What are the Procedures for Formation of LLP in India

What are the Procedures for Formation of LLP in India



In India, businesses are generally operated as companies, sole proprietorships and partnership firms. Each of these structures is governed by different laws and has their own advantages and disadvantages. But now a new structure, LLP (Limited Liability Partnership) has been introduced which is in between a company and a partnership firm in terms of ownership, flexibility of operations and compliance requirements.

The Limited Liability Partnership law in India requires that a person or group of people must register their business as an LLP. This can be done online through the MCA portal after passing certain eligibility criteria. It has a number of benefits, like tax benefits, ease of operations and transparency in financials. One can also avail credit facilities from banks based on the financials of an LLP.

To form an LLP, a person or group of persons needs to first file Form RUN-LLP (Reserve Unique Name – Limited Liability Partnership) on the MCA portal. This can be done either for a new proposed LLP or for conversion of an existing firm / company into a LLP.

This process includes providing ID proof and address proof of the LLP. This is required because the LLP will be a registered entity and hence needs to be identifiable. A valid PAN card or passport is needed as the primary ID proof. The address proof can be provided through latest utility bills such as gas, electricity, Incorporation Certificate, mobile or bank statement. Digital Signature Certificate (DSC) of all Designated Partners is also needed as the LLP will have to sign many documents filed with MCA.

 

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