Reviewed by Sep 30, 2020| Updated on
Limited Liability Partnership (LLP) is one of the many kinds of business constitutions that is popular across the globe. Further, it has become a preferred form of business structure for groups of entrepreneurs to conduct business. It is advantageous as it includes both the benefits of a partnership firm as well as a company in a single form of organization.
In India, Limited Liability Partnership (LLP) is defined as an entity formed and registered under the Limited Liability Partnership Act, 2008. In short, it means a partnership firm that is incorporated under the LLP Act. Apart from this, it takes the form of a separate legal entity having a continuous succession, similar to companies.
The features of LLP can be listed down as follows:
Before beginning with a business under LLP, the entity must register as an LLP under the LLP Act. It approximately takes fifteen days to complete the entire process of obtaining a digital signature certificate and LLP registration.
The applicant must use form FiLLiP (Form for incorporation of Limited Liability Partnership) for incorporation. Such applicant should submit the form to the Registrar having jurisdiction over the state in which the LLP is situated. Fees as per Annexure ‘A’ must be paid.
This form also provides to apply for the allotment of the Designated Partner’s Identification Number (DPIN) in case the partner does not have a DPIN or DIN.
RUN-LLP is a platform to reserve a suitable name for your LLP. The application for the name reservation may be made via FiLLiP too. If the name is approved, such name shall be filled as the proposed name of the LLP.
File the LLP agreement with Form 3 online on the MCA Portal within thirty days from the date of incorporation. The LLP Agreement is to be printed on a stamp paper, the value of which differs for every state.