How to Form a LLP Company in India

How to Form a LLP Company in India

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The concept of LLP was introduced in India in 2008 by the Limited Liability Partnership Act, 2008. This unique business structure incorporates the qualities of a company and partnership firm into one entity. The LLP enjoys the legal status of an independent legal entity and thus it can enter into contracts, possess property and sue or be sued in its own name. It limits the personal liabilities of the partners to their agreed capital contribution and protects them against the risk of losing their entire investment if the business suffers commercial losses.

The LLP Registration process is completely web-based. All forms that were filed manually in the past have been migrated online and can be filled through the MCA Portal. The e-forms require the digital signature of all Designated Partners through PAN based DSC and also the signature of a practicing professional (CA/CS/CWA) who will verify the documents. The e-forms also require proof of address of the LLP which can be submitted in the form of driving licence, bank statement or any government issued identity card containing the details of the address. In case the documents are in a language other than English, a notarised or apostil led translation copy is to be attached.

The LLP Agreement will contain various clauses that will define the rights and duties of each partner. The ROC will accept either the LLP's residential address or a commercial office space.  It will cover the LLP's object, place of business and other important information like capital contribution, profit share ratio, rights and liabilities of the partners in case of admission, resignation, retirement, cessation and expulsion of a partner and the rules for governing the LLP.

 

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