How To Do LLP Registration in India?

Limited Liability Partnership (LLP) came into existence in 2010 after the Limited Liability Partnership Act, 2008 passed. LLP refers to a partnership firm in which liabilities are limited for each partner.

Why LLP registration?

• All the partners of LLP can directly manage the operations of the LLP business.
• All the partners stand equally liable for the debts of the LLP.
• The personal assets of a partner are separate from liability in LLP.

LLP Registration Process:

1. Digital Signature Certification

The first step of LLP Registration is Digital Signature Certification. Each partner needs to provide a digital signature for the online application filed with the Ministry Of Corporate affairs. The 2 years valid DSC requires a PAN card, address proof, and Passport size photo.

2. Approval of Name

The applicants can apply for two names of LLP by filling an online form named RUN-LLP. It may happen that both of the options got rejected. In that scenario, they can resubmit the form again. But if it gets approved, the name remains valid for 90 days from the date it got approved.

3. Form FiLLiP Application

In this step, the filling of the Form FiLLiP application which is used for incorporation of the LLP.

A maximum of 2 designated partners can apply for DPIN, if the partners who are appointed as a designated partner does not have a DPIN on DIN & fill up this application at a time and hold DIN. You need to attach the subscriber’s sheet, consent letter & proof of office address. Their digital signature and certification of CA/CS/CWA are mandatory. Form has to be submitted to ROC online after the payment of prescribed fees.

4. Approval and Rejection

In this step of LLP Registration, two situations may arise:

• Approval of LLP application

The partners will be handed over a Certificate of Incorporation and DIN. You will become the authorized owner of the Limited Liability Partnership Identification Number.

• Resubmission of LLP application

The applicant will have to resubmit the application after correcting the discrepancies intimated by the department within 15 days of intimation.

1. PAN Application

The partners need to apply for PAN separately by filling form 49A to the Income Tax Department. However, both the option of online and offline applications is available. The certificate of Incorporation needed to show as proof.

2. TAN Application (Tax Deduction and Collection Account Number)

The partners are now needed to fill-up the form 49B either online or offline to apply for TAN.

3. LLP Agreement

This step includes the following:

• Name of business, its place, the objective of incorporation is primarily taken care of.
• Duties of the partner, their rights, capital, and profit-sharing ration should also be considered sincerely.
• The agreement must be filed within 30 days of incorporation.
• The LLP partners carefully go through and agree on each clause.
• After making the payment of stamp duty the agreement gets stamped.
• The agreement gets attested by the signature of two witnesses.

4. GST Registration

GST registration is crucial if LLP is meant to enter in Inter-state transactions. No matter whether you are a Small or Medium business owner, LLP registration is professionally handled by the expertise of MyTaxAdvisor.

Advantages of Corporate registration

Ministry of Corporate Affairs regulates Corporate Registration in India through the Companies Act, 1956, 2013 and other allied Acts, Bills and Rules. MCA also protects investors and offers many important services to stakeholders.

If you have recently started a business or have an unregistered existing business it is important for you to know the necessity of registering your business and what benefits it brings you.

•  Helps establish a business bank account

If you have a registered corporate business it equips you to be able to open a bank account under your business name. A business bank account helps you separate your personal and business transactions from one another and gives a more professional outlook when you approach other people, etc.

• Reduce personal risk or liability

A registered business helps you limit your liabilities etc. to the number of shares you hold in the company. It separates your personal and business assets, thus keeping your personal assets safe in case of debts. Your registered business is a separate entity.

• Grant loans

Having a registered business number/account makes it easier for investors and/or banks to believe that your business is not a fraud. It helps you attain loans from banks for your business when and if needed. Even independent lenders and investors would ask for paperwork, registered documents, etc. before lending you any amount of money.

• Helps build reputation

One major benefit of registering your business is that it stimulates customer-owner trust. When you have a registered business people think of investing in your company’s services, products because they ought to know it is not a fake business. It also enhances the prestige and reputation of your business as your customers; investors will perceive you as a more stable business than an unregistered one.

