How To Apply For Limited Liability Partnership?

1
What is LLP?

• Limited Liability Partnership (LLP) is a body
  corporate formed and incorporated under the LLP
  Act, 2008. LLP is a legal entity which has a
  separate identity from its partner. LLP is a
  newly introduced corporate entity which aimed at
  small and medium-sized business.

2
Why should you go for LLP?

• LLP is a partnership where one get the
  benefits of some features of partnership and
  companies together. Recently, small and medium
  entrepreneurs have started opting for Limited
  Liability Partnership considering the following
  advantageBenefits of both partnership and
  companies
• No minimum capital requirement
• Advantage of Tax Benefits
• Lower compliance requirement
• Perpetual Succession
• Low cost of incorporation
• Liability of partners is limited to the
  contribution mentioned in the agreement.

3
What is the procedure of LLP incorporation?

• Step 1All the Designated Partners of proposed
  Limited Liability Partnership has to apply for
  Designated Partners Identification Number (DPIN).
  DPIN application shall make in e-form DIR 3.Step
  2The Designated Partner whose signatures are to
  be affixed in e-form shall register their DSC on
  MCA portal.Step 3File the Form 1 for
  reservation of name of proposed Limited Liability
  Partnership. You can select up to 6 proposed name
  of LLP in form 1. Also, need to provide the
  details of minimum 2 designated partners of
  proposed Limited Liability Partnership. One
  partner shall be a resident of India. Any
  individual or Body corporate can be Partner of
  Limited Liability Partnership.

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• Step 4After the reservation of name, the
  applicant shall file the Form 2 for
  incorporation and subscription. Inform 2, the
  details of partners, the amount of proposed
  monetary value of partners contribution,
  Subscriber sheet, proof of registered of add,
  consent form from partners need to be given and
  if proposed name include any banking, venture,
  CA, CS, Trademark etc, then in principle approval
  of the regulatory authority need to attach in
  form 2.Step 5On receipt of complete
  application, Registrar will issue a certificate
  of incorporation after satisfying of LLP
  Act.Step 6After the successful registration,
  the draft of LLP agreement needs to be
  incorporated in line with LLP Act. The agreement
  is not mandatory at the time of registration can
  be filed within 30 days of incorporation. All the
  partners are liable to comply with the provisions
  of Agreement at all time.

5
Followings are the some imported clause need to
be incorporate in Limited Liability Partnership
agreement

• Name, Object and Register Office of Limited
  Liability Partnership
• The initial Contribution of the LLP by Partners
• Valuation of Non-Monetary contribution
• The net profits or losses sharing ratios
• Detail of Designated Partners
• Interest payable on Capital Loan
• Remuneration payable to the working partners
• Mode of operation of Bank Accounts
• Appointment of arbitrator
• Rights and Duties of Designated Partners
• Indemnity clause
• Goodwill clause
• Procedure to appoint Auditor
• Admission of New Partner
• Cessation of Existing Partners
• Winding up of Limited Liability Partnership
• Amendments of Limited Liability Partnership
• Extent of Liability of Limited Liability
  Partnership
• Liability of Partners in Limited Liability
  Partnership

6

• Step 7The LLP agreement once finalized need to
  be filed in Form3 (Information with regard to
  Limited Liability Partnership agreement) and Form
  4 (Notice of appointment of partner and his
  consent). The agreement may be filed along with
  Form 2 or within 30 days of the incorporation.
• Original Source - http//swarit-advisors.blogspot.
  in/2018/05/llp-registration-procedure.html

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