WHAT IS LIMITED LIABILITY PARTNERSHIP (LLP)
An LLP or a Limited Liability Partnership is a term that many of us are aware of but do not completely understand it. It has become a preferable form of organization among entrepreneurs as it incorporates the benefits of both partnership firm and company into a single form of organization. It is governed and registered under the Limited Liability Partnership Act, 2008 and is more suitable for service sector especially for the professionals like Company Secretaries, Chartered Accountants, Lawyers, Cost Accountants, etc. It is a hybrid of a company and a partnership firm.
BENEFITS OF LLP:
- It has a separate legal entity just like Companies
- the liability of each partner is limited to the contribution made by partner
- No requirement of minimum capital contribution to form an LLP
- Incorporation cost is Low and less compliance and Regulations in comparison to a Company
PROCEDURE OF REGISTRATION:
- Application for DSC:
To register an Indian LLP, you need to first apply for and acquire your Digital Signature Certificate and register the same on the portal.
- Application for Name Reservation:
An application for the Reservation of Name of LLP can be filed through RUN-LLP service. Once the name is approved, application shall be filed for incorporation. Application for the Reservation of Name of LLP can also be filed in FiLLiP.
- Application for Incorporation:
For incorporation of LLP, a form is required to be filed on MCA Portal namely FiLLiP (Form for incorporation of Limited Liability Partnership).
FiLLiP deals with the single application for
- Reservation of name,
- Allotment of DIN/DPIN
- Incorporation of a new LLP
Once the eForm is processed and found complete, an LLP is registered and LLPIN is allocated. Also DINs/DPINs gets issued to the proposed designated partners/nominee of body corporate designated partners who do not have a valid DIN/DPIN. Maximum 2 designated partners are allowed for using this integrated form for allotment of DIN/DPIN while incorporating an LLP.
- Application for the issuance of PAN & TAN
- File LLP Agreement:
After incorporation of LLP, an initial LLP agreement is to be filed within 30 days of incorporation of LLP. The user has to file the information in Form 3
DOCUMENTS REQUIRED FOR REGISTRATION
- PAN Card of all Designated Partner/Partners (Passport in case of Foreigner)
- Mobile Number and email ids of all Designated Partner/Partners
- Proof of address of all Designated Partners/Partner
- Proof of Address of Registered office
- Utility bill
- NOC of the landlord or the owner of the property
THE J&P ADVANTAGE:
Our CS Team at J&P handles all kinds of incorporation with utmost due diligence. From documents compiling to final incorporation our team works with utmost care leaving no potential loopholes. J&P is known for keeping its clients in a constant loop of the forth coming action of any kind so that the potential client is aware about its standing in the corporate sector.