LLP

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

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.