Digital Signatures and DIN
Application for Incorporation
PAN and TAN
Partnership Deed Registration
Incorporation Documents are prepared and sent for Signatures.
LLP is governed by Limited Liability Partnership Act 2008. Limited Liability partnership has been introduced in India with the goal of providing the structure of a business entity that provides limited liability to its owners and at the same time requires minimal maintenance.
An LLP in India has following features:
Compliances after LLP Registration
1. Apply for PAN and TAN
2. Apply for Sales Tax / Service Tax Registration based on the nature of Business.
3. Filing Income Tax Return of Company on or Before 30th September every year
4. To maintain proper Books of Accounts
5. Form 8 for statement of Solvency every year within 30 days from the expiry of 6 months from the end of financial year i.e by 30 October.
6. Form 11 for Annual Return every year within 60 days from close of Financial Year i.e by 30th May.
The main difference is that a LLP has the organizational flexibility of a partnership. The key advantage of a LLP compared with a traditional partnership is that the partners of the LLP are able to limit their personal liability if something goes wrong with the business, in as much the same way as shareholders in a limited company are able to.
Process for LLP Registration
Step-I- Obtain DSC : Designated partner of LLP/proposed LLP, whose signatures are to be affixed on the e-forms has to obtain class 2 Digital Signature Certificate (DSC) from any authorized certifying agency
Step-II- Obtain DIN : Every individual intending to be appointed as designated partner of a limited liability partnership has to make an application for allotment of Director Identification Number. Now instead of DPIN, every partner who will be appointed as designated Partner will need to apply for DIN and not DPIN.
Step-III- search for name availability : Selection of business name is crucial for the image of your venture. You select a name which reflects the business you plan. Ensure selected name satisfy LLP Name Guidelines of Ministry of Corporate Affairs.
Step-IV- filling of form llp-1 (name approval)- Section-16 : After Search of Name approval, if name is available according to your search. Then Following Information are required to be filed in form LLP-1:-
Step-V Filing of (Form 2) for Incorporation and Subscription Document : After receiving of Name approval Letter from ROC within 90 days there is need to prepare and get sign all the documents required to be attached in Form-2 and file Form-2 with ROC.
DOCUMENTS REQUIRED TO BE ATTACH IN FORM LLP-2:-
Step-VI- Drafting of LLP agreement Section- 23(3) : Section 23(3) of the LLP Act provides that an agreement in writing made before the incorporation of a LLP between the persons who have subscribed their names to the incorporation document.
The LLP Agreement must be Stamped in accordance with the stamp Act applicable in the relevant state where LLP is being incorporated.
Its include information as given below:
Effective Date of LLP Agreement, Registered Office of LLP, Business of LLP, Contribution of Partners, Profit Sharing Ratio, Provisions for Admission, Resignation, Retirement and cessation of partners, Removal of Partners, Rights of Partners, Duties of Partners, Duties & Responsibilities of Designated Partner, Meetings, Liability of LLP, Winding up & Dissolution, Accounting Year, Audit, Jurisdiction, Validity of this Agreement etc.
Step-VII- Filling of LLP agreement (form- 3) : It is not mandatory to file LLP agreement at the time of registration and same can be file in form LLP-3 within 30 days of Incorporation of LLP.
The LLP agreement has to be uploaded. Once it gets approved all the formalities for registration gets completed. The LLP can start It’s business now onwards