A Guide for LLP Registration - Limited Liability Partnership Firm

LLP stands for Limited Liability Partnership firm which is registered on MCA by the Registrar of Companies and is governed and regulated through the provision of the LLP Act 2008. LLP has the blend of features of both Company as well as Partnership such as:

• Separate legal entity
• Limited liability
• Minimal compliances
• No minimum capital

LLP shall be registered with minim 2 designated partners with at least one Indian resident; however, there is no limit on its maximum partners. LLP agreements govern the rights, duties, and obligations of the designated partners. LLP shall be governed as per the provisions of the LLP Act as well as clauses of the LLP Agreement. This blog has useful learning if you are planning to start your LLP.

Following is the simplified steps to apply for LLP Registration Online:

• Start the process by reserving the name through RUN-LLP: a web service available on MCA for name application of LLP
• After the receipt of the name approval letter, the applicant shall apply for LLP registration through the FiLLiP form available on MCA for downloading. Download the form and fill the necessary details
• Attach the required documents as an annexure to the form and affix DSC or partners and professional who is certifying the form
• If the information and documents provided are correct, Registrar shall grant Certificate of Incorporation that consists of details such as LLPIN, Name, and Date of Incorporation.
• LLP registration step is completed by filing the LLP agreement in Form 3.

Following is the list of documents needs to be attached with e-form for LLP Registration:

• PAN Card and Aadhar of all designated partners
• Electricity bill if the Registered address is owned and NOC from the landlord along with rent agreement in case of rented premise as a supporting document for proof of registered address
• Id proof and address proof of all designated partners
• If any of the designated partners are of foreign national, his Passport is mandatorily required
• Passport size photograph of partners

Following points shall be kept in mind as the basic requirement for registering LLP in India:

• Minimum 2 partners are required for LLP registration with no limit on maximum partners. Every designated partner must have DPIN who are being appointed in LLP
• Name of LLP must end with the word "LLP" at the end
• The registered office shall be mentioned in LLP agreement, and any amendment or change in address shall be approved by the consent of all designated partners
• There is no specified minimum capital requirement, and therefore LLP can be registered by investing any amount of capital contribution.

LLP is the preferred legal structure due to the following merits:

• LLP has the advantages of both Company as well as Partnership
• It has a legal entity separate from its designated partner
• Cost of registration of LLP and its compliances are very minimal
• The legal identity of LLP is not affected with change in the constitution of designated partners
• LLP is easily transferable to other structure such as private/public company

LLP was introduced with the combining feature of two separate legal structures to provide the entrepreneurs with an option to conduct business with ease. The entire process of LLP registration, starting from acquiring DSC to getting a Registration Certificate can be done hustle free in no time by our team of experts.