Limited Liability Partnership (LLP)

Limited Liability Partnership (LLP) was introduced in India by way of the Limited Liability Partnership Act, 2008. The basic premise behind the introduction of Limited Liability Partnership (LLP) is to provide a form of business entity that is simple to maintain while providing limited liability to the owners.

Advantage

The main advantage of a Limited Liability Partnership over a traditional partnership firm is that in a LLP, one partner is not responsible or liable for another partner's misconduct or negligence. A LLP also provides limited liability protection for the owners from the debts of the LLP. Therefore, all partners in a LLP enjoy a form of limited liability protection for each individual's protection within the partnership, similar to that of the shareholders of a private limited company. However, unlike private limited company shareholder, the partners of a LLP have the right to manage the business directly. LLP is one of the easiest forms of business to incorporate and manage in India. With an easy incorporation process and simple compliance formalities, LLP is preferred by Professionals, Micro and Small businesses that are family owned or closely-held. Since, LLPs are not capable of issuing equity shares, LLP should be used for any business that has plans for raising equity funds during its lifecycle.

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Requirements for Incorporation:

    Partner
  • A minimum of two partners will be required for formation of an LLP. There will not be any limit to the maximum number of partners. parameters.
  • A body corporate can also be Partner of LLP.

  • Designated Partner
  • Every LLP shall be required to have at least TWO DESIGNATED PARTNERS.
  • Designated Partners shall be Individuals
  • At least one of the Designated Partner shall be a resident of India.
  • In case of a LLP in which all the partners are bodies corporate or in which one or more partners are individuals and bodies corporate, {At least two individuals who are partners of such LLP or nominees of such bodies corporate shall act as designated partners}.

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Step wise process for incorporation of limited liability partnership "LLP"

Every LLP shall have a registered office to which all Communications and Notices may be addressed and where they shall be received. (Section- 13)

  •   Step-I- Obtain din
  •   Step-II- obtain dsc
  •   Step-III- search for name availability
  •   Step-IV- filling of form llp-1 (name approval)- Section-16
  • Following Information are required to be filed in form LLP-1
  • DIN of Designated Partner.
  • Email Id
  • Occupation
  • State of Register office of Company
  • Objects of LLP
  • Partners Contribution into LLP
  • Name of LLP
  • Significant of Name
  • If Proposed Name is Based on Trade Mark (NOC form the Owner of TM)
  • DSC of Designated Partner
  •   Step-V- Drafting of LLP agreement
  •   Step-VI- Filing of (Form 2) for Incorporation and Subscription Document
  • Information Required to be mention in form LLP-2
  • Enter the proposed address of the registered office and valid email ID of the LLP.
  • Enter the main division of industrial activity- “given below in Annexure A”
  • Enter the No. of Designated Partner.
  • Enter the total monetary value of contribution by all the partners/ designated partners of the LLP. Value of contribution cannot be less than the contribution entered at the time of name availability.
  • Documents Required to be attach in form LLP-2
  • Proof of address of registered office of LLP
  • Subscribers’ sheet including consent
  • Detail of LLP(s) and/ or company(s) in which partner/ designated partner is a director/ partner (if applicable).
  •   Step-VII- Filling of LLP agreement (form- 3)

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Frequently Asked Questions

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