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Limited Liability Partnership

Limited Liability Partnership

A Limited Liability Partnership (LLP) is a legal business entity that combines the benefits of a partnership and the limited liability of a company. Here’s an overview of the process for registering an LLP in India:

  • Choose an LLP Name: Decide on a unique and suitable name for the LLP. The name should end with “Limited Liability Partnership” or “LLP.”
  • Verify the name’s availability through the Ministry of Corporate Affairs (MCA) website.
  • Designated Partners and Partners: An LLP must have at least two designated partners, and there is no limit on the maximum number of partners.
  • Obtain Digital Signature Certificate (DSC) and Designated Partner Identification Number (DPIN): All designated partners must obtain their Digital Signature Certificate (DSC) and Designated Partner Identification Number (DPIN).
  • LLP Agreement: Draft the LLP Agreement that outlines the roles, responsibilities, profit-sharing ratios, contributions, and other terms among partners.
  • File Incorporation Documents: Prepare and file Form FiLLiP (Form for Incorporation of LLP) along with the LLP Agreement and other required documents with the MCA.
  • Payment of Fees: Pay the prescribed registration fees based on the contribution and capital of the LLP.
  • Certificate of Incorporation: Once the MCA reviews and approves the documents, you’ll receive the Certificate of Incorporation for your LLP.
  • PAN and TAN Application: Apply for a Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) for the LLP.
  • LLP Identification Number (LLPIN): Upon incorporation, the LLP will be assigned a unique LLP Identification Number (LLPIN).
  • Compliance and Annual Filings: An LLP must comply with annual filing requirements, including filing financial statements, LLP agreements, and other relevant documents with the MCA.
  • Limited Liability: One of the key benefits of an LLP is that partners’ liability is limited to their agreed contribution to the LLP.
  • Changes and Amendments: Any changes in the LLP Agreement or designated partners should be promptly updated with the MCA.