ROC Annual Filing

      Introduction     When a layman intends to start a business, it is often unclear to him which business form is best for the new business entity. The two most common business form an entrepreneur selects is Private Limited Company and Limited Liability Partnership. These are 2 different concepts governed by Indian corporate law.   A Limited Liability Partnership is a corporate body that is constituted under the Limited Liability Partnership Act, 2008. The LLP enjoys perpetual succession and functions as a separate legal entity from its partners. The existence, rights, and responsibilities of the LLP partnership   will not be impacted by the change in the partners.  The Private Limited Company is prohibited from transferring shares under the Companies Act, 2013. The Private Limited Company is a separate legal entity as LLP and also provides limited liabilities protection to the members. But most entrepreneurs get confused about which one i...

        Introduction     You must add new partners to your LLP after completing the online LLP registration process. The process for adding a partner to an LLP must be followed, as per Section 7 of the LLP Act, 2008. The existing partner must file forms 4 and 3 with all required attachments and give written consent. The full process could take up to 5-7 working days. This blog will help readers to know "What is Limited Liability Partnership (LLP)?" "Who is a partner?" "Format for LLP agreement" "What is the process for adding a new partner in an LLP?"     What is a Limited Liability Partnership?     A business where only 2 members (which can be extended up to 5 Designated Partners (without DIN)) are required and no maximum limit is specified with the characteristic of limited liability to the partners is referred to as a Limited Liability Partnership .     Who can become a partner in an LLP?     A person can be a part...