What is a Startup?

Every single moment, a new startup is set up by Young entrepreneurs and this probably has been one of the major surge in India after Narendra Modi, the Prime Minister of India, launched the startup program. Startup Registration in India is now at a boom and has been one of the fastest-growing forms of organization. 

A startup can be defined as a newly set up established business, usually small, started by a few groups of individuals and for the very same reason, a startup business registration is important. A startup is an innovative Creation of an individual or a group of individuals who aims to provide a new product or service that is not being given elsewhere by any other firm. This kind of firm can either create a new product or services or could help in the redevelopment of the old and existing service or product.

What is an LLP

The LLP is a type of legal entity that was introduced in India as a Limited Liability Partnership Act 2008. This kind of firm is one in which all the partners have limited liability. It also provides an opportunity for those who want to benefit themselves by having the advantages of both ‘Company’ and ‘Partnership’, both in one firm. 

Startup Annual Package (LLP)

When a Startup is registered as an LLP, then it has to follow the compliances which have been laid down by the regulatory bodies. It can include the compliances which include ROC Compliance, Income Tax Return, TDS Filing, GST Filing, Book-keeping, and Payroll services. In this Startup Annual Package, we have listed the minimum of the compliance which is necessary for an LLP.  This package is listed as follows:

ROC COMPLIANCE

KYC for 2 Directors 

Filing of Annual ROC forms (Form-8, Form-11)

INCOME TAX RETURN OF THE LLP

Balance sheet preparation

Firm's Income Tax Return

Tax Planning on Partner's Remuneration

BOOK-KEEPING

Accounting which is in Tally Accounting Software- It is based on Invoices/bills submitted on a regular basis

PAYROLL SERVICES (Up to 10 Employees)

CTC Structuring & Tax Calculations

Pay-slips

Employee Reimbursements