The submission of an LLP agreement with the Ministry of Corporate Affairs is the final step in registering an LLP. After receiving the LLP`s certificate of creation, the LLP agreement duly signed by LLP`s partners must be filed within 30 days. If the LLP agreement is not submitted, a fine of 100 ru. per day will be inflicted without a ceiling. It is therefore important to prepare and submit the LLP agreement quickly after its creation. An LLP agreement contains different clauses, as agreed by the partners. The LLP agreement defines the roles and responsibilities of LLP partners. It must be signed by all partners. An LLP works in accordance with the agreement. In the event of a dispute, it is resolved in accordance with the applicable clauses of an LLP agreement.
In the absence of a clause, the resolution will be the LLP Act. Stamp duty, which must be paid by the LLP agreement, differs from state to state and is in accordance with the stamp law. Stamp duty due under the 2009 Finance Act on the Partnership Agreement must also be paid for LLP. The following is the LLP agreement to pay stamp duty for different countries in India: stamp duty varies from state to state and may also depend on gender, communal areas or income categories within the state. In Gujarat, the principle of stamp duty is 3.50% and the total rate is 4.90%, i.e. 4.90 for each rule. 100/- must be paid as stamp duty for Gujarat Property Registration. The registration fee is 1.05%.
Here is a table with stamp duty rates in Gujarat for various documents and agreements. Make sure the agreement is printed on non-judicial stamp paper. MCA requests such a document to validate the inclusion of an LLP. The applicant must give consent to the MCA within 30 days of the creation of LLP. Violation of such conditions entails specific penalties which must be reimbursed in accordance with the determination of the competent authority. We can therefore conclude that this agreement is an essential part of the creation process, which must be addressed without delay by the applicant. The LLP agreement must be printed on non-judicial stamp paper. Once printed on stamp paper, it must be signed by LLP partners and certified notarized. The value of the stamp paper on which the LLP agreement or stamp duty on the LLP agreement is printed depends on the state of incorporation and the amount of the partners` capital contribution.