Limited Liability Partnership (LLP)
Limited Liability Partnership (LLP) is a legal business form that combines aspects of a partnership and a corporation.
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Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is a legal business form that combines aspects of a partnership and a corporation. It provides its partners with limited liability, shielding their personal assets from business debts and obligations. An LLP is a separate legal entity, and its partners are not individually liable for the conduct or obligations of other partners. It combines the flexibility of a partnership with the restricted liability benefits associated with corporations.
Minimum Requirement
- Minimum 2 Designated Partners
- Registered office
Documents Requirement :-
- Designated Partner’s Documents:
- Passport-sized photograph
- PAN Card
- Aadhar Card or Voter ID
- Proof of Residence (Bank Statement, Electricity Bill, Telephone Bill)
- Registered Office Documents:
- Proof of Registered Office Address (Conveyance/Lease Deed/Rental Agreement)
- Utility Bill (not older than two months)
- No Objection Certificate (NOC) from the property owner
Steps for forming a Limited Liability Partnership (LLP) in India :-
- Name Application:
– Select a unique name for your LLP. Ensure that the proposed name complies with the rules and guidelines of the Ministry of Corporate Affairs (MCA).
- Digital Signature Certificate (DSC):**
Each partner needs a Digital Signature Certificate (DSC). These are essential for online filing of documents.
- File LLP Registration Form:
Prepare and file the LLP registration form (FILLIP) on MCA V3 portal. The form includes details such as LLP name, business activities, registered office address, partners’ details, etc.
- Drafting of LLP Agreement:
Draft an LLP agreement defining the rights and duties of partners, profit-sharing ratio, and other relevant details.
5. Filing Form 3:
File Form 3 with the RoC, which includes details of LLP agreement, partners, and capital contribution. This agreement must be filed with the Registrar within 30 days of the LLP’s incorporation.
6. Payment of Fees:
Pay the prescribed registration fees to the RoC. The fees are based on the capital contribution of the LLP.
- Certificate of Incorporation:
Once the RoC is satisfied with the documents and information provided, they will issue the Certificate of Incorporation. This marks the official formation of the LLP.
- Apply for PAN and TAN:
– After obtaining the Certificate of Incorporation, apply for the LLP’s Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN).
- Compliance with Post-Incorporation Formalities:
– Fulfill any other post-incorporation formalities, such as obtaining necessary licenses, opening a bank account in the LLP’s name, and complying with tax regulations.