An agreement must appear on the stamp paper and be notarized. Stamp duty is a matter of state. Each State has a different stamp duty law and there is no fixed rate at which stamp duty is levied; The rate of stamp duty differs from one State to another. In addition, stamp duty also changes with the amount of capital contributed to the LLP. As you can see, many states have their different phrases of a stamp, so you have to pay according to your state. As the above-mentioned fact shows, the LLP agreement is an absolute necessity for the creation of LLP. The LLP act must not be printed on standard paper; Otherwise, the Authority will cancel the application. Instead, the applicant must opt for out-of-court stamp paper in order to be used for this purpose. Once these conditions are over, don`t forget to get an extrajudicial stamp on the agreement. Stamp duty varies from one State to another and depends on the capital contribution of its partner. The table above would help to access the stamp rate of different states.
Please contact CorpBiz experts for technical advice on stamp duty on the LLP agreement. 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. .