• Hiring employees

When you have a registered business it becomes easier to hire employees for your business. You can put up advertisements about openings on various sites and people will consider your business if it is registered because they know it is a legitimate business. It also enables you to pay your employees in accordance with the law and also file for other taxes, etc.

• Helps with continuity

When a business is registered it is an asset. You can later pass on the name, sell it to investors or assign it to someone under the same name in order to maintain the continuity of your business after years and for years to come. When a business is registered a name is built and so is its goodwill, this makes it easier for others to continue on an already well-established business.

• Legal protection

Once when your business is registered with the Ministry of Corporate Affairs no one can use the same business name for whatsoever purposes without your knowledge or approval. Thus registering your business protects you and your business and from anyone using it illegally. You can sue them legally in case of false use of your name.

As you can see, there are multiple advantages to business registration and it works in your favour only. It might cost you some money and have you invest your time at the initial stages of your business but it will help you for years to come.

Top GST Return Consultant in Mumbai

An individual certified by the state or central government for providing services related to Goods and Service Tax to the eligible taxpayer is referred to as GST Consultant. The person becomes a GST Consultant after registering himself on the GSTN portal. 

Services Provided by GST Consultants

• Registration Of GST

As per the new laws made by the Central government, GST registration can be done only through its online Portal. A qualified consultant makes the smooth completion of the process in little time. So GST Consultant saves the time and hassles the client’s full task.

•  Amendments in Details of Taxpayer

Sometimes a GST Taxpayer requires changes in the details filed with the tax authorities like changes in address, name of the company, etc. In that case, a GST Consultant uses his expertise to make those alterations.

• Audits for GST

A business enterprise needs to make financial statements, maintain various records and books of accounts. It consumes a lot of time and energy.

But if you go to a GST Consultant, he/she will be responsible for conducting investigations of internal control, tests to see the match between the evidence and the amounts. And finally, the consultant will prepare a GST audit report.

• Evaluation Of GST

The taxpayer has to self-evaluate the exact amount of tax needed to be paid for a specific tax period and submit a return to the tax authorities. But the whole process can shift the business owner’s focus from earning maximum profits. So it is better to outsource such a job to GST Consultants.

• Filing Of GST Return

The taxable individual or business needs to file a GST return to the tax authorities in compliance with the GST statutory regulations. A qualified GST Consultant performs the duty of providing details about sales, purchase, tax paid, and collected through the process of filing GST returns. It helps to reduce tax evasion.

• Compliance with Rules and Regulations of GST

Under GST Compliance, various ratings are given to different businesses by the government. It is based on their ability to make timely payment of GST, furnish GST return, provide a report of input credits, and so on. GST Consultants enables you to reach the top rating by fulfilling the mentioned duties.

Not only that, GST Consultants will provide you with instant information about amendments in GST Compliances made by the government.

Here, the expertise and experience of My Tax Advisor prove to be a useful source to outsource numerous tasks related to Goods and Service Tax. We understand your business and provide you with the best possible advice for taxation.

Compliance Outsourcing Companies

The increasing complications in compliance are the main reason behind the trend of outsourcing compliance. Compliance management is a priority for a business to survive. Because it can be problematic when ignored. And we’re sure that you don’t want to let this bother you in the long run. So there, we’re introducing outsourcing compliance.

Outsourcing Compliance

What is Outsourcing Compliance?

Outsourcing compliance is an act of allowing professionals to look into the chief functions of compliance. When a business organization outsourced the responsibility of identifying risk, actions for prevention, monitoring and detecting the activities, resolving the complication, and providing future advice on that, it is known as Outsourcing Compliance.

According to the surveys and reports, about 24% of business firms believe in outsourcing compliance. The reason being the in-house members lack the skills. And the firms need assurance about all their compliance requirements.

Why Outsource Compliance?

A large portion of business owners follows the trend of outsourcing compliance. A firm indeed wants to be sure about all the compliance activities.

