
      EPF Rate
      Employer – 12% of the basic salary limited to Rs.1800 and
      1.16% admin charges
      Employee – 12% or such higher amount as desired by
      employeeDue date after EPF Payment15th of succeeding month
      Penalty Provision in respect of delay
      in payment of P.F. dues
      Delay in deposit of P.F. dues attracts
      penal damages. Damages are levied
      at the following Flat Rates :
      I. For 0 — 2 months delay
      – @5 % p.a.
      II. For 2 — 4 months delay
      – @10 % p.a.
      III. For 4 — 6 months delay
      – @15 % p.a.
      IV. For delay above 6 months
      – @25 % p.a. (subject to a
      maximum of 100%)

      Note: In addition to above Penalty provision imprisonment Provisions will be applicable in case of non-fulfillment of above Acts.

      V. Importer/Exporter Code (IEC) Registration

      Every Importer and Exporter.

      Legalsyne is not responsible for any failure on your part to meet various regulatory requirements within the time frame mentioned under any Acts/rules unless separate service agreements are entered between us for the same. The above list of enactments or contained in any documents dispatched along with are indicative only and do not form the entire list of enactments that your organization need to follow. You are advised to take professional advice before acting on any of the recommendation that is contained in this letter or any other document dispatched along with or e-mail body.If you have not found what you are looking for or need additional assistance please contact us at info@nurturelabz.com (9742308021).

      Disclaimer : Post incorporation services may have separate service agreements and unless specifically
      stated otherwise, any new services shall be subject to acceptances of general terms and conditions
      related to those services.

      OTHER SERVICES OFFERED BY LEGALSYNE

      Bookkeeping and Accounting

      ROC Filing

      LLP Annual Filing

      Digital Signture

      GST Registration

      GST Return Filing

      LLP Registration

      LLP Closure

      OPC Registration

      Firm Registration

      Payroll Companies in Bangalore

      Winding Up of A Company

      Proprietorship Registration

      Trademark Registration

      Done fast, done right

      WHY LEGALSYNE TO REGISTER A COMPANY IN INDIA?


      Legalsyne was founded in 2014 and from then we lead the way of innovation in corporate laws, accounting, taxation, labour and legal services.
      If you want to start business in India, Legalsyne is your best bet. The team Legalsyne is led by seasoned players in Industry, with more than 20 years of experience in corporate laws, finance and taxation. The firm also has a strapping presence of young and energetic professionals and this blend of experience and vivacity is, we believe, the driving force behind the success of Legalsyne and its associates.
      START UP FRIENDLY
      Individual attention and single point of contact help us register 1000 plus businesses and its counting.
      SATISFIED CLIENTS
      We strive to achieve total client satisfaction by delivering quality services in professional and time bound manner.
      NEVER MISS DEADLINE APPROACH
      We are committed to meet deadline there by saving your money getting wasted by paying penalties.
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