I have LLP Firm and want to open Account with Zerodha

Hi… I have recently incorporated an LLP, and now I want to open my LLP’s account with Zerodha. Is it possible? and what are the requirements?

I have LLP trading account with zerodha …
Contact customer care, paper work is annoying though

Ok. Thank you for replying. Will contact customer care.

Also just wanted to know whether you incorporated LLP only for Trading or you have other business than trading and you have opened account just to invest surplus money.

opened it only for trading , so cant use mine for some other business … i dont have a demat for my LLP though
no investment … i opened it for trading alone

@velu I asked this question earlier also, you didnt answer. I hope you will answer this time :slight_smile: What is the advantage of having an LLP over a proprietorship ? I want to trade derivatives + short term invest + write and sell software as service. Which one should I incorporate ?

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sorry , probably you might have messaged me to my older id :smile:

proprietorship is for a single person … if you have atleast one partner ready to invest their money then you have to go for pvt ltd or enterprise …
llp or pvt ltd is unnecessary if you are the only person involved in your business/trading …

for selling software we need gstn i guess , probably you can get it as self …

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@velu thank you very much. Now I just want to know what Object clause did you insert in the partnership deed. Because I initially used Object as trading in stocks and commodities and my application for incorporation of LLP with MCA was sent for re-submission stating I need to get RBI approval. can you help me in this pls?

Mine got rejected twice , once for name and next time for clause…
Let me check which clause i gave

Yes please. That would a great help… Thanks. pls let me know your object clause.

this is the description my CA filled …
exact clause ( i think 16 A or something ) i will get it for you …

he selected some clause like Financial service and in the subclass we selected other and filled it as managing partners own money …

mca rejected the description once , but they accepted the below description …

no need to get approval from RBI for this

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Thank you very much @Velu. That’s great help. I will check what my CS included as Object Clause. But very much thankful to you. Would like to be in touch with you on phone or email as I am also about open my LLP Firm’s account with Zerodha. I have also incorporated LLP just for derivatives trading.
Will be helpful to be in touch.
My email id is : [email protected]

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clause is given in the company information page itself :smile:

Division : 74
Select “Other Business Activities” in the subsection.

and give description as “Managing partners fund” .

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@velu. Thats great help. Thank you very much… Will advice my CA to use similar words for ‘Object Clause’.

Thanks again.

Hi, Is there any benefit of registering LLP for tax purposes?
I believe LLP tax rate is same as individual’s, only in Pvt. Ltd. firm you can save taxes.