Overview - LLP - Limited Liability Partnership
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LIMITED LIABILITY PARTNERSHIP (LLP)
A Limited Liability Partnership (LLP) is a form of business that offers the combined features of ‘Partnership’ and ‘Limited Company’ business structures. This business form was introduced in India in April 2009 with the enactment of the Limited Liability Partnership Act, 2008.
In an LLP, a partner is not responsible or liable for another partner's misconduct or negligence. Instead, all partners have limited liability, limited to their own acts of commission or omission, similar to shareholders’ liabilities in a limited company.
However, unlike company shareholders, LLP partners have the right to manage the business directly. An LLP also limits the personal liability of a partner for the errors, omissions, incompetence, or negligence of the LLP's employees or other agents. The management of day-to-day business is outlined in the LLP Agreement, providing partners with the freedom to regulate affairs of the business.
LLP registration is administered by the Ministry of Corporate Affairs (MCA) through the Office of the Registrar of Companies. The incorporation process is fully electronic, similar to the company registration process, i.e. applications and documents are filed electronically and the Registrar issues a digitally-signed Certificate of Incorporation (COI).
The name of a Limited Liability Partnership shall end with the words 'LLP’ of ‘Limited Liability Partnership’. Proposed LLP Name shall comply with the LLP Name Availability Guidelines under Limited Liability Partnership Act 2008.
There are TWO ways for reserving a name for an LLP.
a. RUN (Reserve Unique Name) is an easy and web-based application for reservation of an LLP Name. The name approved under RUN Process is valid for a period of 90 days from the date of approval. In one application, TWO names can be submitted for approval under RUN process. If the application is rejected, the another Two more names can be submitted again. If that also rejected by ROC office, a fresh application to be filed with fresh filing fee.
b. FiLLiP (Form for Incorporation of Limited Liability Partnership) LLP Incorporation Filing process is an integrated single point application for Reservation of Name, Allotment of DIN for Designate Partners and Incorporation of a New LLP. Under FiLLiP application, only ONE name can be submitted for approval.
FOREIGN DIRECT INVESTMENT (FDI) IN LLP
FDI is permitted in LLPs operating in business activities where 100% FDI is allowed through the automatic route. FDI in LLPs will not be allowed in sectors such as agricultural/plantation activity, print media or real estate business.
FIRST LLP REGISTERED IN INDIA*
CompaniesInn holds the record of registering the First LLP in India through the online filing system of MCA way back on 24-04-2009 (CompaniesInn Consulting LLP; LLPIN:AAA-0002)
Get your Company/LLP Up in 7 days
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LLP Registration - Requirements
Select LLP Registration Package
Complete Online E-Lawyering Interview
Generate LLP Registration Documents online and Execute it
Companiesinn will prepare and file Incorporation documents with MCA
MCA will Register the LLP and Issue Certificate of Incorporation
LLP Registration Procedure - Steps
Select Packages and place order with CompaniesInn
You will be directed to India's First and the State of the Art E-Lawyering Interview by CompaniesInn. Complete the online Interview and generate LLP Registration Documents for execution by Partners and Designated Partners.
Submit Executed documents to CompaniesInn
Execute the documents by Partners and Designated Partners and submit to CompaniesInn with supporting such as Identity and Address documents, Registered office Address Proof and NOC and other additional documents.
RUN Application (Optional)
RUN (Reserve Unique Name) is a web-based application for reserving the LLP Name. The name approved under RUN Process is valid for a period of 90 days from the date of approval. LLP Incorporation documents are to be filed within the validity period of LLP Name.
Filing of LLP Incorporation Documents with MCA
LLP Registration filing consists of preparation and filing of E-Form FiLLip with MCA with required documents. All the documents executed and attested as per documentation requirements has to be attached to the E-Form FiLLip and has to be digitally signed with the Digital Signature Certificate (DSC) of all the proposed Partners and Designated Partners.
Verification by the Central Registrar of Companies (CRC)
The CRC verifies the application and if found the documents are in order, the Central Registrar of Companies shall register the LLP and issue the following: 1. LLP Incorporation Certificate 2. DIN for Designated Partners.
LLP Agreement - Within of Incorporation
After registration of LLP, the partners have to execute an LLP Agreement and shall file LLP Agreement with office of ROC within 30 days from the date of LLP registration.
Registered Office – Address
- Address Proof
- No-Objection Letter from the owner of the Property
The following documents are required on case to case basis:
- Nomination from Corpoate Partner for Designated Parner
- NOC for Use of Name from Trademark owner
- Resolution and NOC from an existing Company / LLP for user of similar names
- Declaration for complying sectoral regulatory compliaces
ID & Address from Partners and Designated Partners
Partners and Designated Partners have to submit Identity Proof and Latest address proof
List of Acceptable Documents
- Primary ID - Permanent Account Number (PAN)
- Additional ID - Aadhaar Card or
- Passport or
- Driving License or
- Voter Identity Card
- Latest Address Proof: Telephone Bill or
- Electricity Bill or
- Bank Statement or
- Bank Passbook with latest entries
Documents to be Signed by Partners and Designated Partners
- Application for Digital Signature Certificate (DSC)
- Consent to Act as Partner / Designated Partner - Form 9
- Details/Information for DIN
- Declaration of DIN (If DIN is allotted already)
Advantages of LLP
Our LLP Registration is 100% online. Using our tools, LLP can incorporation made easy. All documents required for LLP registration is generated online
Companiesinn incorporated 1st LLP in India online. Thereafter we have helped over 20000+ customers to register LLP. With the help of technology and process driven workflow LLP incorporation happen in couple of days.