Among all the types of registration, LLP Registration is the preferable kind of organization as it amalgamates the advantages of both the company and partnership firm into a single form of organization. LLP is done under the Limited Liability Partnership Act, 2008 and the Limited Liability Partnership (LLP) Rules, 2009. Here in this article, we will see in detail the procedure of the LLP Registration.
LLP means Limited Liability where the liability of each partner is limited to the contribution made by the partner. Also, there is less compliance and regulations, and the cost of forming an LLP is low. The minimum number of partners required to incorporate an LLP is 2. Among all these partners, a minimum of two partners should be designated. Also, one partner should be a resident of India. There is an agreement called LLP Agreement which governs the rights and duties of these designated partners.
Different documents are required for the partners as well as LLP.
To initiate the process of registration, you need to apply for the Digital Signature of the designated partners of the proposed LLP. The Designated partner has to obtain their digital signature certificates from the certified government agencies. The list of certified agencies is given as:
These different agencies charge different costs for obtaining the DSC.
After obtaining the DSC, you need to apply for the DIN of all the designated partners and for those who intend to be the designated partner of the proposed LLP. There is a FORM named DIR-3 for through which the application for the allotment of DIN is made. When you apply for the DIN, you need to attach the scanned copy of documents such as your Aadhar Card or PAN card. The form has to be signed by a CS (Company Secretary) who is a full-time employee of the company or any of the Managing Director, CEO/CFO of the existing company.
For reserving the name of the LLP Company, LLP-RUN is filed the Central Registration shall process which under the NON-STP. There is a provision to apply for two proposed name of the LLP. You need to check the availability of the name of your LLP on the MCA Website. The name must be different from any of the existing company names; then only the Registrar will approve the name. In case, the name is approved, the form RUN-LLP is accompanied with fee as per the Annexure “A”. In case, the name is rejected, the re-submission of the new name must be done within 15 days.
These steps are the after company incorporation steps. The applicant needs to submit the partnership agreement in FORM-3 on the MCA portal within 30 days of the Incorporation of the LLP.
After the LLP registration is completed, the applicants have to fill the PAN application for the LLP by providing all the details and relevant documents.
LLP Company Registration in India is a simple and easy process and usually takes 10-15 days to complete. It totally depends upon how fast you provide the relevant documents and how smoothly the government is working for the procedure. A Limited Liability firm is the most common vehicle to carry the business and one of the ways to enjoy the benefit of a corporate entity in a limited partnership manner.
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