How can I obtain LLP registration in India?

Posted Date : 19-Apr-2018 , 03:12:09 pm | Posted By CASANSAAR print

Listen to this Article

0:00

In India, the aspiring entrepreneurs have multiple options to choose from including the private limited company, public limited company, limited liability Company, sole proprietorship firm, and partnership. It is usually quite a task to choose the most suited business structure for bringing your dreams into reality. Before choosing any one option it is highly recommended for every person to go through the pros and cons of each type of business vehicle.

Have you chosen to incorporate limited liability Partnership? You will be glad to know that it is a very good choice you have made. Let us first understand what exactly Limited Liability Partnership is.

The concept of Limited Liability Partnership (LLP) was introduced through limited Liability partnership act 2008. It is a novel concept introduced with the aim of providing aid to the medium and small scale business units. LLP is a perfect assortment of companies and the partnership firm assuring multiple benefits to the owners. This form of business structure is most suitable for the professionals who desire to indulge in business activity with limiting their liability. In order to understand the concept of LLP in more detail, we will take a brief look at the features of LLP.

Features of LLP

•    The legal identity of the partners of LLP is separate from the LLP itself. Thus the liabilities of partners are limited to their share only.
•    Unlike partnership firm, there is no limit on the maximum number of members in LLP. However minimum 2 partners are required to incorporate an LLP.
•    LLP enjoys perpetual succession, unlike the traditional partnership firm. This means that the life of the LLP does not come to end with the death of the partners.
•    LLP is considered as a body corporate with the separate legal entity just like companies.
Now that you have understood the concept of Limited Liability Partnership completely we will discuss the procedure to incorporate an LLP in India.

Documents Required

Any person desiring to incorporate a limited liability partnership in India is required to submit the documents mentioned below of directors and shareholders-
•    PAN Card Copy - (Self-attested)
•    ID Proof -Voter ID/ Driving License -(Self-attested)
•    Address Proof – Latest utility bill (not older than two months) like Mobile Bill/ Telephone Bill/ Electricity Bill/ Gas Bill or Bank Statement ( Self-attested)
•    Passport size photographs
For Registered Address Proof:
If, Owned Premises:
Any latest utility bill i.e. Electricity bill/water bill/mobile bill in the name of the owner which should not be older than two months + NOC from the owner.
OR
If, Rented Premises:
Any latest utility bill i.e. Electricity bill/water bill/mobile bill in the name of the owner which should not be older than two months + NOC from the owner.

Procedure for LLP registration

To seamlessly obtain LLP registration in India any person can follow the simple steps mentioned below-

Step 1- Obtaining DIN/DPIN

To begin the procedure of limited liability partnership registration in India all the proposed designated partners of LLP are required to obtain the “Designated Partner Identification Number”. DPIN is the unique number that is required by every proposed director of the company.

Step-2- Acquiring Digital Signature Certificate (DSC):

After obtaining a DIN every designated partner is required to acquire their digital signature certificate. In order to validate the documents submitted electronically a valid digital signature shall be attached to it. This provision is made to ensure safe submission of the required documents electronically. The digital signature certificate should be acquired by only those agencies which are appointed by the controller of certification agencies (CCA).

Step-3- Getting name approval

As soon as the DIN’s are obtained by the partners an application for obtaining the name approval can be made to the ministry in LLP Form 1. While choosing the names and making the application utmost care must be taken and the LLP name guidelines shall be considered. After receiving the application the registrar of companies will process the same.

Step-4 -Filing of incorporation forms

If the ministry of corporate affairs deems LLP name applied by the partners adequate it will issue a name approval letter to the proposed Partners. Within 90 days of receiving the name approval, the partners of the LLP are required to file LLP Form 2 containing the incorporation documents mentioned above and the subscriber’s sheet. In case the partners are unable to file Form 2 within the specified time the name approval obtained will lapse and a fresh application for name approval is required to be made.

After being satisfied with the documents filed the registrar will issue a certificate of incorporation and the status of the firm on MCA site will change to approved.

Ste-5- Filing LLP agreement

Obtaining certificate of incorporation is not enough for running an LLP. To run the business within 30 days of obtaining the registration, an LLP agreement shall be filed with the registrar in Form 3. In case the partners do not file the LLP agreement on time they may face hefty penalties.
The procedure of registering an LLP in India may appear tedious to you and undoubtedly it is but with the experts of

Registrationwala you can get your LLP registered in a hassle-free manner.

Category : Companies Act | Comments : 0 | Hits : 1942

Also Read - Companies (Incorporation) Amendment Rules, 2020

Companies (Incorporation) Amendment Rules, 2020 MINISTRY OF CORPORATE AFFAIRS vide notification / Gazette id No. CG-DL-E-22022020-216319 issued and published dated 22nd February 2020, has published Companies (Incorporation) Amendment Rules, 2020 in exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013) to amend the Companies (Incorporation) Rules, 2014 Applicability: They shall come into force with effec...

Also Read - One Person Company to convert itself into a public company or a private company in certain cases.

Following are certain cases where One Person Company need to convert itself into to a public company or a private company:- 1. (i) Where the paid up share capital of an One Person Company seceeds fifty lakh repees [or less] and (ii) its average annual turnover during the relevant period exceeds two crore rupees, it shall cease to be entitled to continue as One Person Company. 2. Such One Person Company shall be required to convert itself, within six months of the date o...

Also Read - SMALL COMPANIES UNDER COMPANIES ACT 2013

INTRODUCTION: It’s rightly said Small businesses are vital to the success of the economy. Not only as they provide the success stories of the future, but also because they meet local, they serve the requirement of larger business. The concept of “Small Company” has been introduced for the first time by the Companies Act, 2013. The Act identifies some companies as small companies based on their capital and turnover position for the purpose of providing certain relief/exemptions...

Also Read - Conversion Of companies

1. One Person Company to be converted ??? Voluntary Conversion:- No such company can converted voluntary into any kind of company uless 2 years have elapsed from the date of incorporation Mandatory Conversion:- OPC exceed the limit of Small Co. Such OPC shall be required to convert itself, within six month either into Pvt and Public company. 2. Public Co. Into Pvt co.. Process of conversion is simple and does not involve too much formalities. Section 13 and 14 of the ...

Also Read - Comparison between CARO 2015 & CARO 2016

Particulars CARO, 2015 CARO, 2016 Change Remark Date of Release 10th April, 2015 To be published ------ ------ Applicable form FY on or after 1st April, 2014 FY 2015-16 onwards Applicability in respective FY Special care be taken in case of Audit of more than one FYs Applicable to apply to every company including a foreign company as defined in clause (42) of section 2 of the Companies Act, 2013 (18 of 2013) [hereinafter referred to as the Companies Act], except - It...

Comments

You need to be logged in to post comment

No Record Found.

How can I obtain LLP registration in India?

Comments

Trending Articles