Limited Liability Partnership (LLP) has been enacted in India by way of Limited Liability Partnership Act, 2008. LLP is an alternative corporate business entity that provides the benefits of limited liability of a company but allows its members the flexibility of organizing their internal management on the basis of a mutually-arrived agreement, as is the case in a partnership firm. This format would be quite useful for small and medium enterprises in general and for the enterprises in services sector in particular, including professionals and knowledge based enterprises.
As proposed in the Bill, LLP shall be a body corporate and a legal entity separate from its partners. It will have perpetual succession. While the LLP will be a separate legal entity, liable to the full extent of its assets, the liability of the partners would be limited to their agreed contribution in the LLP. Further, no partner would be liable on account of the independent or unauthorized actions of other partners, thus allowing individual partners to be shielded from joint liability created by another partner's wrongful business decisions or misconduct.
Identity and address proof will be required from all partners of the LLP to be incorporated. In case of Indian nationals, PAN is mandatory. For foreign nationals, apostilled or notarised copy of passport must be submitted mandatorily. All documents submitted must be valid. Residence proof documents like bank statement or electricity bill must be less than two months old.
All LLPs must have a registered office in India. To prove access to the registered office, a recent copy of the electricity bill or gas connection bill must be submitted. Along with the utility bill, rental agreement or sale deed and a letter from the landlord with his/her consent to use the office as a registered office of a company must be submitted.
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Digital Signature Certificate (DSC) and Designated Partnership Identification Number (DPIN) are required for the proposed Partners of the LLP. DPIN and DSC can be obtained for the proposed Directors within 3 to 4 working days.
A minimum of one and a maximum of six names choices must be submitted to the MCA. Subject to availability, naming guidelines and MCA processing time, Name Approval can be obtained in 4-5 working days.
Incorporation documents can be submitted to the MCA along with an application for incorporation. MCA will usually approve the application for incorporation of LLP in 5 to 7 working days, subject to their processing time.
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The mutual rights and duties of partners inter se and those of the LLP and its partners shall be governed by the agreement between partners or between the LLP and the partners. This Agreement would be known as "LLP Agreement".