LLP Old Rules vs New Rules

Indian economy is flourishing. You want to become part of it. You want to pour your input in a little way. You are thinking of a business but the capital is pulling you back. The ideas are getting into the hole. You are applying for a loan but the approval has no time limit. So, the business got stuck in between. You are your own storyteller. The obstacles cannot pull you back. Start a business with LLP method. Apply the procedure and get permission for doing business on LLP registration. Your liability will be divided between partners and you can get your benefits as share. You are able to do business with less risk and more gain.

• In India, you are applying for LLP registration. The LLP registration has come into the act on 2008. It acts by the Government of India. You are protected from personal liability, on the basis of their capital contribution. You are able to register your interest and get permission. The method of LLP registration will be like

PROCEDURE TO REGISTER A LLP (EFFECTIVE AS ON 2^ND OCT, 2018)

1. Check the availability of the name of the LLP after checking the availability of the name file the application for the name approval with RUN-LLP(Reserve Unique Name-Limited Liability Partnership) replacing the FORM-1. This is new changes made by the MCA effective as on 2^nd October 2018. For now, we can apply only two names to one RUN-LLP application.
2. The second step is to obtain DPIN/DIN and after obtaining the identification number the partners can incorporate the LLP but for this, you need to file different forms but now all the procedure get to sum up into one form FiLLiP(Form for Incorporation of LLP) replacing the Form-2. Now in this one form, three steps can be taken into one, i.e;
3. Name Reservation
4. Allotment of Designated Partner Identification Number (DPIN/DIN)
5. Incorporation of LLP
6. You will need the digital signature from all-inclusive partners.
7. You are permitted to collect the certificate of incorporation from the registrar of companies.
8. Now you have to open a bank account after filing the LLP agreement

• Now if you are scratching your head and getting lots of unwanted suggestions from the people or from your business partners, then it is time for you to make them understand the reasons behind your chosen LLP.
  

  Benefits of LLP Registration will be like

• The numbers of LLPs have no limits. You can ask or gather as many members as possible so the risk factors went down
• The LLP management is elastic in nature. You can easily maintain the internal method of LLP. Organizing the internal management of the company is quite tough.
• You are free to collect and assimilate the funds from various places. The amount or the will of the partners have no rigidity. You can utilize the funds intelligently at any time during the business run. The main thing you have to take care of is the LLP act of 2008
• To run the company you have to pay the Dividend Distribution Tax. LLP is not associated with this DDT.
• The chain of work or management likes to apply the LLP in their workforce. There are many professionals who generally works with many layers of working professionals.LLP helps them to unite and divide the work pressure while the liability will be the same but less. The Doctors, engineers, CA, CS, Advocates, engineers are eager to register as LLP.

The virtual business houses are more prone to get LLP from Ministry of Corporate registration. They are in different places and operating the business. LLP will solve the problem, but the business acumen in you will be verified.

You are willing to start a business. The capital, time, liabilities and the ideas are flowing in the market. The tapping method will take you to the satisfying position. The business houses are cutting down the workforce for one particular work and trying to recruit as many multi-tasker as possible for the large perspective of business. You are your own management if LLP is there to handle the internal matters.