Limited Liability Partnership (LLP) Act came into force for most part, on 31st March, 2009 followed by its Rules on 1st April, 2009.
It is hybrid form which incorporates benefits of both partnership and companies. It has the following features:
1. Separate legal entity in the eyes of Law.
2. Cost of incorporation is very less.
3. Small Entrepreneurs can opt for LLP.
STEPS FOR INCORPORATION:
A) Obtain DSC of the individuals who are willing to be partners in LLP.
B) Then apply for DPIN/DIN of the partners with the following attachments:
Identity of applicant: PAN of the person Residence Proof of applicant: Aadhar card, driving License, passport, election card, ration card, electricity bill, telephone bill.
C) Once the DIN is approved, make an application for name of LLP in Form 1 where you can apply for maximum 6 names as per the preference, out of which one would be allotted. State the significance of the key or coined word in the proposed name in brief. The applicant can either be an individual as Partner or Nominee of Body Corporate.
D) Once, the name is approved, File Form 2 with the ROC which contains details of the Partners, Designated Partners, Monetary Contribution. File Form 2 with ROC along with following attachments. Pay the prescribed registration fee as per LLP Rules, based on the total monetary value of contribution of partners in the proposed LLP. (Contribution can be Below 1 Lakh Rupees). On submission of complete documents the Registrar, Certificate of Incorporation will be issued.
|Attachments of Form 2||
E) Post receipt of Incorporation Certificate, File Form 3 within 30 days of Incorporation of LLP with ROC which is LLP Agreement where all the terms and conditions would be mentioned for complying with the Provisions of the Act. Format of LLP Agreement is available on various portals. If required, drop me a mail. Once it gets approved all the formalities for registration gets completed.
KEY POINTS TO BE REMEMBERED:
** For Eg: If the LLP was incorporated on 01.04.2014. Company carried the Business activities for One year i.e till 31.03.2015. Company want to go for strike off in March 2017.Post 31.03.2015, no business was done.
In this case, it is mandatory to File Form 8 & Form 11 for FY 14-15 before going for Strike off. Company can prepare Nil Returns for FY 15-16 & FY 16-17 and attach it in Form 24 as an attachment since the notification says upto the date company ceased to carry on its business or commercial operation. In the given case, company ceased its operation in March 2015 only. Hence filing required for March 2015.
Link of MCA Notification: https://taxguru.in/corporate-law/limited-liability-partnership-amendment-rules-2017.html
Please refer all the relevant sections, rules, amendments and consider all the necessary requirements as applicable. The author is not responsible for any losses caused or incurred.