Why LLP is Advantageous?
Forming and maintaining LLP has always been a preferred option for small
Enterpreneurs due to its structure, compliance and operational advantages.
Salient features of LLP
• LLP can be formed with minimum of 2 partners.
• LLP shall have at least two designated partners who are individuals.
• LLP is a separate legal entity.
• Liability of partners of LLP is limited to their contribution.
• There is less compliance as far as LLP is concerned.
• Every LLP is required to file Form 11 and Form 8 as part of their annual compliance.
• LLP can be registered in a short span of time within 15-20 days
Procedure for registration/ incorporation of LLP
Step 1: Filing of RUN (Reserve Unique Name) application
Step 2: Filing of FiLLiP (Form for incorporation of LLP) application
This Form helps in incorporation of new LLP, allotment of DIN and/or reservation of name of LLP. It is mandatory to attach Digital Signatures of Designated Partner before filing the form. The Fees for submitting the form shall depend on the Contribution of LLP.
Requirements in the Form
Attachments required in the Form
The above form is then submitted by logging the MCA portal with the prescribed fee.
Step 3: Filing of Form 3
This Form is filed once the approval for FiLLiP is received by the applicant and the LLP is incorporated. The due date of filing the form shall be within 30 days from the date of incorporation. This Form helps in filing LLP agreement with the Registrar. The LLP agreement is printed on the stamp paper which shall be different for every state.
Information/Attachments required in the Form
In case of any queries or clarification, please feel free to write us at [email protected]