What Are the Procedures for Formation of LLP in India

What Are the Procedures for Formation of LLP in India


A limited liability partnership is a separate legal entity and enjoys the privilege of holding, purchasing or disposing of assets as per its wish. It also can sue or be sued in its own name.

To begin with the process of LLP registration, you need to draft an agreement amongst the partners and submit it along with other mandatory documents. The document to be submitted should include details of the authorised persons and their roles and responsibilities, capital contribution of the LLP, date of commencement of the LLP and the address of the registered office of the LLP. Moreover, the document should be signed by all the partners.

Once the agreement is drafted, you can start with the process of filing the incorporation documents with the MCA. For this, you need to submit copies of authorization letter (in case of foreign national) or DPIN (in case of Indian National), PAN card and other identity proofs of the partners along with the address proofs. The subscriber sheet should be signed by all the partners and witnessed by any chartered accountant or company secretary or advocate in practice.

Before filing the RUN-LLP application, it is advised that you conduct a free name search on the MCA portal to ensure that the proposed LLP name does not resemble any other existing names or offends any other law or is deceptive, misleading or likely to cause public mischief. You must also take care to note that the Ministry of Corporate Affairs has prescribed certain words which cannot be incorporated in the name of the LLP.

 

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