What are the procedures for formation of LLP in India

What are the procedures for formation of LLP in India



A LLP has the benefit of being a hybrid form of business structure. It has the tax benefits of a partnership firm and the liability of a company. This makes it a very popular choice for new businesses. However, to reap the benefits of LLP it is important that its formation procedures are followed.

Firstly, the partners of the Limited Liability Partnership  have to draft the LLP Agreement. This is a legally binding document which clearly outlines the rights and duties of each partner. It also provides the statutory compliances to be met by the LLP. It is very important that the LLP Agreement is carefully drafted and signed by all the partners and attested by an advocate in practice.

Once the LLP Agreement is drafted, it has to be filed with the Ministry of Corporate Affairs (MCA). This process can either be done online or offline through an authorised agent. The Registrar of Companies will then register the LLP and issue the Certificate of Incorporation.

The Registrar will also include the PAN and TAN of the LLP in its Certificate of Incorporation. This is in contrast to the process for a company where a separate application has to be filed for obtaining these numbers.

Interestingly, with the introduction of new rules via The Limited Liability Partnership (Amendment) Rules 2022, it has now been possible for up to 5 Designated Partners to apply for a DPIN at the time of Incorporation itself. This is a big step in simplifying the process of LLP Incorporation and allowing more people to become its Designated Partners.

 

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