What is Limited Liability Partnership ?

Partnership Act 2008 (LLP Act), an LLP is a corporate body, formed and incorporated under the Act. It is a legal entity separate from its partners.

A limited partnership is a form of partnership in which some of the partners contribute only financially and are liable only to the extent of the amount of money that they are invested in business. In a limited partnership structure, limited partners are shielded to the extent of their investment.

Partners are required to provide a registered address for the business, and maintain a register of each member including their details. There’s no restriction on the maximum number of partners allowed but there must be at least two members on incorporation, either individuals or limited companies. It’s also possible to set up an LLP with one individual and a dormant company.

Benefits

  • Limited Liability : Limited partners are shielded to the extent of their investment.
  • Separate Legal Entity : The LLP is a legal entity separate from its partners.
  • No Maximum Partner Limit : No restriction on the maximum number of partners.
  • Flexibility : Partners can include individuals and companies, and LLPs can be set up with one individual and a dormant company.

Process

01

Digital Signature Certificate (DSC)

Obtain DSC for all designated partners to sign electronic documents.

02

Designated Partner Identification Number (DPIN)

Apply for DPIN for proposed designated partners who do not already have one.

03

Name Approval

Submit name approval application through the RUN-LLP service on the MCA portal.

04

Incorporation Application

File the incorporation application using Form FiLLiP along with the LLP Agreement and other required documents.

05

Verification and Approval

MCA verifies the application and documents. If everything is in order, the Certificate of Incorporation is issued.

06

Post-Incorporation Compliance

Obtain PAN and TAN, open a bank account, and register for GST if necessary.

Documents Required

  • DIN and DSC for Designated Partners.
  • LLP Agreement.
  • Proof of Registered Office Address.
  • Subscribers’ and Designated Partners’ Identity and Address Proof.

Our Support?

SS Auditors offers comprehensive services for registering a Limited Liability Partnership (LLP) in India, ensuring a smooth and compliant registration process.

  • Obtaining DIN and DSC : Helping designated partners apply for and obtain their DIN and DSC.
  • Drafting LLP Agreement : Preparing a comprehensive LLP Agreement that meets all legal requirements and the specific needs of the partners.
  • Verifying Office Address Proof : Ensuring all required documents for the registered office address are in order.
  • Collecting Identity and Address Proofs : Gathering and verifying all necessary identity and address proofs for subscribers and designated partners.

Frequently Asked Questions

The minimum requirements include having at least two designated partners, one of whom must be an Indian resident. Both partners need a Digital Signature Certificate (DSC) and a Designated Partner Identification Number (DPIN).

No, there is no maximum limit on the number of partners in an LLP. You can have as many partners as you need, making it a flexible option for businesses.

It is required for all designated partners of an LLP to sign the incorporation documents and other forms electronically.

The time required for LLP registration can vary depending on the completeness of documents and government processing times. Typically, it takes around 15-20 working days to complete the entire registration process.

Yes, a foreign national can be a partner in an LLP in India, provided that at least one designated partner is an Indian resident. Foreign investments in LLPs are permitted under certain conditions.