Registering LLP (Limited Liability Partnership) in India
LLP (Limited Liability Partnership) has become a popular and most recommended form of company among most of the businessmen as it constitutes benefits of both a company and a partnership firm into one form of organisation.
Features offered by LLP
• It has a different legal body simply like other form of companies
• The risk associated to each partner is restricted to the partner’s contribution
• There are less guidelines, regulations and compliance associated with the LLP license.
• There are no limitations on minimum financial contribution by a partner.
The minimum number of partners required for applying the LLP license is 2. There is no limit on maximum number of partners you can have for LLP. Among all the partners, there must be minimum 2 partners designated and one of them should be local resident of India. The rights and obligations of appointed companions are presented by the LLP agreement. All the partners are directly answerable to compliance of all the LLP act 2008 provisions and services specified in LLP license agreement.
Steps of forming a Limited Liability Company
• Before starting the registration process, you should first apply for the Digital signature of the designated partners of the suggested LLP. This is due to the face that all the LLP documents are filed online and they require to be digitally signed.
• Secondly, you also need to apply for the DIN (Direct Identification Number) of all the partners associated. For allotment of DIN, the application has to be submitted in form DIR-3. You will need to attach your PAN card and Adhar to the form. The form must be duly signed by the Managing director or the CEO/CFO/Director of the existing company in which the applicant will be designated as a director.
• The (Limited Liability Partnership – Reserve Unique Name) is applied for the reservation for the designated LLP’s name which is processed by the Non – STP Central registration centre. Prior to quoting your name in the form, it is advised that you utilise the free name search option available on MCA portal. The system will give you the list of all the closely resembling names of existing LLPs based on your filled search criteria.
• You need to fill the form that is used for incorporation of LLP with the Registrar who has jurisdiction over the state in which the LLP office is registered. The application should be made by 2 partners only.
• The final step is to file for the LLP agreement as it governs the mutual duties and rights amongst the partners and also between the LLP and its companions. The LLP agreement form 3 must be filled within 30 days of the incorporation date. Then, the LLP agreement needs to be printed on Stamp paper.
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