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A Limited Liability Partnership (LLP) is a form of business that offers the combined features of ‘partnership’ and ‘company’ business structures. This business form was introduced in India in April 2009 with the enactment of the Limited Liability Partnership Act, 2008.
An LLP combines the advantages of both ‘Company’ and ‘Partnership’ in a single business entity. 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/registration 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).
LLP REGISTRATION - REQUIREMENTS
Partners:
To register an LLP, there should be a minimum of two partners. These partners should execute the incorporation documents for registering the LLP and the first LLP agreement. Individuals residing in and outside India, companies, LLP, Body corporates incorporated in and outside India can become partners in a LLP
Designated Partners:
An LLP should have a minimum two ‘Designated Partners’ who are individuals and at least one of them should be resident in India. Only individuals can be designated as partners in an LLP. Where a corporate body is one of the LLP partners, it should nominate an individual as a Designated Partner. An individual partner, who is an Indian National, should have a Permanent Account Number (PAN) allotted by the Income Tax Department.
Director Identification Number (DIN):
An individual should hold a valid DIN to become a Designated Partner of an LLP. A DIN can be obtained by filing an online application supported by valid identity (PAN card) and address proof documents, validated by professionals.
Digital Signature Certificate (DSC):
All filing including DIN applications are made through the MCA online application system, appended with a valid Digital Signature Certificate (DSC). All the designated Partners should have valid Digital Signature Certificate (DSC).
LLP REGISTRATION - PROCESS
Obtain DSC and DIN:
The first step is to obtain Digital Signature Certificate (DSC) and DIN for each proposed designated partner.
LLP name Application:
Once DINs are allotted, an application for registering the desired LLP Name is submitted.
Execution of incorporation documents and Filing at MCA:
The primary documentation required for LLP incorporation includes:
Subscribing an incorporation document agreeing to all terms and conditions as required under the LLP Act for filing with the Registrar of Companies.
A Proof of Address and No Objection Certificate (NOC) pertaining to the proposed Registered Office address;
Letter of Consent to be signed by from each individual authorized to act as Partner or Designated Partner.
Completed application forms and prescribed supporting documentation for LLP registration.
Issue of Certificate of Incorporation:
Once all information and documents are submitted at the Office of Registrar of Companies, the Registrar shall register the same and issue a Certificate of Incorporation (COI). The COI is issued digitally under the digital signature of the Registrar of Companies.
Execution of LLP Agreement:
The newly-registered LLP is required to prepare and execute an LLP Agreement. The Legal Team at CompaniesInn.com will assist you in drafting and executing a suitable agreement and the Process Team will verify and submit a copy of the executed LLP agreement to the Registrar in prescribed format (Form 3) within 30 days of registering the LLP.
