LLP Registration
In India, Limited Liability Partnerships became popular after the enactment of the Limited Liability Partnership Act in the year 2008. Many
start-ups and small businesses chose this form of partnership over the traditional form of partnership and company as it offers the advantages of both the partnership and company.
The leading edge of an LLP is one partner is not responsible for the other partner's wrongdoing or negligence. Professionals, Micro and Small enterprises prefer to form LLP for their business. LLP offers the benefit of limited liability towards owners and, at the same time, needs minimum maintenance.
Benefits of Forming an LLP
There are many benefits to run a business by constituting as an LLP which is outlined below:
- Dual advantages- Partnership with features of a company
- No partner can be responsible for another partner's misconduct
- Less expensive to incorporate than a private limited company
- Limits the liabilities of its partners
- Can raise funds from partners, banks and NBFCs
- Flexible agreement
Process of LLP Formation
Let us have a look at the process of registration with the help of the diagram below:
The steps are discussed in detail below:
Step 1: Get Name Approval
An application for reservation of name can be made through web service; reserve a new name LLP by RUN LLP for the proposed LLP.
Step 2: Apply for DSC
Every proposed Designated Partner must obtain Digital Signatures which is mandatory for filing forms for LLP.
Step 3: Incorporation of Limited Liability Partnership
An application for incorporating Limited Liability Partnership can be made through webform FiLLiP along with webform 9. Webform 9 is an integrated service for the incorporation of LLP. Fillip is an initiative undertaken by the Government of India toward Ease of Doing Business (EODB). Fillip is an integrated form wherein the certificates of registration are issued to the LLP. Issuance of PAN & TAN and Issuance of DIN/DPIN. Now, through the webform FiLLiP. LLP can be incorporated with 500 Partners. There is no requirement to file Addendum to the web form FiLLiP form.
The user must file the consent of Designated Partners who have DPIN in linked webform-9 under the relevant section of LLP Rules, 2009, Upon successful submission of webform FiLLiP. However, Form 9 must be filed as an attachment to FiLLiP for the Designated Partners whose DPIN is applied through webform FiLLiP.
Step 4: Filing LLP Agreement
Within a period of 30 days of incorporation of the LLP, the partners should execute the limited liability partnership agreement and file web LLP form 3 with the RoC. The LLP agreement lays down the partners' inter-se rights, liabilities, and duties. Earlier, the applicant used to download form 3 from the MCA portal and upload the form on the MCA portal. Now webform 3 needs to be filed online. For the purpose of webform 3, we need to know about the V3 Portal:
For
LLP registration in India, MAG is the most reliable and cost-effective service provider. We can help you register your LLP if you seek the
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LLP registration online in India with complete assurance. All your concerns related to
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LLP registration process in Delhi will be dealt with our domain experts.
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Richa Gulati
Senior Associate-Secretarial Compliance, PCS
“If You Want To Fly Into A Free Sky, You Never Ask For The Wings, You Just Want To Break Up Your Ring. Keep Flying, The Whole Sky Is Yours .” .
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