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How to Register Limited Liability Partnership Firm in India - BizAdvisors


How to Register Limited Liability Partnership Firm in India?

How to Register Limited Liability Partnership Firm in India

In India, a Limited Liability Partnership is a type of corporate company where partners are not held accountable for the bad deeds of the other. Additionally, the company need not suffer as a result of such measures. In India, LLPs are company entity that is simple to establish and keep up. LLP is a great company structure for experts, small and medium-sized organizations, and family-run enterprises. The LLP is a separate and distinct legal entity from its members. Perpetual succession exists in an LLP. In this blog we are going to know about “How to Register Limited Liability Partnership Firm in India?”. 

The existence, rights, and obligations of the LLP must not be hampered by any changes to its partners; additionally, an LLP is exempt from the restrictions of the Indian Partnership Act, 1932. Each LLP must have a minimum of two partners, one of whom must be an Indian citizen. However, if the number of partners decreases and the LLP is managed by only one partner for a lengthier than the six-month period, that partner will be held personally accountable for any debts incurred by the LLP during that time. A person cannot be made a partner in an LLP unless they have already given notice that they intend to do so.

LLP Registration Procedure

Follow the steps given below to get the LLP Registration– 

  1. Obtaining a Digital Signature Certificate (DSC)

Applying for a digital signature for the selected partners of the new LLP is the first step before beginning the registration procedure. This is due to the fact that all LLP registration documents must be digitally signed and must be submitted online.

As a result, the chosen partner needs to get their Digital Signature Certificates from a certifying body that is approved by the government. Furthermore, depending on the certifying organization, the cost of acquiring DSC varies. Additionally, you must acquire a DSC in either the class 2 or class 3 categories.

  1. Director Identification Number (DIN)

Then, you must submit an application to get the DIN of each designated partner or person who intends to become a designated partner of the proposed LLP. Furthermore, Form DIR-3 must be used to submit the application for the allocation of a DIN. The needed documents must next be scanned and attached to the form (often Aadhaar and PAN). The document must be signed by a company secretary who works full-time for the business or by the managing director, chief financial officer, or chief executive officer of the existing company where the applicant will be nominated as a director.

  1.  Name Reservation

For the proposed LLP’s name reservation, a Limited Liability Partnership-Reserve Unique Name (LLP-RUN) form is filed, and the Central Registration Centre processes it as a Non-STP. However, it is advised that you use the MCA portal’s free name search feature before entering the name in the form. Based on the entered search parameters, the system will produce a list of names of existing companies and LLPs that are similar.

It will aid you in selecting names that are unrelated to those that are already in use. Additionally, the name will only be approved by the registrar if it does not conflict with any existing trademarks, partnership firms, LLPs, or other corporate entities and is not unfavorable in the eyes of the Central Government. Furthermore, the form RUN-LLP must be submitted with the fees listed in Annexure “A,” which the registrar may accept or refuse. In the event that the form is rejected, resubmitting it within 15 days to fix the errors is permitted. There is also a clause that asks for two potential names for the LLP.

  1. LLP Incorporation

For the incorporation of an LLP, the Limited Liability Partnership Incorporation Form must be completed and submitted to the registrar. According to Annexure “A,” fees must be paid. Only two people are permitted to submit an application for allocation.

Documents for Limited Liability Partnership Firm

However, for the LLP registration, two sets of paperwork, namely the LLP documents and the documentation required of partners, must be supplied.

Documents for Partners

  • PAN cards and identity documents for each partner
  • Address proofs for partners, such as a passport, driver’s licence, or voter identification card.
  • A photo the size of a passport on a white backdrop.
  • NRIs[1] and foreign citizens who want to join as partners in an LLP must provide their passports.

LLP Documents

  • At the time of registration or within 30 days of the LLP’s incorporation proof of the registered office’s address must be provided. 
  • A NOC from the landlord is required if the registered office is located in a rented space. 
  • Additionally, you will need to provide at least one proof of residency, such as recent electricity bills (within the last two months).
  • A certificate for a digital signature (DSC)

Conclusion – Limited Liability Partnership Firm

In order to Register Limited Liability Partnership Firm to operate a business, at least two partners or other individuals must be needed. The main benefit of an LLP over a conventional partnership firm is that one partner is not liable for the wrongdoing or negligence of another partner in an LLP. An alternate business structure that combines the benefits of a company with the adaptability of a partnership firm is known as an LLP Registration in India. The Limited Liability Partnership Act of 2008 was responsible for introducing the LLP concept in India. This unusual mix can be used to establish small and medium-sized businesses. Consult with an expert to Register Limited Liability Partnership Firm. You can reach an expert at Bizadvisors.io for any kind of help.

Read our article:A Complete Overview of LLP Formation Procedure in India

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