What Are the Procedures for Formation of LLP in India

What Are the Procedures for Formation of LLP in India



Limited liability partnership is a legal entity separate from its partners, it can hold assets, own properties and sue or be sued in its own name. An LLP can have multiple partners, however, a minimum of 2 members need to be designated (DIN). Unlike partnerships, LLPs are required to file accounts and compliance documents with the Registrar of Companies. Besides, they need to file self-assessment tax returns annually and pay taxes on the profits made by the LLP.

Incorporation of Limited Liability Partnership is an ideal option for those aspirants who are looking to enter the corporate world with the lowest risk. An LLP has no maximum limit of partners and the cost is significantly lower than that of a Private Limited Company. It has a distinct legal entity and each partner's liability is limited to their contribution only.

Through the recent amendment in the LLP Act, the Ministry of Corporate Affairs (MCA) has revamped the process of LLP incorporation. In addition to LLP-RUN service, MCA has introduced e-form FiLLiP for reservation of LLP names. Both e-forms are available on MCA portal.

The applicants need to provide basic details about the proposed LLP, along with the name and DPIN of the proposed members. In case the LLP has a similar name with another existing LLP or a company, then the applicant needs to submit the No Objection Certificate of Companies from such company.

Similarly, the applicants need to submit ID proof of all the partners and residence proof of at least one partner. Also, they need to furnish the name of the registered office. In case of foreign nationals, they need to furnish their passport as a proof of identity. Further, the LLP needs to submit a white background photograph of each of its designated partners.

 

Tel:+917299972500

info@filingpoint.com

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