LLP
A limited partnership is a form of partnership in which some of the partners contribute only financially and are liable only to the extent of the amount of money that they are invested in business. In a limited partnership structure, limited partners are shielded to the extent of their investment.
What is LLP?
Partnership Act 2008 (LLP Act), an LLP is a corporate body, formed and incorporated under the Act. It is a legal entity separate from its partners.
Partners are required to provide a registered address for the business, and maintain a register of each member including their details. There’s no restriction on the maximum number of partners allowed but there must be at least two members on incorporation, either individuals or limited companies. It’s also possible to set up an LLP with one individual and a dormant company.
Eligibility Criteria
To Register a Limited Liability Partnership (LLP), you generally need:
- Minimum Partners: At least two partners.
- Legal Capacity: Partners must be individuals or entities with the legal capacity to enter into contracts.
- Designated Partners: At least one must be a resident of the country (varies by jurisdiction).
- Registered Office: A local address for the LLP’s registered office.
- Agreement: A partnership deed outlining the rights and duties of the partners.
- Compliance: Obtain necessary approvals and file documents with the relevant authorities.
Benefits
- Limited Liability: Limited partners are shielded to the extent of their investment.
- Separate Legal Entity: The LLP is a legal entity separate from its partners.
- No Maximum Partner Limit: No restriction on the maximum number of partners.
- Flexibility: Partners can include individuals and companies, and LLPs can be set up with one individual and a dormant company.
Process
- Digital Signature Certificate (DSC): Obtain DSC for all designated partners to sign electronic documents.
- Designated Partner Identification Number (DPIN): Apply for DPIN for proposed designated partners who do not already have one.
- Name Approval: Submit name approval application through the RUN-LLP service on the MCA portal.
- Incorporation Application: File the incorporation application using Form FiLLiP along with the LLP Agreement and other required documents.
- Verification and Approval: MCA verifies the application and documents. If everything is in order, the Certificate of Incorporation is issued.
- Post-Incorporation Compliance: Obtain PAN and TAN, open a bank account, and register for GST if necessary.
Documents Required
- DIN and DSC for Designated Partners.
- LLP Agreement.
- Proof of Registered Office Address.
- Subscribers’ and Designated Partners’ Identity and Address Proof.
Our Support
SS Auditors offers comprehensive services for registering a Limited Liability Partnership (LLP) in India, ensuring a smooth and compliant registration process.
- Obtaining DIN and DSC: Helping designated partners apply for and obtain their DIN and DSC.
- Drafting LLP Agreement: Preparing a comprehensive LLP Agreement that meets all legal requirements and the specific needs of the partners.
- Verifying Office Address Proof: Ensuring all required documents for the registered office address are in order.
- Collecting Identity and Address Proofs: Gathering and verifying all necessary identity and address proofs for subscribers and designated partners.