Limited Liability Partnership Registration
A Limited Liability Partnership means a partnership that has been formed and registered under The Limited Liability Partnership Act, 2008. It is a combination of both partnership and corporation and has features of both these forms of businesses. As the name suggests partners shall have limited liability in the firm which means that personal assets of the partners cannot be used for paying off the debts of the firm. In simple words, LLP is a Body Corporate and a Legal Entity separate from its Partners. It shall have at least 2 Partners with no limit on a maximum number of partners.
There are 2 types of partners in LLP:
A Limited Liability Partnership shall have at least 2 Designated Partners who shall be individuals and will be held accountable for regulatory and legal compliances, besides their liability as partners. They in simple words are given such designation as they will look after the day to day business of the Firm.
Before initiating the process of registration, we have to apply for the digital signature of the Designated Partners of the proposed LLP. This is because all the documents for incorporating an LLP are to be filed online and are required to be signed digitally by using that digital signature only.
This form needs to be prepared (along with attachment being LLP - Agreement) and filed with the Registrar within 30 days of receiving the LLP Registration Number.
Following are the advantages of incorporating an LLP:
Bifurcation of the fees is as follows: (a) Fess for RUN-LLP – Rs. 200 (b) Fess for E-From FiLLiP – It varies based on Contribution (from Rs.500 to Rs.2000) (c) LLP- Agreement – Stamp duty varies from state to state (for eg. In U.P its Rs.750)
Fees for Form 3 – Rs. 50
The name reserved through RUN-LLP is valid for 3 months.
The answer to this question depends upon case to case basis. ROC takes a maximum of 2-3 days from the submission of application in Form FiLLiP. It may put an application for resubmission in case of discrepancies.
No, SPICe forms can be used only for incorporating Companies (Private/Public/OPC).
An existing partnership firm can be converted into LLP by complying with the provisions of clause 58 and Schedule II of The Limited Liability Partnership Act, 2008.
No, in case of re-submission, the fees are not required to be paid again.
Yes. Applicant must track SRN (provided at the time of filing) until it is approved. In case of any defect, incompleteness, concerned MCA office can mark the status of SRN as a resubmission which is needed to be re-filed or resubmitted with correction in such defects/incompleteness or furnish further information, within the prescribed period.
No. LLP can be formed with any amount of Capital. Capital Contributed needs to be disclosed in the LLP agreement and the amount of stamp duty is as per the total contribution amount.
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