Each Limited Liability Partnership has an LLP agreement that mentions all the rules and regulations. Upon receipt of the certificate of registration by the Registrar, the Limited Liability Partnership must submit the original LLP agreement in form 3, with the necessary fee. Each LLP agreement is written on the extrajudicial stamp document, since stamp duty is paid to the Land Government and not to the MCA. Stamp duty must be paid by the limited liability company, in accordance with the Stamp Act. Stamp duty depends on the capital of LLP and the State in which the LLP`s registered office is located. The instant article will serve as a reference for the stamp duty rates of partnership agreements and LLP agreements. It is remarkable that the Partnership/Agreement Act and LLP agreements are subject to the same stamp duty rate in India. The governments of the Länder impose stamp duty rates; This is why it varies in several states in India and attempts are made to collect stamp duty rates for partnership agreements or LLP in one place. Since this is a legal document, the LLP agreement must be printed on stamp paper. Remember that this is a mandatory requirement, as defined by the relevant authority. The applicability of stamp duty to the LLP agreement depends on the state of establishment and the capital contribution of the partners. An LLP agreement must be concluded and printed on stamp paper with a specific stamp duty (see table below), which must be duly certified notarized.
In accordance with Section 23 of the LLP Act, it is mandatory to submit the LLP Agreement to the ROC within 30 days of its inclusion in form-3. The ROC will oppose the registration of the LLP agreement if it is not executed with the correct stamp duty. A notarized certificate of the LLP agreement is also desirable. The LLP agreement is a crucial document and you should be very careful in calculating stamp duty on the LLP agreement, as any short payment of stamp duty would render the LLP agreement unenforceable in court. The objective is to define the role of the partners, their reciprocal rights and obligations in addition to the ratio of equity and profit participation. How many days does the agreement have to be submitted to the MCA? Is there a penalty for late filing? The stamp duty payable by LLP Agreement varies from state to state and complies with the State Stamp Act. The stamp duty to be paid under the partnership contract for the 2009 Finance Act is also payable for LLP. Below you will find the LLP stamp duty to be paid for different countries of India: the bank will check whether the concluded agreement is deposited or not, if the LLP agreement has been approved by the ROC bank, it can not refuse the opening of a bank account. The bank may refuse to open an LLP bank account on the basis of stamp duty to find out if LLP has been registered. The LLP Agreement is a written document that is considered the Constitution of the LLP, which defines the relationship between the LLP partners as such and their relationship with the LLP.