Whether a Limited Liability Partnership (LLP) can be converted?

Section 366 (1) of Companies Act 2013 states that Limited Liability Partnership (LLP) can be registered as a company with certain terms and conditions specific to LLP.

Who can be a designated partner in LLP?

In LLP it is necessary to have 2 designated partners who must be individuals. Out of the 2 partners, one must be an India resident. In case when LLP partners are body corporate then in such case body corporate nominees must act as a designated partner of LLP.

Is there any identification number for the designated partner?

DPIN (Designated Partner Identification Number) is required by all the designated partners of the LLP. DPIN is similar to Director Identification Number (DIN) required in the case of company. To apply for DPIN you need to furnish the Form 7.

How to become a director for LLP?

Any person who has subscribed to the incorporation document at the time to LLP incorporation becomes the partner by default. However, a new person can also become the partner in the LLP as per the terms and conditions mentioned in the LLP agreement.

If an LLP needs to file an Annual Return?

Every Limited Liability Partnership (LLP) is required to file an Annual Return in e-Form11 with the Registrar of Companies (ROC) along with the fees prescribed. This Annual Return needs to be filed within 60 days from the financial year closure.

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Finance & Accounting Fintech

Limited Liability Partnership (LLP) Incorporation in India

Sakshi Jain at March 13, 2023

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LLP Details

Limited Liability Partnership (LLP) is becoming popular among entrepreneurs as it provides the advantages of both the company and partnership firm into a single form of organization.

Features of LLP

LLP is a separate legal identity
A member of LLP has limited liability
The cost involved in the incorporation of LLP is relatively low
No minimum capital contribution required
Minimum 2 directors are required to incorporate an LLP whereas there is no upper limit prescribed in the LLP regarding the maximum llp number of directors.

Process of Registration as LLP

Step 1: Obtain DSC
Step 2: Apply for DIN
Step 3: Application for name approval
Step 4: Filing LLP Incorporation form
Step 5: Filing LLP Agreement
Step 6: Issue of LLP Incorporation certificate

List of Documents Required for LLP Incorporation

Documents of Partners

Identity Proof
Address Proof
Photograph
Passport (in case of NRIs or foreign nationals)

Documents of LLP

Address proof of registered office:

Own office – Copy of electricity bill/landline bill/ water bill/ municipal khata copy/ property tax receipt
Rented office – Rent agreement with an electricity bill of owner and No objection certificate (NOC) from the owner