LLP - limited liability partnership is one of the highly favorable forms of corporate where every partner enters the company with limited liability where the profit and loss and other liabilities have been shared as per the ratio of amount that they have invested while joining the LLP. It is one of the most successful corporate forms that have showed a great success in short span of time.
LLP registration in India has been taken place under LLP act 2008. It is quite different from those of limited partnership firms as under LLP one partner is not responsible for another partner's negligence where as under the Partnership Act 1890 there is joint liability.
Limited Liability Partnership Registration Process and Services
LLP rules and guidelines generally vary as you move from one country to another. Every country has distinct criteria in respect of limited liability partnership registration process and services.
Here; in India: The Limited Liability Partnership Act 2008 had got listed in the official Gazette of India on January 9, 2009 whereas effected from 31 March 2009. Thus, it is essential to review and understand the complete list of rules and regulations of LLP incorporation or formation in the respective countries where you need to form your limited liability partnership firm.
- There should be atleast 2 partners to form LLP as per LLP act 2008 India.
- There should atleast 2 designated partners where these partners should be individuals and one of them must be resident of India and have Designated Partner Identification Number assigned by the Ministry of Corporate Affairs.
- Designated partners need to take digital signature certificate number that is DPIN on filing an application under e-Form 7 before filing an application for LLP registration in India.
- Before filing an application; a LLP name should be decided and approve from the desire concern authority. Be sure name must be complying with guidelines of LLP and Ministry of Corporate Affairs. An application for approval shall be made in E-Form 1 to the registrar of company.
- An agreement should be form and duly signed by all the partners before filing an application in India.
- Finally file an application for LLP registration India that should be made in E-Form 2 to the registrar office of LLP. Where all information about LLP need to mention in respect of ID Proof of partners, full name and addresses, about agreement and lots more as per prescribed guidelines.