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What Are the Procedures for Formation of LLP in India

What Are the Procedures for Formation of LLP in India



LLP stands for Limited Liability Partnership and is a business entity that has some benefits of a corporation while keeping the flexibility of traditional partnership firms. It has separate legal identity, tax structure, and limited liability of partners. The main purpose of forming an LLP is to provide a legal framework for carrying business activities in the form of a partnership firm, wherein the liabilities of each partner are restricted to their contribution only.

To initiate the LLP registration process, first, Designated Partners need to obtain DPIN and DSC. DPIN is an unique identification number for each proposed Designated Partner and DSC is a Digital Signature Certificate. DSC is mandatory for all LLP documents to be filed online and also for all transactions carried out by an LLP.

Once DPIN and DSC are obtained, the next step is to file the LLP incorporation document in e-form FiLLiP online on MCA Portal. This document contains all the details of the LLP, including its objectives, place of business, profit share between partners, salaries and remuneration to be paid to partners, interest on loans given or taken by the LLP, etc.

Upon scrutiny of the information and documents submitted in the FiLLiP, if the Registrar approves it, an LLP will be incorporated. The LLP will be allocated its own PAN and TAN by the Income Tax Department through the issuance of a certificate by the Registrar.

 

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