LLP Balance Sheet Format
An LLP balance sheet format is an essential tool that helps businesses summarize the financial balances of a Limited Liability Partnership. You can enhance the performance of your LLP and improve its financial stability by analyzing the information thoroughly.
What is LLP?
Limited Liability Partnership (LLP) refers to the organization exhibiting the elements of partnership and corporations and where partners have limited liability. LLP enjoys the benefits of the company and the flexibility of the partnership firms. An individual, Indian Private or Public Company, Foreign Company, any other LLP registered in or outside India can be a partner in a Limited Liability Partnership Entity. Using the Vyapar app, you can choose from the multiple LLP balance sheet formats that suit best your business requirements.
Benefits of LLP Balance Sheet Format by Vyapar
Instantly Generate Reports:
LLP balance sheet formats help businesses make informed decisions by making it easier to analyze the sales data. You can use the data collected in the Vyapar app to create 37+ reports and explore different metrics. Vyapar app allows detailed analysis of accurate company details like the inventory report can help you identify the product demand, and a tax report helps in filing taxes quickly.
Multiple Payment Type:
The best LLP balance sheet maker app by Vyapar provides your customers with the convenience of multiple payment options. So, when you turn your quote into an invoice, the customers can send you the payment seamlessly. You can accept payments via cash, cheque, QR, UPI, NEFT, IMPS, debit/credit card, etc. It also lets you print QR code, UPI ID, Bank account details, and other payment-related options on the invoice.
The manual process of recording data can take up a lot of time, and you might need to hire many accountants in your LLP to do it. But, the Vyapar app can help you with a seamless accounting process using professional LLP balance sheet formats. Any employee on your team can operate it and ensure that there are no mistakes.
Ease of business:
Vyapar helps businesses create GST compliant LLP balance sheet formats and makes the accounting process seamless. You can make and share invoices on WhatsApp, manage inventory, and make estimated bills using the app. You can also generate GSTR reports, track unpaid invoices, send payment reminders and collect payments directly online using UPI payments.
Characteristics of LLP
Limited Liability Partnership Act, 2008, governs LLP, and thus the provisions of the Indian Partnership Act, 1932 do not apply to it.
An LLP is a body corporate holding a separate legal entity and perpetual succession.
Every Limited Liability Partnership shall use the phrases “Limited Liability Partnership” or “LLP” as the last word of its name.
There is no minimum requirement for capital contribution while forming LLP, and the compliance requirements are minimal.
LLP Act 2008 states that there must be two designated partners in every LLP, one of whom shall be resident in India.
Every LLP shall maintain annual accounts and solvency statements and file them with the Registrar.
Audits are not compulsory for LLPs unless their contribution exceeds ₹25 lacs or if the maximum annual turnover of the business is more than ₹40 lacs.
Process of Incorporation of an LLP
You need to apply for the digital signature of the designated partners of the LLP before starting the incorporation process. All the necessary documents for LLP are filed online and must be digitally signed, so the designated partner must obtain their Digital Signature Certificate (DSC) from certified government agencies.
Apply for DIN:
You need to apply for the DIN (Digital Identification Number) of all the designated partners of the LLP. DIN is an 8-digit unique identification number that lasts a lifetime. Any person intending to become a director shall have to make an application in eForm DIR-3 for the allotment of DIN. You must affix the scanned copy of the required documents, including the Aadhar Card and PAN card. The form must be signed by a full-time company secretary or by the managing director of the existing company where the applicant is appointed.
Reservation of Name:
Visit the MCA website and select RUN-LLP to reserve the name of the proposed LLP. It is recommended to use the free name search facility on the MCA portal before quoting the name on the form. Fees should accompany the state as per Annexure A. The portal will offer you a list of closely resembling names and help you choose names that are not similar to other companies. The Registrar will approve the name if it is not disfavored in the central government’s view and does not resemble any existing firm or corporation.
Application for Incorporation:
A copy of the incorporation document should be filed with the Registrar, who has jurisdiction over the state where the proposed LLP’s registered office is located, in the form FiLLiP. A maximum of two partners shall apply for the DPIN number in the form FiLLiP. You must accompany the form with fees as per Annexure A.
Drafting and Filing LLP Agreement:
As per section 2(1)(O) of the LLP Act, 2008, Limited Liability Partnership Agreements mean any written agreement between the members of the LLP or between the LLP and its partners which specifies the mutual rights and duties of the partners. It is mandatory to make and execute an LLP agreement within 30 days of the incorporation, and it must be printed on stamp paper and filed online in form 3 on the MCA portal.
How to prepare an LLP Agreement?
Draft the agreement and print it on Stamp paper of requisite value. The value of a non-judicial stamp
paper depends on the state in which registration of LLP is done.
All partners of the LLP must sign the agreement at the bottom of all pages. Two witnesses need to sign at the end of the contract. Each partner should be provided with a copy of the LLP agreement.
Features of the Vyapar LLP balance sheet maker app
You can manage your LLP accounts easily using this free software. It allows you to create quotations, estimates, and accurate GST invoices and share them with potential customers online. The Vyapar LLP balance sheet formats come with GST billing and accounting features, allowing you to create GST and non-GST transactions and track the sale or purchase orders. The user can access the data on different devices at their convenience.
Data Safety and Security
The app allows you to take a backup of all your data. Your data stays safe in an encrypted format on your device, and the records of your LLP will remain safe as the app itself cannot use without the user’s permission. The auto backup and updates will let you continue your work from where you left off, and you can also make your backup by saving data in an Excel Spreadsheet or PDF format.
Cash and Bank Management
The user can easily do cash to the bank or bank to cash transfers. The LLP balance sheet format also allows you to adjust cash and bank amount and helps in the overall management of the LLP. An LLP can easily manage all the accounts and analyze the financial statements and reports.
Tax and Discounts
The authorized GST Billing software makes it smooth to file taxes for LLP. Our LLP balance sheet maker app provides item-wise and transaction-wise tax and discount options. The item price can be inclusive or exclusive of taxes as per your company’s accounting practices. You can also add or modify your invoice’s tax rate and group. Further, it helps claim input tax credits and allows you to include discounts and offers for individual services/products to speed up the billing and accounting process.
Download Free LLP Balance Sheet Format
Frequently Asked Questions
Why do we prepare an LLP balance sheet format?
A balance sheet helps describe an organization’s financial health insightfully and professionally. It reveals the liabilities and assets of LLP to the interested parties giving them an idea of all partners’ contributions. Using an LLP balance sheet format makes getting the details in the desired format easier.
How much time is needed to incorporate an LLP?
The time taken for LLP filings can range from 14 to 20 working days. It varies because government authorities take time to respond to applications, approve names, and review document submissions.
Can you use Vyapar’s LLP balance sheet formats for free?
Yes. Our team at Vyapar provides you with multiple LLP balance sheet formats for free. You can use the one that suits your business requirements the best and even customize them to meet your unique business requirements.
What is the capital requirement for a Limited Liability Partnership?
There is no minimum requirement for the partner contribution in LLP registration, and a partner can contribute both tangible and intangible assets to the LLP partnership.
How many members can incorporate an LLP?
A minimum of 2 individuals are needed to do an LLP registration in India, but there is no limitation to the number of partners that can start an LLP formation.
What is the cost of the LLP balance sheet maker app by Vyapar?
Vyapar provides access to LLP balance sheet formats for free. You can use the premium features of the Vyapar app using a monthly subscription plan. The app is affordable, and you can choose the package that suits your requirements the best.