INCORPORATION OF A LIMITED LIABILITY PARTNERSHIP (LLP)
Meaning of Limited Liability Partnership (LLP)
Section 2 of Sub-section (n) of the Limited Liability Partnership Act, 2008 states that “Limited Liability Partnership (LLP)” means a partnership formed and registered under Limited Liability Partnership Act, 2008.
LLP is a corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner, providing benefits of limited liability while allowing its members the flexibility for organizing their internal structure as a partnership.
Procedure of Incorporation of a LLP
1. Apply for Digital Signature Certificate (DSC)
The proposed partners of the LLP should first apply for the Digital Signature Certificate (DSC) from the certifying authority. The DSC is mandatory for the incorporation of a LLP.
2. Apply for Name Approval
Name needs to be checked and applied in MCA portal for approval along with the draft main objectives.
The ROC may accept the name or reject the name. The name reservation will be valid for 3months from date of approval of the name.
3. Documents to be prepared before Incorporation
After approval of name or for Incorporation of LLP applicant have to prepare the following below mentioned documents
a) NOC from Owner of the proposed registered office premises
b) Subscribers Sheet
c) Consent from designated partner in Form-9
d) ID and Address Proof of the designated partners who does not have valid DIN / DPIN
e) Utility bill of the proposed registered office premises, which is not older than 2 months.
f) Passport size photograph of Partners
4. Fill the Form FiLLiP (Incorporation form)
Once the documents are ready, the next is to prepare the LLP incorporation forms i.e. FiLLiP and Form addendum to FiLLiP.
The some of the following details to be filled. They are
a) SRN of the name reservation.
b) Address, e-mail id and phone number of the office premises.
c) Contribution made by the partners in monetary value.
d) Attachments to be made
5. Preparation and submission of the LLP Agreement
LLP Agreements mean any written agreement between the partners of the Limited Liability Partnership or between the Limited Liability Partnership and its partners which determines mutual rights and duties of the partners and their rights and duties in relation to that limited liability partnership.
After incorporation of LLP, the partners shall execute LLP Agreement and a copy of executed agreement is required to be filed with the ROC in Form 3 LLP within 30 days from the date of incorporation of LLP.
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