REGISTRATION OF LIMITED LIABILITY PARTNERSHIP (LLP) – REQUIREMENTS & PROCESS
In India the entity which is rapidly gaining momentum for doing business is LLP. In comparison to a company the compliances on part of the LLP is also very less. The LLP Act, 2008 contains the rules and regulation governing a LLP. To register a LLP the following are the basic requirements:
- Minimum two partners
- Both the partners are mandatorily required to have the Digital Signature Certificate (DSC)
- The partners would be required to obtain Designated Partners Identification Number (DPIN)
- Address, Identity proof & passport size photo of partners
- Address proof of Registered office of the proposed LLP. (If owned by partner then ownership proof along with utility bill and if rented then rent agreement along with rent receipts, utility bill and NOC from the owner)
- Capital Contribution from the partners (No minimum requirement of capital)
- Six names for the proposed LLP in order of preference
- LLP Agreement
TIMELINE FOR REGISTRATION OF A LLP
| STEPS | TIME LINE |
| Obtaining Digital Signature Certificate (DSC) | 2 days (from the date of receipt of documents) |
| Obtaining Designated Partner Identification Number (DPIN) | 1 day (from the date of receipt of documents) |
| Name Approval | 2 to 3 days (from making application to Registrar of LLP) |
| Incorporation/Registration Certificate | One week (from the date of filing of incorporation document to the Registrar of LLP) |
| LLP Agreement | To be filed within 30 days of issue of Certificate of Incorporation |
After issue of Certificate of Incorporation from the Registrar of LLPtheLLP can commence its business in India. However, filing of LLP agreement within 30 days of issue of Certificate of Incorporation is mandatory, which will complete the process for incorporation.