PROCESS OF INCORPORATION OF LIMITED LIABILITY PARTNERSHIP AS PER LIMITED LIABILITY PARTNERSHIP ACT, 2008 and RULES MADE THEREUNDER.

Article explains what is Limited Liability Partnership (LLP), Minimum number of partners required for formation of LLP, Requirement of DIN or DPIN / Digital Signature, Documents and Process for Incorporation of LLP in Brief.

1. Limited Liability Partnership
  • Limited Liability Partnership is different from partnership registered under Indian Partnership Act, 1932 save as otherwise provided, the provisions of the Indian Partnership Act, 1932 shall not apply to a limited liability partnership.
  • A Limited Liability Partnership is a body corporate formed and incorporated under the Limited Liability Partnership Act and is a legal entity separate from that of its partners.
  • A limited liability partnership shall have perpetual succession and any change in the partners of a limited liability partnership shall not affect the existence, rights or liabilities of the limited liability partnership.
2. Minimum number of partners Every limited liability partnership shall have at least two designated partners who are individuals and at least one of them shall be a resident in India.
3. Application for DIN or DPIN All designated partners of the proposed LLP shall obtain “Designated Partner Identification Number (DPIN)”. You need to file e-Form DIR-3 in order to obtain DIN or DPIN. In case you already have a DIN (Director Identification Number), the same can be used as a DPIN.
4. Acquire/ Register DSC Designated Partners of LLP shall apply for Digital Signature Certificate.
5. Reservation of name of LLP To reserve the name of LLP, Partners shall file form RUN- LLP (Reserve Unique Name LLP) for reservation of name of LLP. Name shall be reserved for a period of three months from the date of intimation by the Registrar.
6. Incorporation of LLP Partners shall file form FilliP in which following information shall be incorporated:

1. Reserved name

2. Name of the office of Registrar in which the proposed LLP is to be registered;

3. Business activities to be carried out by the LLP on incorporation;

4. Total number of designated partners and partners of LLP

5. Total monetary value of contribution by partners in the LLP etc.

7. Attachments 1. Proof of address of registered office of LLP

2. Subscribers’ sheet including consent

3. Proof of identity and address of Applicant I

4. Proof of identity and address of Applicant II etc.

8. LLP Agreement Every limited liability partnership shall file information with regard to the limited liability partnership agreement in Form 3 with the Registrar within thirty days of the date of incorporation.
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Hi, This is CS Tarun Jain, Graduate in Law and an Associate Member of the Institute of Company Secretaries of India, Agra. View Full Profile

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