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Limited Liability Partnership

LLP refers to Limited liability partnership and is governed by Limited Liability Partnership Act 2008. Limited Liability partnership provides advantage of limited liability to its owners and at the same time requires minimal maintenance. Partners of LLP have limited liability to creditors. In case of default, banks / creditors can only sell LLPS assets and not Personal assets of Partners.

Features of Limited Liability Partnership

It has a separate legal entity just like companies
The liability of each partner is limited to the contribution made by partner
The cost of forming an LLP is low
Less compliance and regulations

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Procedure

Procedure For Limited Liability Partnership Registration

Application of DSC & DPIN

Our very first step in this direction would be getting Digital Signature Certificate (DSC) and Designated Partner Identification Number (DPIN) for the proposed Partners of the LLP. Within a timeframe of 2 to 3 working days DPIN and DSC can be obtained for the proposed Partners. If the partners already have DSC and DPIN, then this step can be skipped.

Name approval

A minimum of one and a maximum of two proposed names are required to be given to the MCA. Subject to availability, naming guidelines and MCA processing time, we will get back to you with the Name approval within 5 to 7 working days. Names provided should ideally be unique and suggestive of company business.

Application for LLP Registration

once the name is reserved for the proposed company, one shall proceed for making Application for incorporation of LLP with the registrar who has jurisdiction over the state in which the registered office of the LLP is situated

Filling of Limited Liability Partnership Agreement

Agreement governs the mutual rights and duties among the partners and also between the LLP and and its partners. Agreement must be filled within 30 days of the Incorporation. Agreement has to be printed on stamp paper. The Value of stamp paper is different for every state.

Time Involved

LLP formation starting from obtaining DSC to filling of Form 3 takes approximately 20 days subject to availability of documents.

Documents

  • Pan Card of all proposed directors
  • Adhaar Card of all proposed directors
  • Passport photo of all proposed directors
  • Light bill for registered office of the company
  • Email id and Mobile number of all proposed directors
  • Qualification, Occupation, Place of birth details
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