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The (LLP) Limited Liability Partnership is an upgraded version of the Partnership. The Limited Liability Partnership Act 2008 was published in the official Gazette of India on 7 January 2009 and has been notified with effect from 31 March 2009. Let’s have a deep dig at the complete LLP Registration in India.
Table of Contents
As the name itself suggests, a Limited Liability Partnership (LLP) is a partnership in which some or all partners have limited liabilities. It has the benefit of company and partnership. It is a partnership where some or all partners have limited partnership.
One of the popular and highly preferred categories of entity for doing business in almost all economic sectors in the majority of the countries worldwide is the limited liability. LLP is way different from Traditional Partnership. It is more in the form of organized business.
LLP is mainly for the people who provide consultancy service. It is the hybrid form which incorporates benefits of both partnership and companies.
The major features of LLP are as follows:
LLP has a simplified procedure for registration. It is provided below:
Note- Reservation of name shall be filed. Partners shall have to select the name of the proposed LLP (up to 6 choices can be indicated in the order of preference).
Following Information are Required to be Filed in Form LLP-1
5. Draft LLP Agreement as per section 23(3) – Section 23(3) of the LLP Act provides that an agreement in writing made before the incorporation of an LLP between the persons who have subscribed their names to the incorporation document and should be on stamp paper.
Main Features of the LLP Agreement:
It may be noted that Form 2 for incorporation and subscription Document have to be filed with ROC after the name is reserved for LLP by Registrar. File Form 3 for LLP Agreement and it is not mandatory to file LLP agreement at the time of registration and the same can be a file in form LLP-3 within 30 days of Registration of LLP.
Note: Stamp Duty needs to be paid where necessary as per the Stamp Act.
6. After the Registrar is satisfied that all the formalities with respect to the incorporation have complied, he will issue a Certificate of Incorporation as to the formation of the LLP within a maximum of 14 days from the date of filing of documents.
7. The Certificate of Incorporation issued shall be the conclusive evidence of the formation of the LLP.
8. On incorporation, every LLP so registered shall be assigned an LLP identification number (LLPIN) in one consecutive series.
Penalty: For non-compliance, the penalty charged to LLP is Rs 100 per day
The LLP Act doesn’t state about the process and periodicity of convening the meetings of partners. The Act prescribes that decisions taken at the partners meeting has to be recorded in 30 days of taking the decision.
Read our article:
Importance of Digital Signature Certificate in Personal and Business Transactions
Ashish M. Shaji has done his graduation in law (BA. LLB) from CCS University. He has keen interests in doing extensive research and writing on legal subjects especially on corporate law. He is a creative thinker and has a great interest in exploring legal subjects.
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