What is LLP ?
LLP stands for Limited Liability Partnership. Limited liability partnership definition – It is an alternative corporate business form that offers the benefits of limited liability to the partners at low compliance costs. It also allows the partners to organize their internal structure like a traditional partnership. A limited liability partnership is a legal body, liable for the full extent of its assets. The liability of the partners, however, is limited. Hence, LLP is a hybrid between a company and a partnership. It is not the same as limited liability company LLC.
According to Section 3 of the Limited Liability Partnership Act 2008 (LLP Act), an LLP is a body corporate, formed and incorporated under the Act. It is a legal entity separate from its partners.
Steps of Registration as LLP
Step 1: Obtain DSC
Step 2: Apply for DIN
Step 3: Name Approval
Step 4: Incorporation of LLP
Step 5: File LLP Agreement
Documents required to register as LLP
DOCUMENTS FOR PARTNERS
- PAN Card/ ID Proof of the Partners
- Address Proof of the partners
- Residence Proof of Partners
- Passport (in case of Foreign Nationals/ NRIs)
DOCUMENTS OF LLP
- Proof of Registered Office Address
- Digital Signature Certificate
|Form name||Form purpose|
|RUN – LLP (Reserve Unique Name-Limited Liability Partnership||Form for incorporation of LLP|
|FiLLiP||Form for incorporation of LLP|
|Form 5||Notice for change of name|
|Form 17||Application and statement for the conversion of a firm into LLP|
|Form 18||Application and Statement for conversion of a private company/unlisted public company into LLP|
Time Involved In Registration Process
LLP formation starting from obtaining DSC to Filing Form 3 takes approximately 15 days subject to availability of all the documents.