Steps to Limited Liability Partnership

Step I: Deciding the Partners & Designated Partners. A LLP can be incorporated with a minimum of atleast two partners who can be Individuals or Body Corporate through their nominees. Further for incorporating an LLP, of the total number no. of partners, atleast two shall be Designated Partners, of which atleast one must be an Indian Resident. Step II: Obtaining DPIN & Digital Signatures. Section 7 (6) of LLP Act 2008, provides that every Designated Partner to obtain a DPIN from the Central Government. Every Designated Partner requires Digital Signature for being registered as Business user. The signatures shall also be required for signing and filing of all relevant forms and documents to be filed, annually or event based after incorporation of the LLP, asking for approvals or as intimation. Step III: Checking Name Availability of LLP The name of the limited liability partnership shall not be similar or identical with Company or LLP already registered in India and it should not contains words prohibited under the ‘Emblems and Names (Prevention of improper use) Act, 1950’or which are also not ‘Undesirable’ in the opinion of Central Government or which satisfies the conditions prescribed under rule 18(2). For more information check Name Availability Guidelines. Step IV: Drafting of LLP Agreement The next pertinent step is drafting of Limited Liability Partnership Agreement governing the mutual rights and duties among the partners and among the LLP and its partners containing the basic content in respect of Name of LLP, Name of Partners & Designated Partners , Form of contribution , Profit Sharing ratio , Rights & Duties of Partners , Proposed Business , Rules for governing the LLP. In case no agreement is entered into, the rights & duties as prescribed under Schedule I to the LLP Act shall be applicable Step V: Filing of Incorporation Documents Next is the filing of Incorporation documents (e Form 2), consent of Partners (e Form 4), LLP Agreement (e Form 3) and declaration electronically through the medium of e-forms prescribed with the Registrar of Companies for incorporation of the LLP on payment of prescribed fees based on the total monetary value of contribution of partners in the proposed LLP. Step VI: Certificate of Incorporation After the Registrar is satisfied that all the formalities with respect to the incorporation has been complied, he will issue a Certificate of Incorporation as to formation of the LLP within maximum of 14 days from date of filing of documents. The Certificate of Incorporation issued shall be the conclusive evidence of formation of the LLP. To know more on Formation Procedure & LLP in India, log on to www.llponline.in
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PROCEDURE FOR REGISTRATION OF LLP INDIA

Stage I - Partners
Stage II - DPIN & DSC
Stage III - Name filing
Stage IV - Agreement
Stage V - Filing of Incorporation documents
Stage I – Partners
To form a LLP, there should be Minimum two partners and at least two shall be designated partners having DIPN. In case of body corporate as partners, their nominee can be act as designated partners. Out of two designated partners, one must be resident in India. (Who has stayed in India for a period of not less than one hundred and eighty two days during the immediately preceding financial year)
Stage II - Obtaining DPIN & Digital Signature
DPIN can be obtained by making an application online withwww.llp.gov.in After submitting the online application, signed physical copy of Form 7 has to be submitted to Ministry of Corporate Affairs along with certified copies of address proof and Identity proof of the applicant.
Digital Signature can be obtained from any of the Certifying Authorities in India.
Stage III - Name filing
After finalization of name, an application of name availability has to be filed in form 1 with www.llp.gov.in for approval. Please note that selection of name is subject to Guidelines issued by MCA.
Stage IV - Agreement
LLP agreement has to be drafted line with LLP Act. It is not mandatory to file LLP agreement at the time of registration and same can be file with in 30 days. If no agreement is framed, provisions of Schedule I of the LLP Act shall be applicable.
Stage V - Filing of Incorporation Documents
The following documents along with required attachments has to be filed with www.llp.gov.in
Form 2 : Details of partners, registered office etc
Subscripttion Sheet: All partners are required to subscribe their names along with signatures to the subscripttion sheet, which shall be witnessed by any chartered Accountant/Company Secretary/Advocate in practice.
Form 4: Consent of Partners - Consent of each partner to become a partner of Liability Partnership
Form 3: LLP agreement – this can be filed with in 30 days from the date of registration
Above said documents are required to be filed after signing digitally. After verification, registrar will register all documents and issue Certificate of Incorporation.
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