LLP (LIMITED LIABILITY PARTNERSHIP)
LLP is one of the legal form of doing business in India. This Act came into force on 31st March 2009. LLPs are hybrid of company and partnership firm incorporating benefits of both company and partnership firm.
-Minimum number of partners required are two
-Minimum two designated partners are required and atleast one of them should be resident in India
-If any one wants to start business under LLP, he/she has to register LLP under Limited Liability Partnership Act, 2008.
PROCESS OF REGISTRATION OF LLP
Step 1: Reserve name through RUN (Reserve Unique Name)
LLP-RUN (Limited Liability Partnership-Reserve Unique Name) is filed for the reservation of name of proposed LLP which shall be processed by the Central Registration Centre under Non-STP. But before quoting the name in the form, it is recommended that you use the free name search facility on MCA portal. The system will provide the list of closely resembling names of existing companies/LLPs based on the search criteria filled up.
This will help you in choosing names not similar to already existing names. The registrar will approve the name only if the name is not undesirable in the opinion of the Central Government and does not resemble any existing partnership firm or an LLP or a body corporate or a trademark. The form RUN-LLP has to be accompanied with requisite fees which may be either approved/rejected by the registrar. A re-submission of the form shall be allowed to be made within 15 days for rectifying the defects. There is a provision to provide for 2 proposed names of the LLP.
Step 2: Apply for Digital Signatures
Apply for digital signatures of any one designated partner for signing incorporation forms. Digital signatures can be obtained from certifying agencies. Digital signatures should be obtained for either class2 or class 3.
Step3: File FiLLiP (Form for incorporation of limited liability partnership)
Form FiLLip is an integrated form to be filed with registrar having jurisdiction over the state in which the registered office of the LLP is situated.
This form also provides for allotment of DPIN for designated partners if an individual who is to be appointed as designated partner does not have DPIN.
Step 4: File Limited Liability Partnership Agreement
-LLP agreement governs the mutual rights and liabilities of partners and also between the LLP and it’s partners.
-LLP Agreement has to be filed in Form 3
-Form 3 is to be filed within 30 days of incorporation of LLP
-LLP agreement has to be printed on stamp paper of value depending on state of registration.