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What Is The Procedure For LLP Registration In India?

2017-08-09 13:21:59 | Legal Services
Procedure for LLP Registration
LLP has been introduced in India by way of Limited Liability Partnership Act, 2008. The basic premise behind the introduction of Limited Liability Partnership (LLP) is to provide a form of business organization that is simple to maintain while at the same time providing limited liability to the owners. A Limited Liability Partnership combines the advantages of both the Company and Partnership into a single form of organization and one partner is not responsible or liable for another partner’s misconduct or negligence.
Minimum Requirements for LLP
Minimum 2 Designated Partners (DP)
At least 1 of the DP shall be Indian resident
If a body corporate is DP then it has to nominate a natural person
Director Identification No.(DIN) has to be obtained by 2 partners
Digital Signature Certificate of any one of the DP
The documents requirements are as follows:
For Designated Partners:
Pan Card
ID proof- Anyone (Voter ID/Aadhar Card/Driving License/Passport)
Address Proof- Anyone(Electricity Bill/Telephone Bill/Mobile Bill/Bank Statement)
In addition, the landlord of the registered office premises must provide:
No Objection Certificate for having the registered office on his/her premises and must submit his/her identity proof and address proof.
Procedure to Form LLP
Step 1: Obtain Digital Signature Certificate (DSC) for the Partners
For obtaining DIN (Director Identification Number or Designated Partner Identification Number) for the Partners of the LLP, a Digital Signature Certificate (DSC) is required. Therefore, a Digital Signature Certificate for the proposed Partner must first be obtained. The DSC can be obtained within one day of filing of the DSC Application with LegalRaasta.
Step 2: Obtaining Director Identification Number for the Partners
Once, Digital Signatures are obtained for the Partners, application for Director Identification Number (DIN) can be made. DIN registration usually happens immediately and in rare cases, additional documents must be submitted to the DIN Cell for approval of the DIN application. DIN and DPIN are synonymous and can be used interchangeably. Each person can have only one DIN.
Step 3: Obtaining Name Approval
Once two DPIN’s are available, application for reservation of name can be made to the MCA. It is important for the promoters to keep in mind the LLP Naming Guidelines and suggest appropriate names for the LLP in the application, to ensure a speedy approval. Once, the application for reservation of name is submitted to the MCA, it will be processed by the Registrar of Companies (ROC) in the State of Incorporation.
Step 4: Filing for Incorporation
Once the name approval application is accepted by the MCA, an LLP name approval letter will be issued to the proposed Partners. The Partners then have 60 days to file the required incorporation documents and register the LLP. In case the LLP is not formed within 60 days of name approval letter, the approval for a name for the LLP would have to be re-obtained.
While filing for the formation of LLP, the documents showing possession of the registered office would be required. Once prepared, the registered office related documents along with the signed subscriber’s sheet must be filed with the MCA for LLP registration in India.
If the application for LLP Registration is acceptable, the Registrar would issue the incorporation certificate. Once, the incorporation certificate is issued, the LLP will be considered to be registered and application for PAN for the LLP can be made. The Partners of the LLP then have 30 days time to file the Partnership Agreement of the LLP with the MCA. In case, the LLP Partnership Agreement is not filed within 30 days, a fine will be applicable.
LegalRaasta can help you create an LLP in India at minimal charges and time.

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for Section 8 company registration, Nidhi company registration, IEC registration.

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