What is LLP Agreement?
LLP Agreement is a written document between the Partners of Limited Liability Partnership. The LLP Agreement states the essentials of the LLP that lists the obligations, duties and mutual rights of the partners. All the clauses need to be agreed upon by all partners. This agreement made on non-judicial stamp paper and stamp duty paid according to the State Stamp Act.
Stamp duty paid on the LLP Agreement depends on:
While registering the LLP, filing of LLP agreement with MCA (Ministry of Corporate Affairs) is the last step after obtaining the incorporation certificate. LLP agreement, duly signed by all the partners of the LLP and notarized must be filed to MCA within thirty days from the date of issue of incorporation certificate.
For non-compliance of which imposed a heavy fine of Rs. 100 per day, with no cap. Hence, to avoid the penalty, its necessary to submit the LLP agreement within a prescribed time period.
Stamp duty levied on the LLP Agreement is different from state to state. The list of the stamp duty payable on LLP Agreement for various Indian states is as follows:
STATE
CAPITAL CONTRIBUTION
Upto Rs. 1 lakh
Rs. 1 lakh to Rs. 5 lakh
Rs. 5 lakh to Rs. 10 lakh
Rs. 10 lakh & above
Andhra Pradesh
500
Arunachal Pradesh
100
Assam
Bihar
2500
5000
Chhattisgarh
2000
2000-5000
Dadra and Nagar Haveli
1000
6000-10000
10000
Daman and Diu
150
Goa
Gujarat
Haryana
Himachal Pradesh
J&K
Jharkhand
Karnataka
Kerala
Madhya Pradesh
Maharashtra
Manipur
Meghalaya
Mizoram
Nagaland
New Delhi
Orissa
200
Punjab
Rajasthan
Sikkim
Tamil Nadu
300
Tripura
Uttar Pradesh
750
Uttarakhand
West Bengal