The Limited Liability Partnership (LLP) Act 2008 was published in the official Gazette of India on January 9,2009.After the rules were notified on April 1,2009 the first LLP in India was incorporated in the first week of April, 2009.
We at Founders IP provide LLP incorporation services for clients who wishes to incorporate a limited liability partnership prior to registering their IP applications.
Features of the LLP Act
- The major advantage of an LLP is that it offers the flexibility of a partnership along with the limited liability protection of a company.
- The partners in an LLP are shielded from the actions of other partners.. The liability of a partner in an LLP is limited only to the extent of his contribution in the LLP unlike a Partnership firm.
- LLP is registered and the legal process is controlled by the Registrar of Companies. An LLP is not in any way controlled or affected by the Indian Partnership Act.
- As regards taxation, an LLP is treated like a partnership firm
- An existing partnership firm, company or unlisted public company can be converted into an LLP by following the procedures laid down under the Act
- There has to be two special partners among the partners in the LLP
- One of the designated partners have to be in India
- The designated partners will be liable for all the penalties imposed for the contravention of the provisions of the act
- Designated partners have to get Class2/3 digital signatures and Designated Partner Identification Number.
- Notify any changes in the LLP, agreement of Partners to the RoC
Minimum Capital for forming an LLP is Rs.100,000 /-.Prescribed registration fees shall vary based on the total monetary value of contribution of partners in the proposed LLP.
LLP Registration Fees shall include DPIN, Digital signature,Form-1 name availability, Form-2 incorporation document, Form 3 LLP agreement registration, Agreement preparation charges, filing charges, internet usage etc.
Time line for Registering an LLP
Total period that may be taken is around 3 weeks.
- Please provide us with the Name, age, Father’s or Husband’s name and address of all Partners with Self attested Address proof
- Self attested( On the back) Passport size Photos of all Partners
- Self attested photo copies of PAN Card
- Names for the LLP
- Brief description about your business, profit and loss sharing
- Fees to be paid at the time of entrusting the work. Please shall vary depending upon the capital. Please contact us with your requirements to know the fees.
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