Post Registration compliance for an LLP

You are set to start a business as soon as you receive the certificate of incorporation. Don’t forget to check the post compliance list. Your responsibility as a designated partner is beyond the LLP registration. And we are here to make your business hassle-free and straightforward.
Our dedicated team will assist you in complying with accordance to the LLP Act, 2008 and other related law across India at a very affordable price.

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Post Registration compliance for and LLP

After incorporation of the LLP, a set of compliance-related formalities must be accomplished within the prescribed time as per the LLP Act, 2008. Non-compliance could lead to penalties and fines on the Partners and the LLP. We look at the post-incorporation compliances required for an LLP like PAN & TAN allotment, LLP agreement filing, bank account opening and more.
Post incorporation compliance applies to all kinds of LLP registered in India.

We, RPG LEGAL provide services of CA, CS, and Advocates under one roof. For a company like yours, we invite your attention to the below points.

Initial Compliance under Companies Act, 2013 (Mandatory)

Step 1 – Apply for PAN and TAN

Once you receive the incorporation certificate, ensure to apply for PAN and TAN. If it’s registered with RPG Legal, stay relaxed. We have already fulfilled this for you.

Step 2 – LLP Agreement drafting

An LLP agreement is a written contract between all the partners of an LLP. A strongly structured and briefly summarized Agreement is extremely required for the successful functioning of an LLP. The standard Agreement contains the various essential provisions like profit sharing, Contribution & Bank arrangement etc.

Step 3 – Payment of Stamp Duty on LLP Agreement & Filing

LLP agreement defines the roles and responsibilities of the partners of an LLP. It must be signed by all the partners and printed on stamp paper and be notarized. Stamp duty is a state matter. Every state has a different stamp duty act, and the stamp duty charged in accordance with the amount of capital contributed.

Step 4 – Open Bank Account

Opening an account is the first thing that comes in mind after registration. The current account is required to route all transactions of LLP. LLP require to submit the documents as per the bank’s policy such as certificate of incorporation, LLP Agreement, PAN Card and KYC of designated partners.

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Territory based Registration

GST Registration

Good and Service Tax is an indirect tax levied on the supply of goods and services. Every business who are dealing in goods with an annual turnover that exceeds Rs. 40 lacs or service with an annual turnover that exceeds Rs 20 lacs is mandatory required to obtain GST registration. However, if you are dealing in interstate supply of goods or service, you are liable to take mandatory registration, even the turnover hasn’t reached the threshold limit.

Import Export Code

Import Export Code is required by an entity to indulge in the activities of import or export of goods for the purpose of trade or business. Hence, the need for IEC does not arise if goods are imported or exported for personal use and will not be used for any commercial or related purpose. No business entity can import or export unless IEC is issued. The IEC registration serves the certificate to trade outside the boundaries of India.

Professional Tax Registration

Professional Tax is just like Income Tax where Income Tax is levied by the Central Government and Professional Tax is collected by the State Government. PT may vary from state to state-imposed by some of the state governments on persons earning income from salary or practicing professionals such as CA, CS, Lawyer, Doctor etc. and on the company, LLP, Directors and Designated Partners.

Shops & Establishment (Labour Department)

The Shops and Establishment Act is a state-specific law which may vary from state to state. The object is to oversee and improve the working conditions and rights of the workers like wage payments, work hours, leaves and holidays etc. Registration under Shops and Establishment is necessary to obtain, even if the employees are working from home.

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Activity-based registration & license

Protection of Intellectual property right

Intellectual properties are like a trademark, Design, Patent, sign, Logo, symbol that denotes a specific product or service and legally differentiates it from the products or services of it’s kind and relates to a particular legal entity. The owner of the business may apply for a trademark and other IPR registration to protect the product or service from being used without permission. The owner can sue a person who infringes a trademark.

Drug License

If you are in a pharmaceutical business, you have to obtain drug license before manufacture, distribute or sell medicines or drugs. The competent authority grants permission under the Drugs and Cosmetic Act, 1940. Mainly there is two primary drug license issued by the Drugs Control Organization, i.e. Wholesale drug license and Retail Drug license. However, you can take both wholesale and retail drug license as well.

FSSAI license/ Registration

Every person who owns any form of the food business is bound to register with the FSSAI. Food security and safety are a significant concern in the world. Being an absolute necessity food should always be safe and fit for consumption. FSSAI ensure the healthy and hygienic supply of food and food products. FSSAI granted by the Food Safety and Standards Association of India established in 2008, under the Food Safety and Standards Act, 2006.

PSARA License

All security agencies who provide security services to various industries in India are regulated by the PSARA Act 2005, and each state in India has their own PSARA Guideline which is based on the Central Act. PSARA Act, 2005 has been established to ensure credibility among consultancy services and new business ventures who provide security services. PSARA licenses are granted by the police and law and order authorities either at the district or state level.

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Corporate Stationery

Name Board

The LLP must have its name board outside the registered office and or place in which it carries on business, along with its name, LLPIN, registered office address, e-mail id and phone number stated in it.

Letterhead

The LLP must print the name and registered office address, LLPIN, e-mail and phone number of the LLP on all letterhead, invoices, notices and other official documents of the LLP.

Statutory Document

All LLP require to maintain statutory registers in the registered office like a register of members, list of directors, charges and other matters pertaining to the partners and management of the company.

LLP Seal

The LLP must have a round seal bearing name of the company and a seal bearing the name of the company along with the designation of the authorized signatory.