Dear friends, in this competitive market, when we start a new business
then it requires huge capital investment (depending of nature of business
segment) and trustworthy human resources to get success in our dream business.
In most of the cases the entrepreneur has the vision and idea to start a new
business but due shortage of capital investment they are not able to start
their dream project.
To come out of this kind of situation, Ministry
of Corporate Affairs has given us an opportunity to create a Limited Liability
Partnership (LLP) where minimum 2 persons join hands together and create a
legal constitution in the Form of LLP.
In LLP, liability of Partners in case of loss is
limited to their capital contribution. In case of Limited Liability Partnership
number of compliances are very limited in comparison to Private/ Public Limited
company. Further, MCA has made the Incorporation process of LLP very easy in
comparison to registration process of Partnership Firm under Indian Partnership
Act. In this blog, we will discuss about the process and documents required for
Incorporation of Limited Liability Partnership.
Information gathered by Ranjeet Kumar Mundhra,
Advocate > 9331618264 > TRLC1857@GMAIL.COM
*Name Approval from MCA*: Before
starting of LLP Incorporation process, we have to finalise an LLP name which is
not similar to any existing LLP/ Incorporated Company. We have to apply in *Form
RUN-LLP* to get approval of our proposed name of LLP. MCA team will
verify our name in their database and if satisfied then our name is approved
otherwise, they will raise objection and we have to re-submit our application
with different name. After name approval, our LLP incorporation process starts.
*Note*: Approved name is valid
for a period of 3 Months from the date of approval.
Documents required for LLP Incorporation
- KYC
Documents of all Partners (PAN Card, Aadhar Card, Voter ID, Passport, Bank
statement etc.)
- Photo
- Mail
ID and Mobile number of Partners
- DPIN/
DIN number of partners if already allotted to them
- Proof
of address of registered office of LLP
- Subscribers
Sheet along with Consent letter of Partners
- Copy
of Resolution/ Authorisation, if body corporate is proposed Partner in
this LLP
- Digital
Signature of Partners
Filing of e Form FiLLip (e Form -2)
After name approval from MCA, we have to file Form
for incorporation of Limited Liability Partnership (e Form – 2). In this Form
we have to provide details of
·
Registered
office of LLP
·
Its
partners detail
·
Details
of business activities proposed to be done
·
Details
of Contribution by partners
·
Subscribers
Sheet and Consent
After submission of Form along with required
documents, the application is made available to MCA officer for verification
purpose. If he finds all documents accurate then he will approve the
application. In case of deficiency, he may raise objection and we have to
resubmit the application within 15 days from the date of intimation given to us
related to his query after rectifying the objection raised by him.
When Officer approved our application, the
Certificate of Incorporation of LLP is issued in Form 16.
Filing of LLP Agreement in LLP Form 3
After incorporation of LLP, we have to File LLP
Form 3 with MCA within a period of 30 days from the date of
Incorporation of LLP. In Case of delay in Filing, we have to pay additional fee
as prescribed in law.
Benefits of LLP Registration
√ LLP is recognised at par in comparison with
company because it is approved by MCA
√ No Upper Limit on Numbers of Partners
√ Incorporation and Annual Compliance charges are
very low in comparison to Private Limited Company
*******
Disclaimer: This article is for the purpose
of information and shall not be treated as solicitation in any manner and for
any other purpose whatsoever. It shall not be used as legal opinion and not to
be used for rendering any professional advice. This article is written on the
basis of author’s personal experience and provision applicable as on date of
writing of this article. Adequate attention has been given to avoid any
clerical/arithmetical error, however; if it still persists kindly intimate us
to avoid such error for the benefits of others readers.
With Warm Regards
Ranjeet Kumar
Mundhra
Advocate Cum
Financial Planner
9331618264
TRLC1857@GMAI
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