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Incorporation of Limited Liability Partnership

Updated on February 22nd, 2019 in Companies Act

Incorporation of Limited Liability Partnership

In today’s corporate world there is a huge need of new amendments and changes in procedure & way of doing work, for this Government has made a lot of changes for better transparency & working of the companies

However, this results in increased difficulty for the small businessman to do his business without worrying about following various compliances and procedures.

As a result of such effect, Government has made an amendment, named as the concept of Limited Liability Partnership

Limited Liability Partnerships have become popular in the last few years. & now here we will focus on the process of forming a Limited Liability Partnership along with the steps & elements required for the incorporation of an LLP.

Rules & Regulations are provided by the Limited Liability Partnership Act (LLP Act), 2008.

The essential elements required for incorporating an LLP are as follows:

1.  At least 2 persons as partners, whether they are individual or a body corporate or both.

2.  A place defined as registered office in India for communication purposes.

3.  At Least two individuals as designated partners.

4.  Each designated partner of an LLP should have a Designated Partner Identification Number (DPIN) that is allotted by the Ministry of Corporate Affairs (MCA).

5.  Agreement between the partners or between the LLP and its partners.

6.  A separate name for LLP.

Steps required for forming an LLP

Steps:

1.  Obtain Digital Signature (DSC) of proposed & designated partners.

2.  Obtain DPIN of proposed & designated partners using form DIR-3 or apply for the DPIN using LLP_FILLIP Form.

3.  Apply for the name of the LLP either by Using RUN-LLP services or by applying directly using incorporation form i.e. LLP_FILLIP

4.  File form LLP_FILLIP & attach following documents with it

  • Consent letter of each proposed & designated partner.
  • Address Proof of the place of business of LLP.
  • Identity proof of proposed & designated partners.
  • Residential address proof of proposed & designated partners.
  • A sheet of Subscriber.
  • List of LLP(s) and or Company(s) in which a partner or designated partner is currently holding a position as a director or partner.
  • NOC or approval of the person holding ownership of the trademark or copyright for their registration of such trademark or copyright.

Note:-

  • Approval is required in a case where the proposed name contains any word(s) or expression(s) that require approval by the Central Government.
  • Approval is also required in case of collaboration and connection among any foreign country or place, from prescribed competent authority for the same.
  • Also, the name approval letter is required in a case, if the name of such LLP is already approved using RUN-LLP services.

5.  File the LLP Agreement within 30 days of incorporation with the Registrar

Important Note:

RUN-LLP services for the name of LLP is optional for the applicant, he can also directly apply for the LLP name using incorporation form LLP_FILLIP.

Obtaining DPIN for proposed & designated partners is optional, an applicant can directly apply for the same using incorporation form LLP_FILLIP.

When Ministry approves the name of LLP such name gets reserved for the applicant for a period of 90 days.

The value of Stamp paper to be used & the amount of notary of LLP Agreement changes as per one state to another state.

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