What Are the Procedures for Formation of LLP in India

What Are the Procedures for Formation of LLP in India



There is a minimum requirement of two Designated Partners to start an LLP. However, there is no maximum limit of partners to form an LLP. A LLP is a separate legal entity which means it continues even after death, bankruptcy, insanity or change in partners. The LLP is also taxed separately from the partners and has perpetual succession.

The LLP Registration process has been made more efficient with the recent amendments done via Limited Liability Partnership (Second Amendment) Rules, 2022 which have introduced simplified forms and online filing of documents for registering an LLP. The amendments have also eased the compliance burden of an LLP. Now, an LLP has to file only two statements compared to the eight to 10 statements which are required for a private company to file.

The first step of LLP registration is to reserve the name of the LLP by filling a web form called RUN-LLP (Reserve Unique Name – Limited Liability Partnership). This has replaced the earlier LLP Form-1. The form needs information related to the proposed/approved name of the LLP, its significance and other relevant details. The name can be reserved for a period of 90 days and if not filed within this time frame, it will expire.

Once the name is approved, the next step is to apply for LLP incorporation by filling LLP Integrated Incorporation Form (FiLLiP) on MCA portal. This form requires various information like DPIN, business activity of the LLP, proof of address of registered office, subscribers sheet including consent, etc. The e-form must be attested by the partners through PAN based DSC and certified by a practising professional.

 

 

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