A Limited Liability Partnership is a corporate business structure that offers its members the benefit of limited liability, just like a company. It allows partners to manage internal affairs based on mutually agreed-upon terms, similar to a partnership firm. Partners have limited liabilities for any future debts incurred in the course of running the business. An LLP combines features of both a corporate structure and a partnership firm, making it a hybrid entity that provides the best of both worlds. Partners are required to contribute to the LLP as specified in the LLP Agreement, and their contributions can take various forms, such as tangible or intangible assets, movable or immovable property, money, and cash. In an LLP, the LLP itself is liable for any losses or debts incurred in business operations, which means individual members of the LLP are not personally responsible for such financial obligations.
To reserve a unique name for your LLP, file a RUN-LLP application with the ROC after checking for similar names on the MCA portal and trademark registry. Ensure the proposed name is not undesirable to the Central Government and doesn’t resemble existing entities or trademarks. Resubmission is allowed within 15 days for rectifying defects. You can propose up to 2 names, and LLP incorporation must follow within 3 months of name approval.
Before registering with your Limited Liability Partnership (LLP), designated partners must apply for digital signatures. All LLP documents are filed online and require digital signatures for authentication. Designated partners must obtain their digital signature certificates (DSC) from government-recognized certifying agencies. Costs for DSC acquisition vary among agencies. Class 3 category DSCs are necessary for LLP registration.
The FILLIP (Form for Incorporation of Limited Liability Partnership) is used for LLP incorporation and is filed with the Registrar having jurisdiction over the LLP’s proposed registered office. This integrated form requires payment of fees. It also facilitates applying for DPIN allotment if a designated partner lacks DPIN or DIN, limited to two individuals. Additionally, FILLIP allows for name reservation application. If the applied name is approved, it’s filled as the proposed name of the LLP in the form
The LLP agreement dictates the mutual rights and duties among partners and between the LLP and its partners. It must be filed online on the MCA Portal using Form 3 within 30 days of incorporation. Additionally, the LLP agreement must be printed on Stamp Paper, the value of which varies by state.
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Pharetra nulla ullamcorper sit lectus. Fermentum mauris pellentesque nec nibh sed et, vel diam, massa. Placerat quis vel fames interdum urna lobortis sagittis sed pretium. Aliquam eget posuere sit enim elementum nulla vulputate magna. Morbi sed arcu proin quis tortor non risus.
Elementum lectus a porta commodo suspendisse arcu, aliquam lectus faucibus.
Pharetra nulla ullamcorper sit lectus. Fermentum mauris pellentesque nec nibh sed et, vel diam, massa. Placerat quis vel fames interdum urna lobortis sagittis sed pretium. Aliquam eget posuere sit enim elementum nulla vulputate magna. Morbi sed arcu proin quis tortor non risus.
Elementum lectus a porta commodo suspendisse arcu, aliquam lectus faucibus.
Pharetra nulla ullamcorper sit lectus. Fermentum mauris pellentesque nec nibh sed et, vel diam, massa. Placerat quis vel fames interdum urna lobortis sagittis sed pretium. Aliquam eget posuere sit enim elementum nulla vulputate magna. Morbi sed arcu proin quis tortor non risus.
Elementum lectus a porta commodo suspendisse arcu, aliquam lectus faucibus.