Procedure of Incorporation of LLP

 

Limited Liability Partnership (LLP) is the most convenient mode of business coupled with the features of partnership form and limited company but it is free from the stringent procedure of registration of limited companies. Formation of LLP requires few online compliances and you can set your business in less time and at low cost.
Pre–requisites for registering a LLP:

• Minimum of two designated partners (individuals) and one of them should be resident of India;
• Other than designated partner, partners may be individual or body corporate
• Digital Signature Certificate of all the designated partners for filing e – forms
• Selection of business name
• LLP Agreement
• A registered office and address proof of the same.

Procedure for registration: The entire process of registration is a 4 – way step;
Step 1 – All those individuals who are intending to become designated partners must obtain DIN from the Ministry of Corporate Affairs, if they are not having it and a Digital Signature for the purpose of attachment of forms.
Step 2 – An application of name availability should be filed in form 1 in the website of LLP (www.llp.gov.in) for approval. “LLP” should be written at the end of the name.
Step 3 – After getting the name approval, Form 2 has to be filed along with the registered Office Address proof.
Step 4 – LLP Agreement is to be drafted in line with the LLP Act. It is to be filed within 30 days from the date of registration along with Form 3. Subsequently, Form 4 (Consent of each partner to become a partner of Liability Partnership) along with necessary attachments is to be uploaded on the website of LLP
Digital Signature of any partner must be attached with all the forms. After successful verification, registrar will register all the documents and will issue the Certificate of Incorporation.