Concept of Limited Liability Partnership (LLP) was introduced in India through Limited Liability Partnership Act, 2008. Limited Liability Partnership (LLP) is a new type of business entity in India which gives benefit of limited liability, perpetual succession, separate legal entity etc to the business and having lesser compliances than Private Limited Companies. This business entity is ideal for small businesses. In this article we will discuss the process to incorporate Limited Liability Partnership in India.
LLP Registration in India - Procedure
There is not much difference in incorporation process of a Private Limited Company and LLP. For LLP registration two partners are required, there is no limit to maximum number of Partners in LLP. Even foreign nationals can become Partners in LLP. The only requirement is that there should be minimum one partner who is Indian resident. One office address is necessary, which should be located in India. The list of documents required for LLP formation is given below:
- Copy of PAN Card of all the Partners;
- Copy of Address Proof of all the Partners;
- Address of proposed Registered Office;
- No Objection from the owner of the Registered Office premises for use of premises as Registered Office;
- Address proof of the Registered Office.
Details of all the documents accepted at Address Proof of Partners and Registered Office can be inquired by calling MyEfilings.com +91 22 65 62 62 70 / 80 or sending a call back request on firstname.lastname@example.org.
Steps to be followed for LLP Registration in India
1. Obtaining Digital Signature Certificate (DSC)
Digital Signature Certificate (DSC) is required for all the Partners of Limited Liability Partnership (LLP). All the Partners are required to provide copy of their PAN Card and Address Proof with one Passport size photograph and signature on the Digital Signature Certificate (DSC) application form. It is mandatory to get all the documents and application form attested by Bank Manager, Post Master or a Gazetted Officer.
2. Application for DIN / DPIN
After getting Digital Signature Certificate (DSC) for all the Partners, DIN is to be applied. Documents required for DIN application are almost similar to those required for Digital Signature Certificate (DSC). Therefore on receipt of DSC, the DIN will be applied immediately. DIN and DPIN are the same things.
3. Application for name approval
After approval of DIN, application for Name Approval can be made with the Ministry of Corporate Affairs (MCA). We recommend reading of our article How to Name a Company before deciding name for LLP. It will help for choosing unique name and will save time required for name approval as the chances of rejection of name are less. The name options are to be given in the order of preference in the name application form. It generally takes around 5 working days to get the name approval. However, much depends on the workload with the Registrar of Companies.
4. Preparation and filing of Incorporation documents
On approval of name by the Registrar of Companies, the incorporation documents are to be filed with the Registrar of Companies in given e forms. The application for incorporation through e forms must be filed within 60 days of name approval. If incorporation application is not made within 60 days of approval of name, the name will have to be reapplied.
On verification of documents, the Registrar of Companies will, if all documents are found in order, issue Certificate of Incorporation to the LLP. On receipt of Certificate of Incorporation the LLP is incorporated and PAN application for the same can be made. The Partnership Deed of the LLP is to be filed within 30 days of incorporation of LLP with the Registrar of Companies. Late filing fees will be applicable for not filing the Partnership Deed on time.
MyEfilings provides LLP registration services at most affordable rates. We have a team of 30+ professionals who are experts at Company Registrations.