Limited Liability Partnership (LLP) Registration by Legal Consultant-Swaritadvisors

A limited liability partnership (LLP) is a type of partnership in which some or all partners have limited liabilities. It therefore has elements of both partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence.

Features of Limited Liability Partnership

As per section 3 of the Companies Act, 2013, a Limited Liability Partnership has the following characteristics or features:

 • A limited liability partnership is a body corporate formed and incorporated under the said Act and is a legal entity separate from that of its partners.

 • A limited liability partnership has the characteristic of perpetual succession.

 • Any changes in the partners of a limited liability partnership shall not affect the existence, rights or liabilities of the limited liability partnership.

A limited liability partnership is popularly known as an “LLP”, and has become an alternative business vehicle to carry out business as it combines the characteristics of a private company and a conventional partnership

Limited Liability Partnership

LLP Registration Procedure

As stated above, LLP’s these days has become a preferred form of organization among businessmen and entrepreneurs as it is inclusive of both the features of partnership  firm and company into a single form of organization. Registration of LLP is governed by the provisions of Limited Liability Partnership Act, 2008.

Before moving ahead, we must comply with the following requirements:

1.  To register an LLP, minimum number of partners must be two without any maximum number of limits

2. Among all the partners, at least one should be resident in India.

After complying with the above requirements, the procedure of registration would be as follows:

Step 1: Obtain Digital Signature Certificate (DSC)

Since all the documents for LLP are filed online these days and are required to be digitally signed, hence you must primarily apply for Class 2 digital signature of the designated partners of the proposed or to-be registered LLP.

Step 2: The designated partners must apply for DPIN (Designated Partner Identification Number)

All the designated partners or those who has a desire to be the proposed partner of LLP must apply for DPIN.

Step 3: Reservation and Approval of name

Before choosing any name, it is highly recommended to use the free name search facility available on the official website of MCA (Ministry of Corporate Affairs) which will provide you the list of closely resembling names which you might be thinking of and will help you not choosing any name of already registered company or firm. The registrar will approve the name only if the name is suitable in the opinion of the Central Government and does not resemble any existing partnership firm or an LLP or a body corporate.

Step 4: LLP Incorporation

Recently, MCA has introduced the facility of SPICe (Simplified Proforma for Incorporating Company Electronically) which helps in fast incorporation of company

·        It is in the lines of FiLLiP (Form for incorporation of Limited Liability Partnership) which is the form filed with the Registrar who has the jurisdiction over the state in which the LLP is situated.The fees is applicable which is to be paid with certain disclosures and attachments.

Step 5: Filing of LLP Agreement

LLP agreement must be filed within 30 days of incorporation of LLP in form 3. The LLP Agreement needs to be printed on Stamp Paper. LLP agreement governs the mutual rights and duties amongst the partners and also between the LLP and its partners. Hence, if you're planning to register your firm as Limited Liability Partnership, then contact Swarit Advisors, India's no. 1 consultant. We have a team of well-versed and experienced staffs to help you with various registration processes and queries. Author is an expert of Limited Liability Partnership, visit here for more interesting information