However, there are reasons that make it a wise step:

•  It saves you time, and you can focus on generating more leads rather than compliance. 
•  It will save money because outsourcing compliance is available at a lower cost than what you may have to pay while doing everything by yourself. 
• Professionals will be performing all the activities.
• The professionals will always have updates on all the changes in rules and regulations.

When to Outsource Compliance?

Before deciding on it, first, you must know when to Outsource and when not to. Your in-house experts can also perform some compliance tasks. And there’s nothing wrong with that. After all, You need experts for resolving complications. 

Outsourcing compliance is a wise choice when a particular compliance task needs a unique approach, specific understanding, and expert knowledge.

Besides, when you want to have an all-time online system, you can go with the choice of outsourcing compliance.

Want to Outsource Compliance, but How?

You know the specific requirements of your firm. And you have decided the compliance to outsource. Now, the question is, how? Believe us. It is way too easy than you might be thinking right now.

For outsourcing compliance, all you need to do is send us a proposal with your message. And My Tax Advisor will get back to you within 24 hours.

And the best part is, apart from offering lite, basic, and standard packages, we also offer customized packages for outsourcing compliance. 

 

GST Registration and GST Return Consultants

 

What is GST Registration?

The tax policy we all are familiar with since 1st July 2017 is GST, aka Goods and Service Tax. Under the GST registration, all the Indian goods and services providers register themselves for paying tax on a fixed rate of turnover.

GST has changed the entire system of taxation by eliminating several taxes, including VAT, sales tax, service tax, Octroi, Excise Duty, entertainment tax, luxury tax, and made it a single tax policy.

There are 3 elements of GST. They include CGST, SGST, and IGST. Manufacturers, traders, and service providers can apply for GST registration and get a GST number under the GST Law that is crucial to run a business or organization today.

Process of GST Registration

GST registration is a simple process. It becomes handier with My Tax Advisor. The application process has two parts. The entire registration process takes around 2-6 working days.

The brief about the process of GST registration is as follows:

·         The GST registration process takes place on the official website of GST.

·         In the first part, a Temporary Reference Number (TRN) is created followed by OTP verification.

·         Once the TRN is ready, the second part starts.

·         You can log in with the TRN ID and access to the dashboard.

·         The next step is to fill and submit the application form before the expiry date.

·         The application form includes details including Business details, business partner details, authorized signatory, authorized representative, principal place of business, additional places of business, goods and services details, and state-specific information.

·         The last step of the application is OTP verification. 

·         Post that, you will receive an Acknowledgement (ARN) to track the status of your GST registration application. 

You can register yourself for GST as a:

·         Taxpayer

·         Tax Deductor

·         Tax Collector

·         GST Practitioner 

·         Non-Resident Taxable Person

·         United Nation Body

·         Consulate / Embassy of Foreign Country

·         Other Notified Person

·         Non-Resident Online Service Provider

What Do I Get After GST Registration?

After the GST registration, you get a unique identification number as a GST taxpayer. This Unique ID is GSTIN that you can verify at the official GST portal.

Do I Need GST Registration?

Though, all the Indian traders and service providers must register for a GST number. Yet, there are laws to decide whether you need a GST registration or not.

Let’s understand.

You need a GST registration, if:

·         The minimum turnover of your business is 20 lacs when you are offering goods.

·         The minimum turnover of your business is 40 lacs when you are offering services or goods and services both. (It differs in the case of states of special category)

·         The minimum turnover is 10 lacs, and your business place is in hill states.

·         You supply goods in other states.

·         You are a casual Taxable person.

·         You are a non-resident taxable person.

·         You want to create tax invoices for your customers.

·         You are an individual who is supplying goods via an e-commerce platform. 

·         You are involved in an import or export business. 

GST Registration is a must for Indian goods or service providers. However, not everyone can spend time and effort applying for it. Because yes, the process takes time. And when you want to take any risk, you need professionals. Therefore, you don’t have to worry because the GST registration process for your business is going to be a feasible process with My Tax Advisor.