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Procedure for Limited Liability Partnership Registration

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Procedure for Limited Liability Partnership Registration

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Old 05-13-2013, 07:24 AM
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Default Procedure for Limited Liability Partnership Registration

Step I Selecting Partners and Designated Partners

An LLP should have at least two individual "designated partners" and at least one of them shall be "resident in India".

Partners of LLP can be:

1 Individual Resident in or outside India

2 Companies incorporated in or outside India

3 LLP incorporated in or outside India

Step II Obtaining DPIN No. & Digital Signature

Designated Partners are required to obtain Designated Partner Identification Number [DPIN] from Central Government. Application for allotment of DPIN should be submitted online on the LLP website along with the necessary proof duly attested and certified as prescribed.

Digital Signature Certificate:

All LLP registration forms need to be filed online with digital signature of any one designated partner.

Step III Applying for Name Availability

The Third stage is to select checking name availability for the proposed LLP. For this purpose LLP Name Guidelines of Ministry of Corporate Affairs can be checked.

Step IV Drafting of LLP Agreement

The next step is drafting of LLP Agreement showing the mutual agreed rights and duties among the partners and among the LLP and its partners.

The agreement should have the following contents:

1 Name of LLP

2 Name of Partners & Designated Partners

3 Profit Sharing ratio

4 Form of contribution

5 Proposed Businessv

6 Rights & Duties of Partners

7 Rules for governing the LLP

Step V Filing of all Incorporation Documents

Next step is the filing of Incorporation documents, For this purpose declaration by partners need to be filed electronically through the medium of e-forms prescribed for incorporation of the LLP with the Registrar of LLP.

Eform 2: Incorporation Document and subscriber's statement

Form 2 is an informative document that providing the details of its Partners including designated partners showing declaration stating that all the requirements of Limited Liability Partnership Act, 2008 regarding incorporation of LLP in India have been complied with.

Subscription Sheet: The partners need to subscribe their names along with their signatures and their consent to become a partner/ designated partner/ nominee/ nominee & designated partner of the LLP to the subscription sheet this statement is required to be witnessed by any chartered Accountant/Company Secretary/Advocate in practice.

In case the subscription sheet is executed outside India, than it must be notarized and consularized.

Eform 3: Details of LLP Agreement

Form 3 provides for the required information of the LLP Agreement entered into between the partners of the LLP. This form should be filed within 30 days of forming the LLP.
All the eforms should be digitally signed by any designated partner and shall be certified by an advocate/company secretary/chartered accountant/cost accountant in practice engaged in the formation of LLP.

Eform 4: Consent by Partners

It contains consent for forming a Limited Liability Partnership and their amount of contribution to carry on a lawful business with profit motive.
 

Last edited by ajshco; 11-10-2014 at 04:37 AM.
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