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 20 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)
Select Packages and place order with CompaniesInnYou 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 CompaniesInnExecute 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 20 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 MCALLP 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 IncorporationAfter 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.
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.
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
Nomination from Corpoate Partner for Designated Parner
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
Driving License or
Voter Identity Card
Latest Address Proof: Telephone Bill or
Electricity Bill or
Bank Statement or
Bank Passbook with latest entries
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)
31-04-2018 at 10 AM
How many Partners / Designated Partners are required for registering LLP?
Minimum Number of 2 Partners and 2 Designated Partners required for registering a Limited Liability Partnership (LLP)
Who can become a Designated Partner?
Every LLP must have minimum 2 designated partners who will be responsible for compliance under LLP Act. A partner who is an individual can be appointed as Designated partner and if LLP have only entities as partners their nominee who is a natural person appointed as designated partner.
What is Directors Identification Number (DIN)?
What is Directors Identification Number (DIN)? Directors Identification Number (DIN) is an identification number issued by the Ministry of Corporate Affairs, Government of India, to Directors of a company or Designated Partners of an LLP.
How to Obtain a DIN?
New DIN will be allotted to a Director / Designated Partner while registeting a Company or LLP. Also, an Company / LLP can apply for a DIN for a proposed Director / Designated Partner.
What is LLP Agreement?
LLP agreement is an agreeent between the paners of LLP. LLP agreement defines the mutual rights and duties of each partner, the relationships among individual partners and that of each partner with the LLP. The LLP Agreement should be in accordance with first schedule of LLP Act.
What is Registered Office?
Registered Office refers to the official correspondence address of an LLP or its principal place of business. The address of the Registered Office will be used for all official communications of the LLP. The LLP shall affix the name and address of its registered office outside every office or place of business in a prominent position. Also, the name and address of its registered office should be mentioned in its business letters, bills and other official publications.
Whether the Registered Office can be changed?
Registered Office of the LLP can be shifted from one place to another in the same state or from one state to another after complying with legal requirements.
What is Contribution?
Contribution means the amount contributed by each partner in the LLP as per the LLP agreement. The contribution is the liability of each partner and an LLP can recover the agreed contribution from the partner. A partner can contribute to the capital by cash, goods or services subject to applicable valuation.
Who is a partner of an LLP?
A partner in relation to an LLP means any person who becomes a partner in the liability partnership in accordance with the LLP agreement. An individual (who is capable of entering in to an agreement) or a body corporate can become a partner in an LLP. A body corporate means an LLP registered under the LLP Act, limited company registered under the Companies Act, a registered legal entity in any country registered under relevant laws of that country. However, it does not include a society or a corporation sole.
Who can become a partner of an LLP?
An individual (who is capable of entering in to an agreement) or a body corporate can become a partner in an LLP. A body corporate means an LLP registered under the LLP Act, limited company registered under the Companies Act, a registered legal entity in any country registered under relevant laws of that country. However, it does not include a society or a corporation sole.
What is LLPIN?
LLPIN is a 7-digit alpha numeric registration number allotted by Ministry of Corporate Affairs, Government of India, to an LLP. For example, AAA-0002 is the number allotted by the Ministry of Corporate Affairs to CompaniesInn Consulting LLP, the first LLP registered online in India.