Limited Liability Partnership registration in India has the characteristics of a private company and a conventional partnership. With the help of arrangements between the partners, the LLP provides limited liability status to its partners and offers the flexibility of internal arrangement. The partners in an LLP enjoy the flexibility of controlling the business operation along with limited liability. Online LLP Registration in India is a separate legal entity and it has a perpetual succession. Any changes in LLP, will not affect the partners.
There are 4 different situations under which an LLP could be registered, they are as follows,
- Start an LLP
- Convert existing partnership firm into LLP
- Convert an existing private company/ unlisted public company into LLP
- Start a Foreign Limited Liability Partnership (FLLP)
- To register an LLP in India, the following steps are to be followed,
- Application for DIN or DPIN
- Acquire/ Register DSC
III. New user registration
- Incorporate an LLP
- File LLP agreement
- Application for DIN or DPIN – DIN stands for Director Identification Number and DPIN stands for Designated Partner Identification Number. All designated partners of the proposed LLP shall obtain DPIN or DIN. In order to obtain DIN or DPIN, one needs to file e-form DIR-3 which can be downloaded from the Ministry of Corporate Affairs official website.
- Acquire/ Register DSC – Next step in the incorporation of LLP is to obtain the Digital Signature Certificate (DSC). In order to secure and authenticate the documents submitted electronically, digital signatures are used. Hence it is important to obtain DSC. It is to be obtained only form a licensed Certifying Authority. This DSC can be used in all the filling done by the Online LLP Formation in India.
III. New User Registration – In order to file an e-application for the registration of LLP and to avail any paid service on Online LLP Formation in India, one must first register as a new user in the relevant user category, such as registered and business user.
- Incorporate an LLP – Next step is to apply for the name of the LLP to be registered with the Ministry of Corporate Affairs. After scrutinizing the Ministry approves the form and then an email will be sent regarding the approval of the name and the status of the form will be changed to Approved.
- File LLP Agreement – An initial LLP agreement is to be drafted and filed within the 30 of incorporation of LLP.
- Convert existing partnership firm into LLP – Any existing firm that is willing to convert into LLP will need to apply of the conversion of a firm into LLP through Form 17.
- Convert an existing private company/ unlisted public company into LLP – Any existing private company or an unlisted public company that is willing to get converted into an LLP shall apply for conversion through Form 18.
- Start a Foreign Limited Liability Partnership (FLLP) – A Foreign LLP can establish its business in India by filling Form
These are the steps to be followed in order to incorporate a Limited Liability Partnership. In order to ease the work of incorporation of LLP, the assistance of a leading firm like Company Vakil can be sought which has a great experience in Online LLP Registration Services.