Stamp Duty Payment On Llp Agreement


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 submission of the LLP agreement to the Ministry of Corporate Affairs is the final step in registering an LLP. Upon receipt of the LLP Founding Act, the LLP Agreement, duly signed by the LLP partners, must be submitted within 30 days. Failure to file an LLP agreement results in a penalty of Rs.100 per day with no cap. It is therefore important to prepare and submit the LLP agreement quickly after its creation. 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. 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.