LLP Formation Procedure in India
Do you wish to start LLP formation and register a limited liability partnership? The following procedure helps to incorporate an LLP.
Choose about the partners of your preferred LLP minimum 2 number. If any time the number reduces two, the LLP carry on business only six months. So only one partner handling on business with the skills that the number has been so reduced, shall be particularly responsible for the requirements of the LLP.
If your suggested LLP have both partners and individuals and also bodies corporate. So, minimum two partners, they are designated partners who are respective. One of the partners should be an Indian. The person who is resident in India who has stayed in India within 182 in the past year.
The partners specified who are respective and do not receive from the following:
- He is an undischarged failure
- He has been found to be of tenuous mind by a tribunal of efficient jurisdiction and the finding is in force.
- He has assigned to be decided as a failure and his application is pending.
Also make that the suggested designated partners do not suffer from the following:
- He has at any time within the previous 5 years been declared loser.
- Has been approved by a court for any opposition containing moral depravity and sentenced in approval thereof to penalty for six months.
- Has been approved by a court for any objection containing section 30 of the LLP act 2008.
- Get prior agreement of the person who will be a designated partner of the suggested LLP.
- Also get specific of the designated partners are filed with Registrar of Companies of 30 days on their meeting.
- The designated partners get DPIN from the central government and also get digital signature certificate for the suggested LLP.
- All individual, who is preparing to be decided as designated partner LLP. It is processed under application electronically in form.
Attach the following proofs for DPIN:
- Certified copy or attested of the proof of identity including date of birth, self-photograph and fathers name.
- Notarized or verified proof of address.
- Verified latest self-photograph pasted on a white paper and specifying that paper his or her name and attaching his or her two signatures.
- If the applicant is foreign national valid passport copies are mandatory
- A copy of statement or approval on the letterhead of the body corporate. In case the applicant is nominee of a body corporate specifying the address and name of a suggested designated partner.
- A verified copy of translation of the proof of identity and address proof.
Make that the attachments specified above are certified or attested by any one of the following authorities:
- Notary public
- Gazetted officer of the state and central government.
- Cost Accountant, Chartered Accountant or Company Secretary have a certificate of practice under Chartered Accounts Act 1949.
The DPIN is assigned is certified for the lifetime of the applicant.
Register your own on the website of MCA developed for LLP services, www.llp.gov.in, by clicking on the “Register” tab on the right side of the page.
Perform in the LLP registration form and choose your user name and password.
Once you register on your own successfully, the system will provide a message that you are registered.
Choose names for your suggested LLP that should have either the words “LLP” or “Limited Liability Partnership” as the last words. No LLP shall be developed by a name which in the side of the central government. It is too nearly resembling or undesirable or identical to that of a body corporate or existing LLP or registered trademark.
You have six choices that can be mentioned in the application form no.1
Designated partner or any partner in the suggested LLP must owning a DSC. It may submit in Form No.1
Further note the following while choosing names for the suggested LLP:
The limited liability partnership (LLP) name shall not be one banned under the Names and Emblems.
Normally, a name shall not be reserved, if —-
- It contains any word or words that are terrible to any section of the people.
- The suggested name is in Hindi or English translation of the name of an existing Limited Liability Partnership (LLP) in Hindi or English. In case the suggested name has a close phonetic likeness to the name of an LLP in reality.
- It contains the word Sahakari, Co-operative or equivalent of word “co-operative” in the local languages of the country.
The suggested name includes the words “British India”.
The suggested name involves association or connection with any Embassy or Consulate or of a foreign government which recommends association with local controls such as Municipal, Panchayat, Zila Parishad.
The recommend name is indefinite like D.I.M.O limited liability partnership or S.S.R.P Limited Liability Partnership or I.V.N.R Limited Liability Partnership.
It is varied only from the name or names of the existing LLP to the area of having the name of a place within brackets before the word “Limited Liability Partnership”. For Example, Indian Press (Chennai) LLP should now be permitted in view of the existing of the LLP named Indian Press LLP.
It contains name of registered Trademark, unless the permission of the trademark owner has been produced.
The suggested name is similar with or too nearly resembles the name of LLP or a firm or company formed outside India and detached by such firm, company, LLP with the registrar with these regulations.
It is similar with or too closely matches the LLP name or a company in termination or it is similar with or too closely matches the LLP or a company which is struck off within a term of 5 years.
It contains words like Banking, Insurance, Bank, Venture Capital or Mutual Fund or such similar names without the confirmation of the regulative authority.
The suggested name contains words like German, French, British etc., Unless the partners provide that there is some form of integration and association with the foreigners of that specific country. The name which is registered in the name.
The suggested name of LLP contains the words advocates, company secretary, chartered accountant or such intended words as typical of a profession, as part of the suggested name.
Log on to the LLP website by clicking the “log in” tab on the top right corner of the LLP home page specified above and enter username and password.
After login, click “E-forms” link and open Form No.1 for reservation of name and provide the informations and include digital signatures and present the e-form and also pay Rs.200 for fees.
There is free name search option in the LLP website where the system will offer you with a list of same or nearly matching names of existing companies/LLPs part on the search basis filled up by you.
Do the application in Form No.1 for reservation of name with that the suggested LLP is to be incorporated normally within 7 days.
Note that the ROC tells that your LLP reservation name is to be registered within a period of three months.
Once all the above rules are managed with file the registration document in Form No.2 with the ROC having the company registration office is located.
Log on to the LLP website and give details in form no.2 like LLP name, its suggested business, the address of the registration office, name and address of each persons who are all partners on registration, address and name of the persons who are to be its designated partners during registration.
Once all the entire documents are registered with ROC as attachments to Form No.2 and finally it takes 14 days period of time to get your company registration certificate with your given name from the registrar.
On registration, an LLP will be by its name capable of:
Processing and being sued.
Owning, holding, acquiring, disposing of property or developing, whether tangible or intangible, movable or immovable.
Having a usual seal, if it regulates to have one.
Performing and allowing such other acts and items as body corporate may lawfully do and go through it.