LLP for Start-ups/SME’s – Part II

Flexibility in LLP Structure and in its unique appeal has helped many entrepreneurs to leverage its inherent positiveness and make it as the first choice of their start-up structure. In the earlier article LLP for Start-up/SMEs we delved into the basics of LLP’s structure and in continuation of that , we dig deeper into various other aspects of the framework.

Choice of agreement clauses
Rights, duties and obligations of the partners in the LLP are governed by the LLP agreement, partners have the choice to define the clauses as per their needs , for e.g. – inheritance transfer rights clauses can be added which then makes easy in such eventualities .

The LLP Act 2008 provides the rights to the partner to share profits and losses of the LLP and to receive distributions in accordance with the LLP agreement which are transferable either wholly or in part. The partners may lend money to and transact other business with the LLP.

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The information / articles & any replies to the comments on this blog are provided purely for informational and educational purposes only & are purely based on my understanding / knowledge. They do not constitute legal advice or legal opinions. The information / articles & any replies to the comments are intended but not promised or guaranteed to be current, complete, or up-to-date and should in no way be taken as a legal advice or an indication of future results. Therefore, I can not take any responsibility for the results or consequences of any attempt to use or adopt any of the information presented on this blog. You are advised not to act or rely on any information/article contained without first seeking the advice of a Practicing Professional.

14 thoughts on “LLP for Start-ups/SME’s – Part II

  1. hello, my llp is registered in 8 february 2018. Should i need to file form 11 just for 22 days of the financial year? or is it fine if i do the annual filing next year ? i.e. 30.may.2019?

    • 23
      I have incorporated a LLP on 1st December of financial year, when do I require filing my statement of accounts and annual return?

      In case LLP has been incorporated on or after 1st October of financial year, then LLP can close its first financial year either on the coming or next 31st March i.e. LLP files its first financial year details for 18 months.

  2. Nice job mam
    .keep it up
    and thank you so much

  3. I need to start llp and pvt ltd. What to do. Plz tell me the details.

  4. Dear Mam

    We have to incorporate a llp in the state of Haryana with 1 Lac capital and 2 designated partners with equal contribution. Does the rule of 1% on capital contribution will apply for stamp duty payment or Stamp Paper of Rs. 100 will be okay.
    Please Guide me.

  5. Madam,

    I had submitted my papers through my CA for closing the LLP around Nov 2014.

    I received this email from last week stating..


    It is hereby informed that the status of LLP Form 24 submitted by xxxx vide SRN .. xxx dated 24-11-14 has been changed to Action initiated u/s 37(3) with the following remarks:

    You are advised to take necessary action with respect to the above at the earliest in order to get the form processed.

    My Question:

    Is there anything i should do at present ? the email is very vague and don’t know what is the action initiated u/s 37 (3)

    Thanks much for your time and answers in your blog.

  6. v nice
    this help me a lot

  7. Very useful & transparent blog hats off mam….

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