Professional Documents
Culture Documents
Characteristics of LLP
Body Corporate
LLP is a body corporate and legal entity separate from its partners.
Perpetual Succession
LLP’s existence can continue even after retirement, insolvency, or death of partners
Limited Liability
LLP partners’ liability is limited to their contribution. There is no minimum contribution required
by partners.
Mutual Agency
Independent actions of one partner do not make the other partners liable
For Profit Only
LLPs cannot be formed for non-profit or charitable reasons.
Partners
Minimum 2 partners required with at least one designated partner a resident of India. No
maximum limit.
Of LLP
Proof of Registered Office Address
Digital Signature Certificate
Timeframe
From obtaining DSC to filing Form 3, the process takes 15-20 days overall if all documents are
proper and duly filed.
Step Name of Description Process Miscellaneous Sources
Process
1 Digital All documents for LLP Must obtain digital Rs 1500 – Rs https://cleartax.in/s/limited
Signature are filed online and signature certificates 2000 for 2 liability-partnership-registra
Certificate required to be from recognized partners procedure-india
digitally signed which certifying agencies.
is why all designated http://www.mca.gov.in/Min
partners must obtain Class 2 or Class 3 V2
digital signature category of DSC can be /registerdsc.html#step1
certificates availed for LLPs.
2 Designated DIN of all the SPICe Form (for new Rs 1000 for 2 http://www.mca.gov.in/Min
Partner designated partners company) – partners V2/
Identificatio or those intending to Registration of SPICe applyfordin.html
n Number be designated application by first
(DPIN) partner of the director with necessary
proposed LLP documents. DPIN
allocated after
approval.
DIR-6 Form –
Modifications to above
mentioned forms
should be mentioned in
DIR-6 and duly filed.
Approval by Registrar
will happen once it is
ascertained that the
name is devoid of any
violations in the eyes of
the Central Government
and does not resemble
any existing Partnership
Firm, LLP, Body
Corporate or
Trademark.
Sections 6 & 7– Defines the number and nature of partners required for incorporation
as LLP
Section 11– Defines the documents required to be submitted with the Registrar of State
Section 14– Defines the company as separate legal entity capable of suing or being
sued, acquiring, owing and/or holding property.
Section 15, 16, 17– Defines the stipulations regarding the reservation of name
Section 27 & 28– Defines the limited liability of partners and the company in relation to
one another
Section 43-49 – Defines the provisions for conditions under which the company can be
investigated by a designated Inspector of Central Government and the procedure
thereafter.