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A Limited Liability Partnership (LLP) is a form of business organisation where the liability held by each of the partners is limited by law. It is a corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in a flexible, innovative, and efficient manner. Since LLPs contain elements of both :- a corporate structure as well as a partnership firm structure, they are a hybrid between a company and a partnership (retain the partnership model but are closer to corporations in design and function).
LLP is a body corporate formed and incorporated under the LLP Act, which is a distinct legal entity separate from that of its partners. Introducing LLPs, as a new business structure would fill the gap between business firms such as sole proprietorship and partnership, which are generally unregulated and Limited Liability Companies, which are governed by the Companies Act, 1956.
Two or more persons (natural or artificial) intending to carry out a lawful business with a view to make profit can form a LLP. If any partner is a body corporate, then it will be required to nominate any person (natural) as its nominee for the purpose of incorporation of LLP. The steps involved in incorporation are:
Obtain Designated Partners Identification Number (DPIN)
Digital Signature Certificate
Reservation of name
Filing of LLP agreement (Form-3) and Partners’ details (Form-4) :-
Note :- MCA accepts only above specified documents for ID proof and Address proof.
The statutory compliances for a Limited Liability Partnership firm depend upon various registrations under which the firm is registered. The basic but most important compliances include :-
Yes, an existing partnership firm can be converted into LLP by complying with the Provisions of clause 58 and Schedule II of the LLP Act. Form 17 needs to be filed along with Form 2 for such conversion and incorporation of LLP.
Yes, any existing private company or existing unlisted public company can be converted into LLP by complying with the Provisions of clause 58 and Schedule III and IV of the LLP Act. Form 18 needs to be filed with the registrar along with Form 2 for such conversion.
No, only private / unlisted public company can be converted into LLP.
File LLP Form No. 1 (Application for reservation or change of name) by logging on to the LLP portal along with the fee prescribed and attaching the digital signature of the designated partner proposing to incorporate a LLP.
Also, refer the LLP name availability guidelines prescribed under section-15 read with Rule-18 of LLP Rules, 2009.
The approved name of LLP shall be valid for a period of 3 months from the date of approval. If the proposed LLP is not incorporated within such period, the name shall be lapsed and will be available for other applicant/ LLP. Please note that there shall not be any provision for renewal of the name.
No, name of the LLP shall end with either ‘Limited Liability Partnership’ or ‘LLP’. Word ‘limited’ shall be allowed in name only within ‘Limited Liability Partnership’.
Yes, it mandatory to execute and file LLP Agreement in view of Section 2(0) & (q) , 22 and 23 of the Act.
As per provisions of the LLP Act, in the absence of agreement as to any matter, the mutual rights and liabilities shall be as provided for under Schedule I to the Act. Therefore, in case any LLP proposes to exclude provisions/requirements of Schedule I to the Act, it would have to enter into an LLP Agreement, specifically excluding applicability of any or all paragraphs of Schedule I.
The process of incorporation of a LLP is quite complex and has to pass through several stages. The incorporation is regulated as per the guidelines issued under the statute. Furnishing of wrong details may put you into trouble. It is highly recommended that you seek the help of a professional for Incorporation of your LLP in an expeditious, smooth and error-free manner. We are just a phone call away to serve you for all your needs in this regard.
Upon receipt of your call, our representative shall arrange a meeting with you at your time of convenience. During the meeting he shall explain you the whole process of Incorporation of LLP and thereafter obtain all necessary details pertaining to partners, designated partners, proposed LLP name, Incorporation details, etc. on several pre-printed template forms specially designed by us for this purpose which are essentially replica of various e-forms. He shall also obtain copies of all necessary documents as per the checklist associated with each e-form.
The information so collected alongwith the documents shall be forwarded to our expert who after checking the same shall initiate the process of Incorporation in a step-wise manner. He will first get DSC and DPIN issued for the designated partners as required which will take 2-3 days. Thereafter he will apply for reservation of a name for the proposed LLP in Form 1 and shall simultaneously prepare an LLP Agreement mentioning the terms. After the name gets reserved and you send your approval pertaining to LLP Agreement, the expert shall file form 2 for Incorporation under prior intimation to you so that he may contact you for want of any information/clarification from your side.
After submission of Form-2, he shall regularly check its status and shall furnish you the certificate of Incorporation as soon as the same gets processed. The entire process takes about 25-30 working days under normal business conditions.
⇒ Strong team of qualified experts – Our strength in matters related to Incorporation of a Private Limited Company is attributed to our team of highly qualified and experienced working professionals from different disciplines, including legal experts, Chartered Accountants, Company Secretaries, Document Writers etc. who work in tandem with each other and are assisted by junior officers.
⇒ Smooth and seamless interaction – We endure to provide our best services in all matters relating to Incorporation of Private Limited Company, by ensuring smooth and seamless interaction with you preferably through digital communication mode to save your time and efforts.
⇒ The entire process is digitized – We have digitized the entire process of Incorporation of Private Limited Company using a dedicated software comprising a comprehensive checklist to ensure that all the obligations are fulfilled at each stage within the prescribed due time. Using this software, we are able to provide end to end services on all aspects relating to Incorporation of a Private Limited Company in a systematic manner. We also have specially designed data-entry forms which are essentially replicas of various e-forms prescribed for Incorporation of a Private Limited Company and shall be shared with you online for filling in the desired details under assistance from our team.
⇒ Regular Updating – The names and contact details of all our esteemed clients are preserved in a database which enables us to send them updates on new policies and regulations whenever they are announced, through SMS/WhatsApp/E-mail entirely free of cost.
⇒ Total Business Solution – We provide service assistance in each and every aspect of doing business whether in relation to its establishment or its working as well as undertake to provide total business solution on turnkey basis.
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